CJ ENM (035760.KS) reported preliminary consolidated operating profit of 132.9 billion won ($97 million) for 2024, up 27.2% from the previous year, the company said in a regulatory filing Wednesday.
Revenue came in at 5.13 trillion won, down 1.9% year-on-year, while net profit turned to a 17 billion won surplus.
The entertainment division benefited from revenue diversification of well-made intellectual property, expanded global co-productions, and growth of the Tving and Mnet Plus platforms. The commerce division delivered solid growth in both scale and profitability through strengthened platform competitiveness driven by high growth in mobile live commerce.
"2025 will be positioned as the 'first year of global acceleration' through expanded global co-productions, Tving's overseas expansion, and rapid growth of Mnet Plus," a CJ ENM official said. "We will intensively strengthen the competitiveness of core platforms including Tving, Mnet Plus, and OnStyle, while growing as an 'IP Holder' that generates sustainable IP-based revenue to proactively respond to the rapidly changing global content consumption environment and intensifying media competition."
The official added that the commerce division plans to accelerate platform growth through advancement of mobile live commerce business centered on short-form and influencer content, as well as expansion of high-involvement premium product categories.
The media platform division recorded revenue of 1.34 trillion won and turned profitable on sustained content performance and improved Tving profitability. Tving's fourth-quarter advertising revenue surged 108.8% year-on-year, driven by hit original content such as "Transit Love 4" and "Dear X," along with synergies from the Wavve partnership. The platform expanded globally through branded sections on Disney Plus in Japan and HBO Max across 17 Asia-Pacific countries. Despite continued weakness in the advertising market, the channel division demonstrated content competitiveness with consecutive hits including "The Tyrant's Chef," "Typhoon Company," and "Pro Bono."
The film and drama division posted revenue of 1.46 trillion won through expanded content distribution via partnerships with Netflix, Amazon, and Warner Bros. Discovery, as well as improved profitability at global studio Fifth Season. Global co-production projects including the Japanese version of "Marry My Husband," "First Love Dogs," and "Romantic Anonymous" gained momentum. Fifth Season achieved profitability in both the second and fourth quarters, driven by premium content delivery, strong distribution revenue, and cost efficiency.
The music division recorded revenue of 817.6 billion won, up 16.4% year-on-year, proving the potential of its Music-based IP ecosystem system. Performance was driven by album and concert success of global human IP such as Zerobaseone, convention live business hits, and accelerated growth of Mnet Plus. The 2025 MAMA Awards held in Hong Kong last November recorded all-time high revenue and profit. Mnet Plus, which operates in approximately 250 regions worldwide, saw monthly active users grow approximately 470% and daily active users triple compared to the previous year.
The commerce division recorded annual revenue of 1.52 trillion won and operating profit of 95.8 billion won, up 4.6% and 15.2% respectively from the previous year. Growth was driven by expanded curation of high-involvement premium products in fashion and living categories, fandom commerce strategy based on short-form content and influencer collaboration, and enhanced fast delivery infrastructure. Mobile live commerce transaction value increased 66% year-on-year, supported by mobile content IP including celebrity-led programs and fandom commerce expansion with partners such as KBO and Pop Mart.
At an earnings conference call, CJ ENM outlined plans to restructure its business around two pillars: evolution into an IP holder and strengthening platform competitiveness across Tving, Mnet Plus, and OnStyle.
The company plans to advance beyond simple content production to become an IP holder that directly owns, expands, and monetizes intellectual property over the long term. It will develop IP targeting global markets and diversify revenue sources by expanding local production bases centered on the United States and Japan. For music IP, the company will continue expanding new artists like Alpha Drive One and establish a "global multi-label system" where domestic and overseas labels each handle planning and operations.
CJ ENM will accelerate its "digital shift" in response to changes in global content consumption. Tving aims to become a "daily platform" where users log in every day, based on differentiated content and diversified revenue models, while expanding global reach beyond Japan and Asia-Pacific. Mnet Plus will significantly increase original content investment and strengthen streaming competitiveness to establish a growth foundation. The company also expressed ambitions to lead the AI-powered content ecosystem.
The commerce division will strengthen high-involvement premium product competitiveness this year while expanding short-form and influencer commerce to accelerate mobile live commerce platform growth. Starting with the launch of major content IP including "The Kim Chang-ok Live: National Shopping Solution" in January, the division will expand short-form content and enhance overall mobile live commerce competitiveness. Using AI-based trend data analysis, it will expand premium product categories in fashion, living, and travel, while diversifying merchandise categories through small-batch multi-variety sourcing and influencer-linked product planning. The company also plans to build a differentiated content commerce portfolio through brand collaborations combining KBO, artist, character, and K-content IP.