Actors Kim Ji-won (left) and Kim Soo-hyun who appeared in tvN’s ‘Queen of Tears’. /tvN
TVING, which gained the highest place within the home on-line video service (OTT) by releasing a collection of field workplace hits, posted a lack of over 30 billion received within the first quarter of this yr alone.
Based on associated industries on the sixteenth, CJ ENM held a convention name to announce efficiency for the primary quarter of 2024 on the ninth. CJ ENM introduced that its first quarter working revenue was 12.3 billion received, turning it right into a surplus.
What caught the eye that day was Tving’s efficiency. TVING’s gross sales within the first quarter of this yr have been KRW 83.4 billion, a rise of 16.1% in comparison with the identical interval final yr, however its working loss was KRW 38.5 billion.
Beginning with KRW 6.1 billion in 2020, TVING has suffered losses for 4 consecutive years, together with KRW 76.2 billion in 2021, KRW 119.1 billion in 2022, and KRW 140.2 billion final yr. The deficit was additionally growing yearly. This yr would be the fifth yr we now have gone into deficit.
The trade responded by saying, “The content material launched by TVING within the first quarter of this yr was an enormous hit, so this stage of loss is surprising.”
Unique content material was broadcast on TV within the first quarter of this yr. / tv
Within the first quarter, TVING launched its authentic collection ‘Jae Lee, I am Dying Quickly’ and ‘Pyramid Recreation’ and acquired response. ‘I am Going to Die Quickly’ got here second within the total international rating of TV reveals in January on Flix Patrol, an OTT website rating. ‘Pyramid Recreation’ was the one Ok content material invited to France’s ‘Sequence Mania’, and is anticipated to be launched abroad on the thirtieth.
In February this yr, TVING’s authentic leisure present ‘Crime Scene Returns’ led the world to binge by coming first for 2 consecutive weeks in a non-drama timeliness survey revealed by Good Knowledge Company. ‘Transit Love 3’, which has grow to be TVING’s signature authentic content material, set a brand new all-time field workplace report for every season.
The successive successes of dramas akin to ‘Marry My Husband’, ‘Queen of Tears’, and ‘Bounce with Seonjae’ broadcast on tvN led to a rise within the variety of subscribers and tv customers. Specifically, the ultimate episode of ‘Queen of Tears’ broke the report for the very best viewership ranking of any TV drama ever with a viewership ranking of 24.85%. Right now, the variety of every day lively customers (DAU) of Tving was 2.25 million, breaking its personal report.
TVING’s skilled baseball broadcast web page. / tv
As well as, by securing unique broadcasting rights for skilled baseball, it surpassed Coupang Play when it comes to month-to-month customers (MAU) inside 8 months and rose to the highest amongst home OTTs. Tving’s first quarter paid subscribers additionally elevated by 13% in comparison with the earlier quarter, reaching an all-time excessive.
Nonetheless, it’s nonetheless unable to flee the deficit because it can not cowl the upper manufacturing and funding prices. TVING CEO Joohee Choi defined, “That is as a result of enhance in amortization prices as a result of launch of many authentic works within the first quarter.”
Because it scrambles to flee the deficit, TVING has been offering reside protection of home skilled baseball video games solely to paid members beginning this month. To make use of the skilled baseball reside broadcasting service, you should pay at the least 5,500 received per thirty days (primarily based on promoting plan).
Though it introduced backlash from baseball followers, securities corporations predicted that TVING’s profitability might enhance with unique baseball broadcasts. Lee Nam-soo, a researcher at Kiwoom Securities, stated in a report on the sixteenth, “Expectations are excessive for TVING to enhance its profitability by broadcasting home skilled baseball, which is anticipated to have the largest viewers season.” Tv is seeing a web enhance in paid subscribers on account of KBO broadcasting, and the variety of subscribers to promoting plans can also be growing “That is very more likely to result in promoting development.”
Shin Eun-jeong, a researcher at DB Monetary Funding, additionally stated, “Tv is anticipated to scale back its deficit as it’s scheduled to pay for baseball broadcasts in Could and enhance the speed in June,” and added, “It is going to TVing development continues. with the total KBO cost.”
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