SM Entertainment profits surge in H1
Top Korean talent agency SM Entertainment (SM) saw its profits soar during the first half of 2010, almost quadrupling compared to last year.
According to a press release issued by SM on Monday, the agency recorded an operating profit of 18.6 billion won during the January to June period this year, the figure surging by 385 percent from the same period in 2009.
SM’s total sales during the first six months of the year was reported at 47.5 billion won, also pointing to a solid 59 percent growth.
The firm attributed its improved performance to a spike in the amount of royalty overseas from the international activities of their artists including BoA, Super Junior, Girls’ Generation, SHINee and f(x).
SM also said it expects to see continued growth in the second half of the year following Girls’ Generation’s official debut in Japan later this month, expanded overseas activities of its singers and the launching of smartphone applications.
The agency, founded in 1995 by former singer Lee Soo-man, has been one of the most influential entertainment houses in the country alongside YG and JYP Entertainment.
SM has created and and masterminded the successful careers of numerous K-pop artists including BoA, Fly To The Sky, H.O.T. and TVXQ, as well as managing many songwriters, music producers, comedians and actors including Ara, Choi Jung-yoon and Lee Yeon-hee.
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