SM Entertainment, a powerhouse in the K-pop industry, recently unveiled its comprehensive artist strategy for the first quarter of 2024. This ambitious plan includes a slew of album, mini album, and single releases from several of its top artists, as well as an exciting lineup of concerts and overseas tours.
Following the news that Taeyeon’s mini album To.X is set to drop on November 27, the agency revealed that NCT 127, Super Junior’s Ryeowook, and TVXQ will also release new music before 2023 ends. NCT 127 and Ryeowook will drop singles, while TVXQ is prepping a full album.
The first quarter of 2024 looks promising, with aespa set to release an all-English album. Other anticipated releases include new material from EXO’s Suho, NCT Dream, NCT’s Taeyong and Ten, and Red Velvet’s Wendy. Girls’ Generation’s Hyoyeon (known as HYO) and aespa are slated to drop singles, while rookie boy band RIIZE will return with two new singles—in Korean and Japanese. Additionally, a new NCT unit will release a Japanese single during this period.
Concerts and tours are also a significant part of SM Entertainment’s 2024 strategy. Yesung’s solo concerts in the Philippines and Macau, as well as SHINee’s Asian tour, have already been announced. The first quarter will also see SHINee’s Key performing a solo concert in South Korea. NCT 127 and TVXQ are preparing for Asia tours. SHINee’s Taemin and the SMTOWN collective will embark on a tour of Japan.
Q1 of 2024
-aespa English album
-EXO Suho EP
-Red Velvet Wendy EP
-NCT DREAM EP
-NCT TAEYONG EP
-NCT TEN EP
-NCT NEW TEAM single
-Girls' Generation HYO single
-aespa single
-RIIZE single
-RIIZE Japan single
-NCT NEW TEAM Japan single pic.twitter.com/oDd7lDEHHe— Jeff Benjamin (@Jeff__Benjamin) November 8, 2023
SM Entertainment is doing well
SM Entertainment’s Q3 earnings report for 2023 showcased a record-breaking quarter, with a consolidated operating profit of KRW 50.5 billion ($42 million), a 70% year-on-year increase, and revenue of KRW 266.3 billion ($223 million), a 12% YoY increase. The agency’s net profit also saw a significant jump, increasing by 189% to KRW 84.2 billion ($70 million).
This strong performance is attributed to increased music sales from artists such as aespa, NCT DREAM, and RIIZE. The agency sold a record-breaking 8.71 million new albums in Q3, with NCT DREAM alone selling 4.32 million copies. Other artists including EXO, NCT, and RIIZE also earned the million-seller status, contributing to the company’s robust earnings.
Looking ahead, SM Entertainment anticipates strong album and music revenues for Q4 of 2023 and Q1 of 2024, thanks to its upcoming releases. The agency also plans to expand its music publishing business through Kreation Music Rights (KMR). SM Entertainment aims to secure 80 talented songwriters and establish overseas subsidiaries.
With these strategic moves, SM Entertainment is poised to cement its position as a global leader in the K-pop industry. – K-Pop News Writer
Featured Image: SM Entertainment is poised to have a very good Q1 in 2024. Source: X/@NewsFromBW.