TVING Swings to Q3 Operating Loss of 7.2 Billion Won
CJ ENM's OTT service posted third-quarter revenue of 120.5 billion won, a 14.4% drop from the prior quarter, as its operating result worsened by 13.2 billion won.
TVING, the OTT service operated by CJ ENM, swung to a third-quarter operating loss of 7.2 billion won on revenue of 120.5 billion won, according to digitaltoday.co.kr.
Revenue fell 14.4% from the previous quarter, and the operating result deteriorated by 13.2 billion won quarter on quarter.
Advertising revenue was a brighter spot, rising 42.1% year on year in the third quarter.
CJ ENM's US content production subsidiary FIFTH SEASON posted third-quarter revenue of 67.2 billion won and an operating loss of 11 billion won. CJ ENM said it is reviewing an appropriate development scale while expanding TV series planning and development at FIFTH SEASON, and will present concrete plans, including the size of its content investment, for improving profitability during the fourth quarter.
First profit followed by a reversal
In the second quarter, TVING recorded revenue of 140.7 billion won and an operating profit of 6 billion won, its first quarterly profit.
Quick answers
How much revenue did TVING report in the third quarter?
TVING reported third-quarter revenue of 120.5 billion won.
What was FIFTH SEASON's third-quarter result?
CJ ENM's US content production subsidiary FIFTH SEASON posted revenue of 67.2 billion won and an operating loss of 11 billion won.