Dreamus Company achieves surplus for the first in 5 years

To invest 20 billion won in FNC Investment

▲ This photo provided by Dreamus Company shows the logo for Dreamus. (PHOTO NOT FOR SALE) (Yonhap)

SEOUL, May 18 (Yonhap) -- Dreamus Company, a subsidiary of SK Telecom and an entertainment company, turned to a quarterly surplus for the first time in 21 quarters since the fourth quarter of 2015.

 

The company made an announcement on the 17th that its consolidated operating profit in the first quarter of this year is $1.1 billion (1.1 billion KRW) and net profit is $2.2 billion (2.2 billion KRW).

 

Sales rose 14.1% year-on-year to 57.7 billion won.

 

Dreamus Company added that both the music and existing Iriver business sectors succeeded in making surplus by increasing sales of music platform Flo and launching new live style devices.

 

In the second half of this year, it is planning to make huge investments to expand its music content business and strengthen audio content.

 

To this end, Dreamus Company announced a partnership plan to invest 20 billion won in FNC Investment, a music intellectual property (IP) investment company under FNC Entertainment.

 

Dreamus Company will invest in various music businesses, including Music IP, through FNC Investment.

 

"We have secured competitiveness by expanding our portfolio that encompasses the entire music ecosystem," said Choi Min-jung, head of the Dreamus Company's strategy group. "We will continue to contribute to the growth of the domestic music market with various partners."

 

Ahn Seok-joon, CEO of FNC Investment, said, "We plan to invest in various music-related businesses such as securing music IPs, concerts and festivals. We will expand our investment in various related fields that can contribute to both companies' businesses."

 

 

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