In the morning of March 13th, South Korean media reported that the past two-year deficits for Korea's SM Entertainment company reached around to 1.62 billion won for the year 2008.
According to reports, SM's profits from TVXQ, Super Junior and Girls' Generation net grossed 43.4 billion won. Despite this, there is still a deficit of 1.6 billion for the year.
However, profits for SM in 2008 has grown 30% compared to 2007, but because of BoA's entry into the American market, and because most of SM artists are groups, each event required much more travel/transportation fees and personal management fees than usual. Therefore, despite there was a higher revenue in 2008, SM still reported a deficit year-end.
SM has full confidence in pulling out of deficit at the end of 2009. With BoA's first album in the American market, and the Korean activities for Super Juniors and Girls' Generation, SM's financial situation must improve.
Source: Sohu
Credit: Wendy @ Chocolyn.org
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