LOEN ENTERTAINMENT INC.
Previous company name
Seoul Records Inc.
Name change date
Seoul Records, Inc., formerly known as YBM Seoul Records, Inc. is a record label company engaged in releasing and licensing music in the Korean market. Seoul Records was incorporated in July 1982 and has its registered office located in Uiwang, Gyeonggi.
Seoul Records primarily produces music records of national artists in various types of media, such as compact discs (CD), CD-ROMs and mini-disc CDs, in conjunction with domestic artist management agencies and entertainment companies. It is also involved in processing and distributing music titles with Universal, EMI, SonyBMG, Warner Music and other international direct distributors. In addition, it is engaged in the development of digital music distribution.
Seoul Records is the nationally well-known Korean record company which holds the biggest distributor market share in the off-line music market in South Korea. Seoul Records became a subsidiary of the prominent market leader in developing new mobile techniques, SK Telecom. SK Telecom manages the world’s first ubiquitous music service, MelOn.com. Seoul Records has positioned itself as a major digital music service provider with strong support from SK Telecom.
Firm’s year-on-year biz revenue declined, due to sales reduction of CDs, MCs and performance income. Though firm maintained operating deficit, because of high selling and administrative expenses, despite reduction of cost to sales ratio, firm turned into surplus with improvement of non-operating balance, stemming from gain on disposition of tangible assets. Firm maintained stable financial structure, in view of good cash flows from operating activities, ample liquidity and high equity capital ratio. Firm is forecast to ensure new income source thru IPTV market penetration including MOU agreement on TV music contents provision and biz cooperation with Hanaro Media. Firm’s profitability improvement is expected thru marginal biz restructuring including transfer of biz sectors like music record manufacture and distribution/sales to Seoul Media. Related sales are forecast to be generated, according to full swing development of satellite DMB broadcast and performance biz, while online music source market’s growth is expected.
Description and history
Formerly known as YBM Seoul Records, Inc
A record label company engaged in releasing and licensing music in the Korean market
DAEHAN OIL PIPELINE CORPORATION
US SIC Code
1026-28, BANGBAE 3-DONG
SEOCHO-GU, SEOUL 137-851
City province or state postal code
Country address: KOREA REPUBLIC OF
Website url: www.iloen.com