CJ ENM’s ambitious space romance When the Stars Gossip is floating in dangerous territory, with viewership ratings plunging below 3% despite its whopping 50 billion KRW ($34 million) production budget.
The tvN drama, starring heavyweight leads Lee Min Ho and Gong Hyo Jin, chronicles the life of a mysterious intruder Gong Ryong (Lee Min Ho) who encounters Commander Eve (Gong Hyo Jin) at a zero-gravity space station. Despite its star-studded cast and astronomical budget, the show’s ratings have taken a nosedive. After premiering at 3.3% nationwide, followed by 3.9% for episode 2, the series has crash-landed in the 2% range for episodes 3 and 4.
The space drama’s struggle becomes even more apparent when compared to its weekend competitors. SBS’s Love Scout blazed through the ratings stratosphere, launching at 5.2% and breaking the 10% barrier by its third episode. Similarly, JTBC’s The Tale of Lady Ok has maintained steady momentum above the 10% mark. The contrast becomes particularly stark when considering tvN’s previous marquee project, Queen of Tears, which opened at 5.9% and skyrocketed to 24.9% for its finale last year. Adding to the woes, both Lee Min Ho and Gong Hyo Jin are trailing behind their competitors in cast rankings.
The show’s underperformance is intensifying concerns about CJ ENM’s position as Korea’s entertainment powerhouse. The company is already struggling to keep pace with Netflix and other broadcasters in the original content race. After briefly recovering to 70,000 KRW ($48) per share following last year’s return to profitability, CJ ENM’s stock has plummeted back to a historic low of 50,000 KRW per share.
As expectations for this year’s performance diminish, securities firms are revising their target prices downward. KB Securities has slashed CJ ENM’s estimated annual operating profit by 24%, from 298.5 billion KRW ($204 million) to 227 billion KRW while lowering their target stock price from 80,000 KRW to 70,000 KRW. Samsung Securities followed suit, reducing their target from 91,000 KRW to 78,000 KRW, marking a 14.3% decrease.
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