BTS contributed big time to Big Hit Entertainment's bottom line!
Big Hit Entertainment reported its best year ever in 2019, thanks to releases from BTS and other K-pop stars.
Axelle/Bauer-Griffin/FilmMagicBTS attend the 2019 Billboard Music Awards at MGM Grand Garden Arena on May 1, 2019 in Las Vegas.Big Hit Entertainment, the South Korean company behindBTS, had its biggest year ever in 2019, the company announced in a statement on Tuesday (March 31).
According to the statement, which referenced its 2019 auditor’s report, last year witnessed Big Hit’s best year to date, with a revenue flow of 587.2 billion South Korean won, or around US$507.9 million, and an operating profit of 98.7 billion KRW, or US$85.4 million.
Big Hit, which is headed by co-CEO’s Bang Si-hyuk and Lenzo Yoon, saw a 95% increase in revenue and 24% increase in operating profit versus 2018’s unaudited numbers that Big Hit previously reported.The company referred to physical sales being a major factor behind its success in 2019, with 3.72 million copies of BTS’s
Map of the Soul: Personaas well as sales of new act TXT’s twoThe Dream Chapteralbums adding to a total of six million album sales. A series of new business ventures andacquisitionsalso helped Big Hit see its immense growth during the 12-month period.“Big Hit pushed for optimizing its corporate structure in 2019 by transitioning into a multi-label system, while simultaneously sustaining explosive revenue expansion and high growth rate,” said a Big Hit spokesperson.
“BTS is making unprecedented achievements as Korean artists, and both TOMORROW X TOGETHER [TXT] and GFRIEND are continuing their growth. Big Hit has also secured an impressive pipeline of trainees; such an expansion of artist IP in conjunction with various business models that are expanding through the company’s corporate enterprise of specialized business entities led Big Hit to expect even further growth.”
For Big Hit and BTS, the hits keep coming. Earlier this month, the K-pop superstars scored their fourth No. 1 on thewithMap of the Soul: 7, Read more: billboard »
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