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Big Hit Entertainment made major bank in 2019!
The company behind hit music groups BTS and TOMORROW X TOGETHER disclosed their annual auditor's report on March 31, which revealed massive revenue and profit gains over the past year.
According to a press release, Big Hit generated $507.9 million (KRW 587.2 billion) in revenue over the course of the year, including $85.4 million (KRW 98.7 billion) in operating profit—an impressive year over year increase of 95% in revenue compared to 2018.
This marks the company's "highest performance" to date since it was founded by producer and business Bang Si-Hyuk in Seoul in 2005.
Propelling Big Hit's success, in 2019 the company saw 6 million album sales, thanks to huge releases by BTS and TXT. Based on Gaon Charts data, BTS' Map of the Soul: Persona sold an estimated 3.72 million albums. In addition, Big Hit experienced significant growth and revenue gains in the North American market.
“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," a spokesperson for Big Hit said in an official statement.
"BTS is making unprecedented achievements as Korean artists, and both TOMORROW X TOGETHER 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.”
Read More: BTS' Agency Big Hit Reports 95% Revenue Increase for 2019 | https://popcrush.com/bts-agency-big-hit-entertainment-saw-95-revenue-increase-in-2019/?utm_source=tsmclip&utm_medium=referral
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