K-pop label Big Hit shows 27% surge in profits amid COVID-19 outbreak
Category: #business  By Nikita Chaurasia  Date: 2020-08-18
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

K-pop label Big Hit shows 27% surge in profits amid COVID-19 outbreak

Big Hit Entertainment, the South Korea-based management company behind the renowned K-pop group BTS, has reportedly witnessed an 27% upsurge in biannual profits.

Sources with relevant information stated that the high profits are a result of escalating merchandise sales and online concerts, despite the event cancellations amid the COVID-19 pandemic.

It is to be noted that Big Hit was granted preliminary approval for an IPO and sources cite that the company is estimated to reach a valuation of 105.6 billion baht (4 trillion won) after it.

According to authentic sources, Big Hit garnered revenues worth 294 billion won in the first half of 2020, with operating profits of around 49.7 billion won. The company apparently witnessed a significant financial gain as compared to the previous year’s biannual revenue of 201 billion won with an operating profit of 39.1 billion won.

Big Hit Entertainment Global CEO Lenzo Yoon reportedly stated that the company has handled the unexpected coronavirus pandemic situation excellently. He further claimed that the seven-member boy band, BTS pulled a paying audience of around 756,000 through their online concerts which were organized in June.

BTS landed three consecutive No.1 albums in 2019 on the Billboard 200 charts, becoming the first group since The Beatles to do so in a single year.

If sources are to be believed, the band’s Weverse dedicated application managed to sell around 746,000 merchandise items in a week’s time.

Big Hit is also strategically merchandising secondary content including BTS edition of Starbucks products and Samsung smartphones, games, textbooks, illustrated lyric books, and artist-based characters.

In other news, Big Hit Entertainment has reportedly planned various IP releases including an integrated course with Hankuk University of Foreign Studies along with Korea Foundation, as well as a handbook for learning Korean language.

Source credits: https://www.bangkokpost.com/life/arts-and-entertainment/1969415/k-pop-group-bts-label-big-hit-posts-big-jump-in-profits

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Mercedes-Benz unveils the S-Class of EVs, comes with a 56-inch display

Mercedes-Benz unveils the S-Class of EVs, comes with a 56-inch display

By Nikita Chaurasia

Mercedes-Benz, a German multinational automaker of luxury and commercial vehicles, has unveiled its flagship electric sedan, the EQS. The new vehicle is likely to allow Mercedes to take on Tesla Inc., as the market for electric vehicles (EVs) continu...

Ford takes on GM, Tesla by debuting its first hands-free driving system

Ford takes on GM, Tesla by debuting its first hands-free driving system

By Nikita Chaurasia

Ford Motor Company, the American multinational automaker, is reportedly planning on introducing a hands-free driving feature on its 2021 Mustang Models as well as 2021 F-150 pickup truck through a software update, by the end of the year. The automob...

Oculus Quest 2 update to include wireless PC streaming, 120Hz mode

Oculus Quest 2 update to include wireless PC streaming, 120Hz mode

By Nikita Chaurasia

Oculus, a subsidiary of Facebook, Inc., that develops and manufactures virtual reality headsets, has recently announced that Oculus Quest 2’s new v28 software update will include native wireless desktop PC streaming as well as 120 Hz refresh ra...