BTS manager Big Hit Entertainment grows profit 100%
Big Hit Entertainment, the multi-faceted South Korean music company which manages K-pop colossi BTS, recorded nearly 100% profit growth in 2018, boosted by the meteoric rise of its most famous export.
Big Hit, headquartered in Seoul, generated ₩64.1 billion (€49.8 million) operating profit last year – up 97% year-on-year – while turnover grew 132%, reaching ₩214bn (€166.4m), according to its 2018 financial report (Korean).
The 2018 results represent the biggest-ever annual profit for the diversified music company, founded in 2005 by songwriter and producer Bang Si-hyuk.
“2018 was the year that showed the best record in both rate of return and size of the business, due to BTS’s record-breaking path…”
“Following 2017, 2018 was the year that showed best record in both rate of return and the size of business, due to BTS’s record-breaking path and expansion in business areas [sic],” Big Hit – whose other acts include solo artist Lee Hyun (formerly of 8Eight) and newly formed boy band TXT – says in a statement to the Korea Herald. “We continuously improved our management system to innovate business model in music industry, while discovered new areas of business.”
According to the Herald, BTS (pictured) sold nearly 5.2m records in 2018, while their Love Yourself world tour has sold more than 800,000 tickets globally.
BTS in February announced eight dates for a new stadium tour, Love Yourself: Speak Yourself, in the US, the UK, France, Japan and Brazil.