It has been a bullish first half of the 2019 for the BTS managing agency Big Hit Entertainment as it announced record revenues at its ‘Big Hit Corporate Briefing With the Community’ event, which was held in Seoul.
In the first six months of the year, the South Korean company had revenues of more than $166 million, which is only $12 million shy of the revenue they generated for the entire year in 2018. They also posted an operating profit of $33 million, which compares favorably to a full-year profit of $53 million in 2018.
Big Hit Entertainment CEO Bang Si-Hyuk said,” Big Hit has achieved a total revenue 200.1 billion won (approximately $166 million), which is close to the annual revenue earned in 2018. Operating profits are at 39.1 billion won (approximately $32.4 million), recording a number close to two-thirds of last year’s 64.1 billion won (approximately $53.2 million).”
Si-Hyuk revealed at the event that the company is trying to create value in the music industry while expanding it. Si-Hyuk also commented about improving the lives of both those who work for the company and those who work in the music industry in general.
That said, it was only recently that Big Hit Entertainment announced introduced a new BTS ticket lottery. The news was first announced during a corporate briefing on August 21 by the CEO behind the entertainment company backing BTS and TXT, Bang Si-Hyuk. These “concert raffles” will be implemented across the globe.
The company is planning the production of a BTS-themed drama in cooperation with a yet unnamed but successful production company. They also announced the development of a new BTS-themed video game, which will be developed in cooperation with a company called Netmarble.
Last month, the label announced that it has acquired Source Music, a Korean entertainment company that houses the K-pop girl group GFriend.
“A contract for the acquisition of Source Music’s shares has recently been finalized and the company will join Big Hit as a subsidiary,” Big Hit said in a statement. “Source Music’s management team will remain at the helm in order to maintain the label’s independence and unique colors.”
The press release states the acquisition is expected to help with the growth of Source Music artists by “leveraging Big Hit’s global network and platform know-how.”
“I am thrilled that Source Music has joined Big Hit,” Source Music CEO So Sung Jin said in a press release. “I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label. Big Hit’s track record of creating global artists quickly and expertly sets a solid foundation for Source Music. … We will strive to provide even more amazing content to our fans through this organic relationship with Big Hit.”
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