Home » News » Business News » BTS label Big Hit Entertainment cashed in $44.5M net profit in 2018

BTS label Big Hit Entertainment cashed in $44.5M net profit in 2018

Image

 

Big Hit Entertainment, the company who drove K-Pop superstars BTS to success, made a net profit of ₩50.2 billion ($44.5 million) in 2018.

According to KPOP Herald, which reported that Big Hit recorded its highest-ever annual revenues last year of ₩214bn ($190m)  – a 132% increase as compared to 2017.

Big Hit Entertainment’s operating profit for the year was ₩64.1bn ($56.7m). The company was founded and is headed up by producer, songwriter and music exec Bang Si-hyu. BTS was formed by Si-hyu’s company in 2013 and has since become a global pop phenomenon.

The seven-member group scored its first No.1 album in the US in May 2018 with Love Yourself: Tear, and returned to the Billboard 200 Album Chart summit in September with follow up, Love Yourself: Answer.

The group sold 132,000 physical copies of the Korean-language album between its release on May 18 and the week ending June 28. The song debuted at No. 10, becoming the highest-charting US single by a K-pop group. The KPOP Herald also reports that BTS sold a combined 5.15m albums in 2018 (including 4.05 million copies of the band’s 2018 releases: Love Yourself: Tear and Love Yourself: Answer).

The band’s album success has also been replicated on stage, with BTS selling out arenas around the world, and reportedly performing to 810,000 fans on their Love Yourself tour.

At the beginning of March BTS announced a second concert at London’s 90,000 capacity Wembley Stadium after selling out the first show in just 90 minutes. In October, Big Hit Entertainment revealed that each of the seven BTS members had extended their contracts with the company for another seven years.

“Following 2017, 2018 was the year that showed best record in both rate of return and the size of business, due to BTS’ record-breaking path and expansion in business areas. We continuously improved our management system to innovate business model in music industry, while discovered new areas of business,” said Big Hit Entertainment in a statement.

 

Musicplus on WhatsApp

 

1444total visits

Leave a Reply

Your email address will not be published. Required fields are marked *

Top

Get Music Plus’s top stories, interviews
and gig updates delivered to your inbox.

We won’t spam you. Promise!