Big Hit Entertainment (hereinafter Big Hit), the agency behind BTS, has unveiled its profit performance for the first half of the year 2020. This year's performance was a record-high and proved that Big Hit is consistently growing this year as well.
As the company prepares to go public and file for an IPO, on August 13th, Big Hit uploaded its "Big Hit Corporate Briefing Session with the community" on the official Big Hit YouTube channel.
First, Big Hit founder Bang Si Hyuk spoke about the change in BTS' world tour schedule due to the COVID19 pandemic. He reviewed that "Big Hit was able to concentrate on the fundamentals of providing content for fans." Executive Bang then announced that the company generated profits in various areas such as album sales, online music streaming, online concerts, merchandise, and multimedia content. He revealed they had posted 294 billion KRW (~248,082,610 USD) in revenue and made 49.7 billion KRW (~41,937,774 USD) in operating profit in the first half of 2020. This is a 27% increased compared to the first half of 2019 when Big Hit posted 39.1 Billion KRW (~32,992,127 USD) in operating profit and 201 Billion KRW (~169,601,474 USD) in revenue.
Executive Bang Si Hyuk stated that the driving force and engine behind the company's unchanging and excelling performance is the ever-evolving "Big Hit Ecosystem". The ecosystem in which executive Bang was stating was the company's practical business method in which the company provided various ways that the fandom can connect with the artist.
■ 'Big Hit Labels' continues to expand the label portfolio by increasing artist lineups
Executive Bang introduced the achievements of the "Big Hit Labels" and artists for the first half of the year. He stated that Big Hit is a "content powerhouse" and they focus on creating good content. Therefore, they put in efforts to find good, talented artists and expand their artist portfolio. He explained that Big Hit labels went through a change at the beginning of this year. Big Hit labels expanded to a multi-label system by bringing on other record label companies such as Pledis Entertainment. With this Big Hit Labels will continue to expand.
With the increase in artist labels, the company was able to produce a remarkable achievement. There were five groups from Big Hit that were active in the first half of the year. According to the Gaon album charts, 40% of all album sales in the top 100 are all from artists in Big Hit labels. In particular, all five groups from Big Hit were on the upper rankings of the charts with BTS in 1st place, Seventeen in 2nd place, TXT in 11th place, NU'EST at 16th, and GFRIEND at 38th place.
In the first half of 2020, BTS sold 4.26 million copies of 'MAP OF THE SOUL:7' and Seventeen sold 1.2 million copies of 'Hang:garae'. These two album sales took over 53% of the top ten sales in the charts.
During the briefing, Big Hit also talked about debuting a new boy group in 2020, a new girl group in 2021, and another new boy group in 2022. You can read about it here.