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Big Hit Entertainment hits historic profit

  • Published : Mar 19, 2019 - 14:37
  • Updated : Mar 19, 2019 - 14:37

Big Hit Entertainment on Tuesday disclosed its biggest yearly profit total in company’s history, fueled by the immense popularity of boy band BTS at home and overseas.

The label posted operating profit of 64.1 billion won ($56.71 million) in 2018, up 97 percent from the previous year. Its revenue reached 214 billion won, up 132 percent on-year. Meanwhile its net income came to 50.2 billion won, up 105 percent on-year.

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BTS (Big Hit Entertainment)

“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,” the agency said in a statement. “We continuously improved our management system to innovate business model in music industry, while discovered new areas of business.”

BTS in 2018 sold a combined 5.15 million copies, including 4.05 million copies of the band’s 2018 releases: “Love Yourself: Tear” and “Love Yourself: Answer.” Its ongoing “Love Yourself” world tour has garnered 810,000 audiences globally. The sales in album, contents, merchandising, publishing have also boosted the growth, the company added.

Meanwhile, the agency, founded and headed by producer Bang Si-hyuk, unveiled new rookie boy band TXT in March, with the five-track EP “The Dream Chapter: Star.”

With BTS’ announcement to return to the music scene with new album on April 12, Big Hit is expected to see bigger gain this year as well.

By Ahn Sung-mi (sahn@heraldcorp.com)