BTS Helps Label Big Hit Entertainment to Record Result In 2018
The South Korean entertainment company behind BTS enjoyed major gains in 2018, thanks in part to their world-famous boy band.
On Tuesday (March 19), Big Hit Entertainment revealed that it had nearly doubled its operating profit in 2018 versus the prior year, to 64.1 billion Korean won ($56.72 million). Operating profit was up 97% percent from 2017.
The company also posted revenue of 214 billion KRW ($189.38 million), a 132% on-year gain. Big Hit’s 2018 net income was 50.2 billion KRW ($44.41 million), up 105% year-on-year.
“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, reports The Korea Herald. “We continuously improved our management system to innovate business model in music industry, while discovered new areas of business.”
BTS topped the Billboard 200 last year with both May’s Love Yourself: Tear and August’s Love Yourself: Answer, which sold over 5 million album units combined according to the International Federation of the Phonographic Industry's year-end accounting.
Earlier this month, Big Hit Entertainment announced the promotion of former chief business officer Lenzo Yoon to co-chief executive officer alongside the company’s founder Bang Si-hyuk. The company recently launched a new boy band TOMORROW X TOGETHER -- also known as TXT --, which debuted on the Billboard 200 earlier this month.
BTS are set to release a new album, Map of the Soul: Persona, on April 12 ahead of their upcoming Love Yourself: Speak Yourself stadium tour dates. The album has already sold over 2.6 million copies in pre-orders alone.