Big Hit Entertainment reveals profits from 2019
Big hit Entertainment has disclosed to the public their profits from 2019.
On March 31, Big Hit Entertainment revealed their business performance reports from the previous year; 2019. The numbers are making our jaws drop, though to be sincere, we expected nothing less from them.
According to the divulged document, Big hit amassed 587.2 billion won; which is approximately $483.3 million in revenue and 98.7 billion won; approximately $81.2 million in sales profit.
This report marks their greatest performance since the establishment of their agency in 2005. Compared to the year before 2019; 2018, these jaw-dropping numbers show a 95 Percent in revenue and 24 Percent increase in sales.
At the beginning of 2019, 3.7 million copies of BTS‘s “Map of the Soul: Persona” (according to Gaon Chart’s 2019 records). Later in the year, TXT made their debut, bringing the total of Big Hit’s album sale to more than 6 million.
In July 2019, Big Hit acquired Source Music, which manages the popular K-pop girl group GFRIEND.
Big Hit was able to broaden their sources of revenue, by creating a system that considers all factors of the business and entertainment industry.
A representative of Big Hit had commented, “In 2019, Big Hit advanced its corporate structure by establishing a multi-label system while simultaneously maintaining high growth rates and accumulating substantial revenue. While BTS is showing results that a domestic artist has never seen before, the growth of TXT and GFRIEND and our strong pipeline of trainees are secure. Through the expansion of our artists’ intellectual property, which combines our professional corporate system with our diverse business models, even greater growth is expected.”
Big Hit Entertainment released their financial statements from 2019 for the first time to follow the accounting standards of K-IFRS after previously following K-GAAP.