BTS label/management group Big Hit Entertainment has confirmed that its 2019 earnings surpassed $500 million, and that the all-time-high income was accompanied by an operating profit of more than $85 million.
Big Hit Entertainment’s highly successful 2019 was first reported by Digital Music News in February, after Big Hit founder and co-CEO Bang Si-hyuk (widely known as “Hitman Bang”) delivered details relating to his company’s annual financial performance during a corporate briefing. Now, following a third-party audit, Big Hit has affirmed the figures. The company’s 2019 revenue came in at approximately $507.9 million, whereas operating profit totaled about $85.4 million.
CEO Bang attributed the tremendously impressive margins to a diversified business model and an increased emphasis on touring. That is, as it relates to one group: BTS.
The attribution appears correct, as 2019 saw the immensely popular seven-piece boy band BTS release a gaming app, BTS World, drop a custom LG phone, and perform across America, Europe, and Asia.
BTS had intended to embark on a comprehensive world tour in support of Map of the Soul: 7, which was released on February 21st, 2020, but the concert series was postponed in response to the coronavirus (COVID-19) crisis.
Similarly, it’s unclear whether Big Hit will continue to pursue an initial public offering (IPO), given the coronavirus-prompted market shakeup. In late February, sources indicated that Big Hit had consulted several IPO underwriters, potentially signaling a sooner-than-expected debut on the public market. Since then, however, neither Big Hit nor third-party sources have commented on the IPO’s status.
Earlier this week, BTS entertained millions by performing (remotely, from South Korea) on The Late Late Show with James Corden. Additionally, BTS members are still participating in BTS Run, a free-to-watch variety show; a new episode of BTS Run released yesterday.
Despite the ongoing coronavirus crisis and declining music streaming, Map of the Soul: 7 sales are reportedly holding strong.