The label behind the world’s most sensational group, BTS, is set to go public next month. The Korean entertainment agency has recorded an immense growth this year along with its business expansion. Big Hit Entertainment’s attempt to advance its business is more than enough to secure the future of the label.
Big Hit Entertainment, beyond music and entertainment
The entertainment label will mark its debut in October. According to Inquirer, Big Hit Entertainment will take part in South Korea’s main bourse, KOSPI. Around 7.13 million shares will be priced between 105,000 KRW to 135,000 KRW per share. The company will further discuss the exact share price on Thursday and Friday and announce the affirmation for subscriptions at 5th and 6th October.
Upon the plan to go public this year, Big Hit Entertainment broadcasted an online corporate briefing through its official Youtube channel last month. Through the briefing, the company revealed to have doubled their earnings and generated 294 billion KRW in revenue and 97.5 billion KRW in operating profit. Though the company’s biggest act, BTS, undeniably played a big part in the figure, Big Hit Entertainment’s attempts to expand its business are also worth to mention.
Big Hit Entertainment has been expanding their business models. The entertainment company has gone beyond artistic releases such as music albums, offline and online concerts. Latest releases from the company include game development, graphic lyric book series, and even Korean-language learning books. Fans all around the world can purchase the merchandise easily through the company-owned Weverse platform. Global fans’ high demand and purchase power easily emptied out the available goods. Business Korea predicts that the label will most probably manifest indirect participation of the label’s artists in more of its business in the future.
Big Hit’s future forecasted
Despite the coronavirus pandemic, Big Hit Entertainment is still showing strong growth. Business Korea expects a 34.5% jump to 132.8 billion KRW for 2020’s consolidated operating profit. The prediction further mentions the album and content sales of artists signed under the label might exceed 460 billion KRW.
Business Korea adds that the operating profit might roughly account for 364 billion KRW. Details of the operating profit include 46.2 billion KRW from concerts, 464.2 billion from albums, and 345.4 billion KRW from contents available for purchase on Weverse.
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