Big Hit Entertainment reported revenues amounting to 587.7 billion won or USD$507.9 million from 2019 owing to the strong global performance of top acts BTS and Tomorrow X Together (TXT).
According to a report from Forbes, the label recorded a 95 percent growth in terms of profits from 2018 where Big Hit reported revenue of 214 billion won ($189.38 million). The figure also shows a leap from the agency's mid-year report where they posted 2001 billion won or USD165.1 million for the first half of 2019.
Based on the same report, Big Hit CEO Bang Si Hyuk disclosed an operating profit of 98.7 billion won ($85.4 million) which also reflects a 23.5% year-on-year increase from 2018's 64.1 billion Korean won ($56.72 million).
This actually comes as no surprise, given that BTS has reached the pinnacle of success for a Kpop act on a global scale. RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook have made their mark on the music industry and spread their influence on global ARMYs from different countries.
BTS has also collaborated with top acts like Steve Aoki, The Chainsmokers, Halsey, Troye Sivan, and Sia, as well as performed in top stages in the world including the Grammys.
BTS has also swept its nominations for the American Music Awards, Billboard Music Awards, MTV Music Awards and dominated Korean music award-giving bodies by bringing home the Daesang (top prize) for the major categories.
BTS also broke countless viewing records on Youtube as well as streaming records on Spotify. They even dethroned Justin Bieber on his 162-week record on the Billboard Social 50 early this year.BTS continues to outdo itself as pre-selling records of their latest comeback album Map of the Soul:7 charted 3.72 million in album sales even prior to release.
Albums and concerts were not the only sources of BTS' success because merchandise such as dolls, clothing, and scents also sold out based on the strength of the BTS brand. Two films with limited screenings: Love Yourself in Seoul's one-day event grossed $11.7 million worldwide, while Bring the Soul: The Movie brought in $24.3 million worldwide. The mobile game called BTS World was also a big hit.
While 2020 remains to be a crucial year for BTS with the threat of the Coronavirus hampering concert schedules and Jin's looming enlistment, Big Hit Entertainment remains in stable ground with six remaining members and a host of emerging talents under its stable. It also recently acquired Pledis Entertainment, home of SEVENTEEN and NU'EST, as a subsidiary company, All Kpop reported.
