Big Hit Entertainment Records Its Best Financial Year In Its History, Even During The Coronavirus Pandemic – KpopHit

Big Hit Entertainment has recorded its best financial year in the history of the company even though there were many roadblocks due to the Coronavirus pandemic.

According to Big Hit Entertainment’s financial report for the fiscal year 2020, the company recorded ₩796.3 billion KRW ($716.67 million USD) in revenue, with an operating profit of ₩142.2 billion KRW ($128.8 million USD) and a net profit of ₩86.2 billion KRW ($77.58 million USD) These figures represent a 36% increase in revenue compared to 2019, a 44% increase in operating profit, and a 19% increase in net profit. In addition, the company registered its highest ever fiscal quarter during the fourth quarter of 2020, with ₩312.3 billion KRW ($281.07 million USD) in revenue and ₩52.5 billion KRW ($47.25 million USD) in operating profit.

Strong album sales and steady growth within the music industry helped drive Big Hit Entertainment’s record year. Big Hit Labels’ artists sold a total of 13.22 million albums, led by the strong album sales by BTS, SEVENTEEN, TXT, and ENHYPEN. ₩322.6 billion KRW ($290.34 million USD) out of the agency’s ₩796.3 billion were from album sales in 2020. In addition, the acquisitions of various agencies, such as Pledis Entertainment in May and KOZ Entertainment in November, Big Hit Labels is running a five label multi-label system, also including Source Music and Belift Lab Inc.

While sales related to performances and concerts decreased due to the pandemic, sales related to official merchandise and licensing, contents, and fanclub related goods rose by 53%, 71%, and 66% respectively. Big Hit Entertainment plans to continue promoting a balanced approach in growing each sector. Weverse’s growing subscriber count is also a factor in increasing revenue.

We were able to achieve our highest performance ever due to our solid business structure, even during the Coronavirus pandemic. We have a strategy to continue expanding our business through acquisitions alongside the constant growth of our Big Hit Labels artists.

We will continue to grow in the future through various ways, such as cooperation with external partners, such as the recent transfer of Naver’s V LIVE into Weverse company and our partnership with Universal Music Group.

— Big Hit Entertainment



Source: www.koreaboo.com

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