BIG HIT Entertainment must have been on cloud nine as the huge success of their popular boy band BTS continues.
With this, it is substantial that the famous boyband has contributed to the overall success of the agency as they have released their audit report wherein they have revealed a whooping 587 Billion Korean Won is made through sales. The said confirmation was publicly announced on the 31st of March.
According to the mentioned data report, in 2019, BIG HIT Entertainment had the highest gross since they have started as a company. A total of 99.8 billion KWR is reported as their operating profit. Thus, a 95% increase in sales and 24% for the operating profit is established as compared to the previous year, 2018.
BTS' "MAP OF THE SOUL: PERSONA" albums in 2019 wherein it initially claimed 372 million sales. Aside from that, the North American market gave a consistent volume of sales due to the higher demand for KPOP music in the mentioned region. Their well-equipped and fresh business strategies are something to be applauded as they consider these as instrumental reasons for their growth.
According to a statement from the aforementioned agency:
"2019 was a year when Big Hit promoted the advancement of corporate structure such as the establishment of a multi-label system, while maintaining explosive sales growth and high growth rate at the same time." "The expansion of Artist IP, such as the growth of Tomorrow by Together and girlfriend and securing a strong trainee pipeline, combined with various business models that are already being expanded through a specialized corporate system, enables us to expect further growth."
The agency added that, in 2019, they have shifter their accounting standards from the existing general business standards (K-GAAP) to (K-IFRS) or the Korean International Financial Reporting Standards. Thus, this paved the way to the declaration of the consolidated financial statements for the first time.
Big Hit Entertainment is the home of various KPOP groups who have dominated the center stage of fame. To name the few, well-acclaimed boy band BTS, new boy group TXT, RM, J-Hope, Lee Hyun are under their care. Today, they are the daily buzz in the K-pop world.
Since its launching in 2005, Big Hit Entertainment has soared far and wide when it comes to achieving their business goals. Having their artists shined in the international scene, is something that the company must be taking pride of.
This financial audit report presented by BIG HIT Entertainment is a few of the explosive achievements they have been harvesting since the beginning of the year. Despite the pandemic that have caused several delays or projects as well as major cancellations of concerts locally and overseas, the agency is sounding positive to their goal; of conquering the globe with the blast of music.
