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Big Hit's sales double last year on back of BTS' global dominance

K-pop 15:07 February 05, 2020

SEOUL, Feb. 5 (Yonhap) -- Big Hit Entertainment, the music label of K-pop superband BTS, said Wednesday its annual sales in 2019 nearly doubled from a year earlier thanks to its flourishing music businesses centered around the boy band.

Sales for last year came to 587.9 billion won (US$495.3 million), compared with 301.4 billion won in 2018, Big Hit said in a statement.

Operating income also jumped from 79.8 billion won on-year to an estimated 97.5 billion won in 2019, according to Big Hit.

"(Profits) in sales of albums, music sources, performances, video content and intellectual properties, as well as (business) platforms, driven by business diversification, all contributed to 2019 sales," the label said.

The company's co-CEO Bang Si-hyuk said, "2019 was a year when Big Hit strove to actualize its vision of innovating the music industry."

Big Hit released the sales data one day after a corporate briefing, where it informed its business partners of its corporate vision and plans for 2020.

According to the briefing now available on YouTube, Big Hit plans to debut three new K-pop groups over the next three years in a major bid to diversify its business portfolio.

A multinational boy band will be the first of the three to hit the K-pop scene, planning to debut sometime this year under Big Hit's venture with entertainment giant CJ ENM.

A girl group will follow suit in 2021 to debut under a joint project with Source Music, a music label under Big Hit. The company also plans to launch another boy band in 2022.

Big Hit CEO Bang Si-hyuk speaks during a corporate briefing on Feb. 4, 2020, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

pbr@yna.co.kr
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