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(LEAD) Big Hit's 2020 net soars amid unrelenting BTS popularity

Industry 16:00 February 23, 2021

(ATTN: RECASTS headline and lead; ADDS details throughout)

SEOUL, Feb. 23 (Yonhap) -- Big Hit Entertainment Co., the management agency behind global superstars BTS, said Tuesday its net profit rose 19 percent last year from the previous year amid the growing popularity of its flagship K-pop group.

Net profit stood at 86.2 billion won (US$77.6 million) in 2020 on a consolidated basis, compared with 72.4 billion won the previous year, the company said in a regulatory filing.

Annual operating profit jumped 44.2 percent on-year to 142.4 billion won, while sales rose 35.6 percent to 796.3 billion won over the cited period.

This file photo, provided by Big Hit Entertainment Co. on Feb. 4, 2021, shows K-pop group BTS. (PHOTO NOT FOR SALE) (Yonhap)

Big Hit has recently made an aggressive push beyond its focus as a management agency, going public on South Korea's main stock market KOSPI in October last year and clinching a deal with local tech giant Naver Corp. last month to combine their fan community and video streaming platforms.

Shares in Big Hit Entertainment closed 0.66 percent higher at 228,500 won on Tuesday, outperforming the broader KOSPI's 0.31 percent loss. The company announced its earnings after the market's close.


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