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Big Hit Entertainment Achieves Record Profits in 2020 Amid COVID-19 Pandemic: Bollywood News

In 2020, Big Hit Entertainment (hereinafter referred to as “Big Hit”) recorded the best annual performance since its founding, revealing preliminary figures of KRW 796.3 billion in turnover, KRW 142.4 billion in profit. operation and KRW 86.2 billion in net profit. Despite the harsh environment due to the COVID-19 pandemic, its annual sales increased 36% year-over-year, while its operating profit and net profit increased by 44% and 19 respectively. %.

Big Hit also announced fourth quarter 2020 results of KRW 312.3 billion in revenue and KRW 52.5 billion in operating profit, registering an increase of 117% and 122% respectively over the previous year. fourth quarter of 2019. This is also the strongest quarterly performance since the inception of the company.

Strong album sales and balanced business unit growth played a key role in revenue growth. In 2020, Big Hit Labels artists, led by BTS, SEVENTEEN, TOMORROW X TOGETHER and ENHYPEN, sold a total of 13.22 million copies (based on the Gaon Music Chart). Revenues from album sales nearly tripled to KRW 320.6 billion. Big Hit acquired PLEDIS Entertainment in May and KOZ Entertainment in November of last year, further bolstering its multi-label system with Big Hit, Belift Lab and Source Music.

The balanced growth of the business units also contributed to the increase in sales. Although offline concert revenue declined due to COVID-19, sales of official and licensing products, content and fan club increased by 53%, 71%, and 66% respectively from 2019. Big Hit will strive to pursue balanced growth across business units.

The global fan community platform Weverse has also shown steady growth. In February 2021, Weverse established itself as the “# 1 global fan platform” by recording 25 million cumulative app downloads and inviting global artists from major foreign labels to join or join the platform.

Big Hit said, “Despite the COVID-19 situation, we were able to achieve the best performance ever because of a strong business structure. Our strategy is to continue to expand the reach of our business through inorganic growth, such as mergers and acquisitions, as well as the continued growth of Big Hit Labels artists. We will continue to move forward by cooperating with external partners in various ways going forward, including the recently announced acquisition of V LIVE through Weverse Company and a strategic partnership with Universal Music Group.

ALSO READ: BTS’s J-Hope Donates 150 Million Wons To ChildFund Korea To Support Children With Disabilities

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