Big Hit Entertainment, the South Korean powerhouse behind BTS and TXT among others, has revealed its latest growth stats. Its revenues in 2019 topped ₩587.9bn ($494m), doubling those in 2018, and it had operating profits of ₩97.5bn ($82m).
Billboard was covering the media announcement in Seoul where the company outlined what it called its “winning formula”. This included expansion in its live operations (including live streaming and cinema broadcasts of shows, including 5.5m viewers of BTS’s concerts) and pop-up shops and experiential spaces to slipstream the BTS touring juggernaut. There was also a diversification of its core business, notably the launch of the Weply and Weverse apps).
Big Hit announced that boyband Seventeen will be heavily pushed through fan interaction app Weverse, which leans on in-app purchasing. The company also unveiled its plans for boyband Belift to launch this year and another new boyband to arrive in 2022. A new girlgroup is already also the works.
BTS, of course, remains the biggest act on the roster and the others will be designed to slipstream their phenomenal global success. Interestingly, there are lots of spin-off products planned around the BTS brand – notably a BTS-themed TV drama, “graphic lyrics” picture books and a Learn Korean With BTS game (developed by Superb Corp.) on the way.