Warner Music Group is having an IPO. Universal Music Group will be having an IPO. And now K-Pop giant Big Hit Entertainment’s plans for its own initial public offering appear to be progressing too.
The company, whose biggest star is BTS, has now chosen the banks and brokerage firms who’ll be handling its IPO, according to Reuters.
JPMorgan, NH Investment and Securities, Korea Investment & Securities and Mirae Asset Daewoo are in the frame for an IPO that could value Big Hit as high as $5bn. The news – although it has yet to be confirmed officially by the company – comes shortly after Big Hit revealed its latest financial results.
The company’s revenues in 2019 were $494m, doubling year-on-year, while it reported an operating profit of $82m. And if you needed a reminder of the BTS popularity on digital platforms that is driving this growth, it came with the news that the group’s latest music video, ’ON’ Kinetic Manifesto Film: Come Prima, was the fifth-biggest 24-hour debut in YouTube history, notching up 46.5m views in the first 24 hours after its release last Friday. It’s since grown to 92.5m views.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!