Skip to main content

Big Hit Entertainment made record-breaking profits in 2020 amidst COVID-19 pandemic  February 23, 2021 at 09:14PM

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

Big Hit Entertainment made record-breaking profits in 2020 amidst COVID-19 pandemic 

Big Hit also announced the 2020 Q4 results of KRW 312.3 billion in sales and KRW 52.5 billion in operating profit, recording 117% and 122% increase respectively compared to 2019 Q4. This also marks the most prominent quarterly performance since the company’s foundation.

Strong album sales and balanced growth in the business units played key roles in driving revenues. 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). Revenue from the album sales nearly tripled to KRW 320.6 billion. Big Hit acquired PLEDIS Entertainment in May and KOZ Entertainment in November last year, bolstering its multi-label system along with Big Hit, Belift Lab and Source Music.

Balanced growth in the business units also contributed to the sales increase. Although the revenue from off-line concerts declined due to COVID-19, official merchandise and licensing, content, and fan club-related sales increased by 53%, 71%, and 66% respectively, compared to 2019. Big Hit will strive to pursue balanced growth amongst business units.

Global fan community platform Weverse also showed steady growth. As of February 2021, Weverse has established itself as a “No.1 Global Fan Platform” by recording 25 million cumulative app downloads, and having global artists from major labels overseas join or set to join the platform.

Big Hit said, “Despite the COVID-19 situation, we were able to achieve the best performance ever based on the solid business structure. Our strategy is to keep expanding the scope of our business through inorganic growth, such as merger and acquisition, along with the continued growth of Big Hit Labels artists. We will continue to advance by cooperating with external partners in various ways in the future, including the recently announced acquisition of V LIVE through Weverse Company and strategic partnership with Universal Music Group.”

ALSO READ: BTS’ J-Hope donates 150 million won to ChildFund Korea to support children with disabilities



from Latest Bollywood News | Hindi Movie News | Hindi Cinema News | Indian Movies | Films - Bollywood Hungama https://ift.tt/3pHZiap
via
Labels:

Comments

Post a Comment

Popular posts from this blog

Sonu Sood’s character gets larger-than-life upgrade in Kandireega sequel after his philanthropic work September 28, 2020 at 05:22PM

Actor Sonu Sood is back to work. After spending the lockdown by helping the migrants and daily wage workers, the actor has landed in Hyderabad for the sequel of the Telugu film, Kandireega. The actor, who began work on Monday, September 28, has seen an upgrade in his character. After seeing his philanthropic work over the last six months, the makers of the film decided to make his character larger-than-life. The makers reportedly had completed 80 percent of the film but Sonu revealed to a daily that after his work, they decided to make changes in the character. He started work on Monday with all new dialogues. He will be in Hyderabad for a week before coming back to Mumbai to resume the shoot of Prithviraj on October 7 or 8. He has a few ad shoots that he plans to film in the evenings. Sonu Sood will be working double shifts in order to complete his schedule. ALSO READ: Sonu Sood reveals why he walked out of Kangana Ranaut’s Manikarnika from Latest Bollywood News | Hindi Movie...
Post a Comment
Read more

India’s first female animated superhero returns with ‘Priya’s Mask’, the comic book and film will be focused on COVID-19 November 23, 2020 at 03:39PM

India’s first female comic book superhero, Priya, is gearing up to dive into a brand-new riveting adventure. The fourth edition of India’s first pioneering comic book series, ‘Priya’s Mask’ this time tackles the unprecedented global COVID-19 pandemic that has challenged everyone in India and around the world. The comic book and film will be released worldwide on December 2, 2020 on multiple platforms. Released as an augmented reality comic book, the installment is paired with an animated short film featuring the voices of feminist leaders from the U.S. and India, including icon Vidya Balan, Rosanna Arquette, Mrunal Thakur, and Sairah Kabir. Named a ‘gender equality champion’ by UN Women, the series was created by U.S.-based media house Rattapallax founder, documentary filmmaker, and technologist Ram Devineni. ‘Priya’s Mask’ is produced by Tanvi Gandhi, Indrani Ray, and Monika Samtani, written by Shubhra Prakash, with illustrations and animation by Syd Fini, Hamid Bahrami and Neda Ka...
Post a Comment
Read more

CRSHD (Trailer) https://ift.tt/3cZDnpe This inventive, female-driven sex comedy follows college freshman Izzy Alden (Isabelle Barbier) and her two best friends, Anuka (Deeksha Ketkar) and Fiona (Sadie Scott), as they embark on a journey to get Izzy to a "crush party" so she can lose her virginity before the end of the semester. The acclaimed feature film debut of writer/director Emily Cohn, CRSHD tells a hilarious, unique story about navigating the messy ups and downs of life and love in the age of social media. (Source) Watch: 480p, 720p, 1080p Download: 480p, 720p, 1080p https://ift.tt/3cR4Lpw April 29, 2020 at 09:45PM April 29, 2020 at 09:45PM HD-Trailers.net (HDTN) https://ift.tt/1eIbYG1

This inventive, female-driven sex comedy follows college freshman Izzy Alden (Isabelle Barbier) and her two best friends, Anuka (Deeksha Ketkar) and Fiona (Sadie Scott), as they embark on a journey to get Izzy to a "crush party" so she can lose her virginity before the end of the semester. The acclaimed feature film debut of writer/director Emily Cohn, CRSHD tells a hilarious, unique story about navigating the messy ups and downs of life and love in the age of social media. ( Source ) Watch : 480p , 720p , 1080p Download : 480p , 720p , 1080p from HD-Trailers.net (HDTN) https://ift.tt/3cZDnpe via https://ift.tt/3cZDnpe This inventive, female-driven sex comedy follows college freshman Izzy Alden (Isabelle Barbier) and her two best friends, Anuka (Deeksha Ketkar) and Fiona (Sadie Scott), as they embark on a journey to get Izzy to a "crush party" so she can lose her virginity before the end of the semester. The acclaimed feature film debut of writer/director Em...
Post a Comment
Read more