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

Comments

Popular posts from this blog

Mariah Carey's Magical Christmas Special (Trailer) https://ift.tt/3mhB6Ld Faced with a holiday cheer crisis, the North Pole knows there's only one person who can save the day: Santa's great friend Mariah Carey. The Queen of Christmas creates a fabulous and star-studded spectacular to make the whole world merry! (Source) Watch: 480p, 720p, 1080p Download: 480p, 720p, 1080p https://ift.tt/2V8YY7R November 27, 2020 at 09:30PM November 27, 2020 at 09:30PM HD-Trailers.net (HDTN) https://ift.tt/1eIbYG1

Faced with a holiday cheer crisis, the North Pole knows there's only one person who can save the day: Santa's great friend Mariah Carey. The Queen of Christmas creates a fabulous and star-studded spectacular to make the whole world merry! ( Source ) Watch : 480p , 720p , 1080p Download : 480p , 720p , 1080p from HD-Trailers.net (HDTN) https://ift.tt/3mhB6Ld via https://ift.tt/3mhB6Ld Faced with a holiday cheer crisis, the North Pole knows there's only one person who can save the day: Santa's great friend Mariah Carey. The Queen of Christmas creates a fabulous and star-studded spectacular to make the whole world merry! ( Source ) Watch : 480p , 720p , 1080p Download : 480p , 720p , 1080p https://ift.tt/2V8YY7R November 27, 2020 at 09:30PM HD-Trailers.net (HDTN) https://ift.tt/1eIbYG1

Rannvijay Singha to host the first season of Shark Tank India November 26, 2021 at 06:20PM

All set to turn entrepreneurial dreams into reality, Sony Entertainment Television brings the first season of the globally renowned business reality show, Shark Tank to India. Premiering on 20th December, this revolutionary show will give an opportunity for budding entrepreneurs to present their business ideas to experienced investors and business experts a.k.a The Sharks. A perfect pitch is all that will take to impress the Sharks. The highly anticipated show has already built an immense curiosity amongst the audience with the The Sharks reveal. Adding on to the excitement, Sony Entertainment Television roped in the dashing actor and popular youth icon, Rannvijay Singha as the host of the show. While ‘The Sharks’ will play a key role in developing India’s entrepreneurial ecosystem, host Rannvijay will act as a guide for the audience. He will explain the format of this first-of-its-kind concept, introduce the innovative business ideas on the show, and will simplify the key business...

Breaking Scoop: Hrithik Roshan locks his SILVER JUBILEE film; back on board with the Vikram Vedha remake December 25, 2020 at 03:31PM

It was recently revealed that Aamir Khan is no longer a part of Vikram Vedha remake and soon after, it was confirmed that Saif Ali Khan will however continue to be a part of the film. It has now come to our notice that Bollywood superstar, Hrithik Roshan has come on board the adaptation of this Tamil classic crime thriller. “Hrithik Roshan has been in talks for the film for a couple of months and he has finally agreed on doing the film. In-fact, Hrithik was in talks for the film even before they reached out to Aamir, however, things didn’t materialise back then. But as they say, its life coming full circle now, and the film is back in Hrithik’s kitty,” a source told Bollywood Hungama , adding further that this will be the silver jubilee film of Hrithik’s career. Before moving on to Vikram Vedha , Hrithik Roshan will complete shooting for his digital debut, Night Manager for Disney+ Hotstar. “He is all excited to play two diametrically different characters – one stylish and other a ...