South Korea’s Big Hit Entertainment, home to BTS, revealed its revenues for the first half of 2019 at an event called “Big Hit Corporate Briefing With the Community” held in Seoul today.
The company posted record revenues of $166.3 million — just $12 million short of its revenues for all of 2018, according to analysis by Music Business Worldwide. Its operating profit was around $33 million, whereas last year’s was $53 million.
CEO Bang Si-Hyuk said at the event, “Big Hit seeks to spur on change in the process of value creation and expansion in the music industry, which will boost revenues, expand the market, and advance the system, and ultimately enhance the quality of life for all employees and all members of the music community.”
Many of the comments at the event addressed the artists’ live-music experience — new ticketing processes, enhanced concerts and essentially takeovers of the cities hosting the shows. “Big Hit is committed to turning the hosting city of a concert into a festival, improving inconvenient and unfair elements and enhancing the overall customer experience,” said business content CEO Lenzo Yoon, listing local livestreams and pop-up stores as ways to increase presence.
The company said that it is planning a drama production based on the BTS Universe (BU) with a “well-known drama production company,” which is on track for a release in the second half of next year. It also announced a new video game using BTS’ storytelling IP, a collaboration with Netmarble.
Popular on Variety
While the company’s biggest act, BTS, recently completed an extensive world tour — including an appearance on “Good Morning America” in New York — is on an extended break, the group is expected to be back in action within a few months.
