ANOTHER BIG YEAR FOR BIG HIT
Revenue at BTS’s label, Big Hit Entertainment, grew 36% to more than $675m in 2020, double what the company generated in 2018. Operating profit was $121m, representing a 17.9% margin.
Recorded music was responsible for 40% of revenue—$272m; sales were up nearly 200% over 2019 figures. Advertising was up 133%. Merchandise & Licensing saw a 53% spike.
The company also announced that it saw its best quarter ever in 2020; fourth-quarter numbers were 312.3b won ($281m) in sales and 52.5b won ($47m) in operating profit.
The increases came despite Bit Hit's concerts division—formerly its biggest cash generator—having earned a mere $2.9m as COVID-19 ravaged the live segment.
"Even with COVID-19, we were able to post our best-ever results thanks to our solid business structure," read a statement from the company. "Alongside the continued growth of artists on Big Hit labels, we will keep expanding the scope of our business through mechanisms like mergers and acquisitions."
