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

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

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

Strong album sales and balanced growth across business units played a key role in increasing revenue. 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 album sales was approximately KRW 320.6 billion. Big Hit acquired PLEDIS Entertainment in November last year and KOZ Entertainment in November last year, which incorporated its multi-label system, along with Big Hit, Belfit Lab and Source Music.

Balanced growth in business units also contributed to the increase in sales. Although revenue from off-line concerts increased by 53%, 71% and 66% in sales related to COVID-19, official merchandise and licensing, content, and fan clubs, compared to 2019, while striving for the Big Hit do. Pursue balanced growth between business units.

Weaver, a global fan community forum, also showed steady growth. As of February 2021, Weavers has established itself as a “No. 1 Global Fan Platform” by recording 25 million cumulative app downloads, and with a global cast of major labels overseas and ready to join the platform.

Big Hit stated, “Despite the COVID-19 position, we were able to achieve the best performance ever by virtue of a solid business structure. Our strategy is to expand our business scope through inorganic growth, such as mergers and acquisitions, along with the continued growth of Big Hit Labels artists. We will continue to move forward by collaborating with external partners in various ways in the future, including the recently announced acquisition of Weavers through Weavers and a strategic partnership with Universal Music Group. “

Also read: BTS ‘J-Hope wins 150 million to ChildFund Korea to support children with disabilities

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