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

In 2020, Big Hit Entertainment (hereinafter known as “Big Hit”) recorded one of the best annual efficiency since its basis, disclosing the preliminary figures of KRW 796.3 billion in gross sales, KRW 142.4 billion in working revenue, and KRW 86.2 billion in internet revenue. Despite the difficult surroundings as a result of COVID-19 pandemic, its annual gross sales grew by 36% 12 months-on-12 months whereas its working revenue and internet revenue elevated by 44% and 19% respectively.

Big Hit additionally introduced the 2020 This fall outcomes of KRW 312.3 billion in gross sales and KRW 52.5 billion in working revenue, recording 117% and 122% enhance respectively in comparison with 2019 This fall. This additionally marks probably the most distinguished quarterly efficiency because the firm’s basis.

Strong album gross sales and balanced development in the enterprise items performed key roles in driving revenues. In 2020, Big Hit Labels artists, led by BTS, SEVENTEEN, TOMORROW X TOGETHER, and ENHYPEN, offered a complete of 13.22 million copies (based mostly on the Gaon Music Chart). Revenue from the album gross sales practically tripled to KRW 320.6 billion. Big Hit acquired PLEDIS Entertainment in May and KOZ Entertainment in November final 12 months, bolstering its multi-label system together with Big Hit, Belift Lab and Source Music.

Balanced development in the enterprise items additionally contributed to the gross sales enhance. Although the income from off-line live shows declined attributable to COVID-19, official merchandise and licensing, content material, and fan membership-associated gross sales elevated by 53%, 71%, and 66% respectively, in comparison with 2019. Big Hit will try to pursue balanced development amongst enterprise items.

Global fan neighborhood platform Weverse additionally confirmed regular development. As of February 2021, Weverse has established itself as a “No.1 Global Fan Platform” by recording 25 million cumulative app downloads, and having international artists from main labels abroad be part of or set to hitch the platform.

Big Hit stated, “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

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