Record revenues for BTS label Big Hit in 2020

By Emmanuel Legrand

South Korea's music company Big Hit Entertainment, home to boy band BTS, has posted in 2020 KRW 796.3 billion (59 million) in revenues, up 36% year-on-year, KRW 142.4bn ($11m) in operating profit, up 44%, and KRW 86.2 billion ($6.4m) in net profit, up 19%. 

The company said strong album sales and balanced growth in the business units were key revenue drivers. Albums by BTS, Seventeen, Tomorrow X Together and Enhyphen sold a total of 13.22 million copies in South Korea alone, based on the Gaon Music Chart. 

Revenue from concerts declined in 2020 due to the pandemic, but were offset by sales growth in official merchandise and licensing, content, and fan club-related sales (respectively up by 53%, 71%, and 66%, compared to 2019). 

“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," said the company.