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Big Hit's Amazing Economic Report And Their Plans For This Year

Bang Si-Hyuk (Newsen Korea)

JAKARTA - The agency that houses BTS and TXT, Big Hit, held a Big Hit Corporate Briefing with The Community 2020, Wednesday, February 5. Through this event, Bang Si Hyuk as the founder of Big Hit announced a number of plans for 2020.

Reporting from Newsen, Big Hit experienced revenues of up to 587.9 billion won with an operating profit of 97.5 billion won. This advantage is obtained from BTS concerts and endorsements carried out by the group with various brands. This data is based on the K-IFRS consolidation criteria which shows the performance before an external audit is held.

The Love Yourself and Love Yourself: Speak Yourself world tours were sold out with an audience of 260 million. Several concert tours were broadcast exclusively through the VLive streaming application and the audience reached 4.6 million. For performance videos alone, there are 555 million viewers who watched BTS's performances on various platforms.

Realizing this high development, Kim Dong-joon as Big Hit representative said; "We are expanding our performance experience and diversifying our revenue structure with both quantitative and qualitative growth."

BTS POP-UP: House of BTS is one that attracts the attention of fans. According to Big Hit's report, the House of BTS, which opened in Seoul and Mexico, brought in 400 thousand fans.

Recently, Big Hit recently acquired the Source Music agency which is the home of GFRIEND. Together with Min Hee Jin as Chief Brand Officer, they will launch a girl group in 2021. Min Hee Jin previously worked as the creative director of SM Entertainment and is known to handle the concept of the group under SM Entertainment.

Big Hit also launched Weverse, an online platform for fans to communicate with their idols. After BTS, TXT, GFRIEND, the next artist is SEVENTEEN from Pledis agency. At the beginning of the year, it was rumored that Big Hit would acquire Pledis, but nothing has been confirmed yet.

According to them, this success resulted from a combination of appearance, sales and business platform. The sales of merchandise which increased from year to year also had a big effect on increasing sales. They also hope that in 2020 they can provide a more innovative fan experience and provide more enjoyable content.

Shin Young Jae as the vice president of Big Hit revealed that he will debut a new boy group in 2022 after debuting TXT or Tomorrow x Together last year. As for Choi Yoon-Hyuk, the deputy president of Belift, the joint venture between Big Hit and CJ E&M will debut a multicultural group this year. They see the K-pop genre that has entered the global market to be the vision of this plan.

For BTS, Bang Si-Hyuk explained that Big Hit will prepare many projects for BTS this year. Some of them are BTS themed-dramas and games, new albums, and a platform titled Learn Korean With BTS to become a platform for international fans who have difficulty accessing content due to language difficulties.

Bang Si-Hyuk concluded the event by saying, "We will make sure fans, artists, and companies X, Y, and Z in the music industry can grow together in a healthy and fair manner."

Big Hit also confirmed that they will make a drama based on the song Save Me and BTS Tour Villages where tourist attractions in each city in the country they visit. Big Hit will create BTS-themed hotels, pop up stores, exhibitions, limited edition drinks, and playgrounds that are not only available in South Korea but in all countries that BTS will visit. For TXT, a world tour will be made throughout 2020.

Tag: k pop