Big Hit posts record profits in 2019 as albums sell well
Sales totaled 587.2 billion won ($481 million), net profit was 72.4 billion won and operating profit was 98.7 billion won last year, the highest since the company was founded in 2005.
Sales were up 95 percent while operating profit increased 24 percent.
The profit figure is larger than the combined profits of Korea’s other major labels - SM Entertainment, JYP Entertainment and YG Entertainment.
SM’s operating profit was 40.4 billion won last year, and JYP’s was 43.5 billion won. YG’s operating profit dropped to 2 billion won, as the former head of the company and Seungri, former member of boy band Big Bang, were involved in scandals in 2019.
Big Hit said total sales of BTS’s 2019 album “Map of the Soul: Persona” came in at 3.7 million.
Releases by Big Hit’s rookie boy band Tomorrow X Together broke 6 million.
The outlook for this year is unclear, as the coronavirus outbreak has forced cancellations.
“[Big Hit Entertainment] canceled local tour “Map of the Soul” due to the spread of the coronavirus,” the agency’s audit report released Tuesday said.
BY PARK EUN-JEE [firstname.lastname@example.org]