BTS Label Huge Hit Leisure Practically Doubles Income From Earlier 12 months, Provides $15 Million In Working Revenue

Huge Hit Leisure—the more and more world document label and company residence to artists like BTS and Tomorrow X Collectively—shared updates of main income development for the previous 12 months whereas additionally laying out the groundwork for his or her future plans. Going down in Seoul on February 4, the corporate held their “Huge Hit Company Briefing With the Group” that includes audio system like Huge Hit co-CEOs Bang Si-Hyuk and Lenzo Yoon, the latter of whom lately took the crimson carpet with BTS on the 2020 Grammy Awards final month.

Bang shared how the previous 12 months noticed Huge Hit getting ready to determine itself as a multi-label, multi-business firm which included main strikes like buying the Supply Music label (residence to chart-topping lady group GFriend) and establishing a brand new joint label with Korean-entertainment powerhouse CJ ENM referred to as Belift. Citing music gross sales, video content material, enterprise diversification and extra, Huge Hit reported their income grew to $494.6 million (or 587.9 billion Korean received) with an working revenue of $82 million (97.5 billion KRW).

This almost doubles the $254 million (301.4 billion KRW) in income from 2018 together with a strong improve from final 12 months’s operation revenue of $67.2 million (79.8 billion KRW).

A part of this development has been due to Huge Hit Leisure’s growth into new enterprise as a part of their “Huge Hit Labels” household that features the aforementioned Supply Music and Belift. New enterprise ventures for these artists, in addition to new teams, are all on the horizon the corporate revealed.

Yoon Hyuk Choi, Vice President of Belift, talked about his imaginative and prescient of bringing “Ok-pop into the mainstream” whereas trying to implant the Ok-pop coaching and preparation course of within the world market. A brand new boy band made up of multinational members has plans to debut inside the 12 months by means of Belift.

In the meantime So Sung Jin, president of Supply Music, shared {that a} new lady group has been fashioned with plans to debut in 2021 after a profitable “Plus International Audition” program alongside Huge Hit. With GFriend as their first artist, Supply revealed their hopes to turn out to be the “No. 1 girl-group label” with their new companion in Huge Hit.

Lastly, Younger Jae Shin, Vice President of Huge Hit Labels, unveiled plans for Huge Hit’s artists which embody launching a brand new boy band in 2022 and, extra instantly, the primary world tour for Huge Hit’s youngest boy band Tomorrow X Collectively.

Huge Hit additionally pointed to different areas of development together with rising the variety of artists to their newly developed social-media fanclub app WeVerse (widespread boy band Seventeen, who had the second-best-selling album in Korea after BTS, will quickly be a part of the service alongside BTS, Tomorrow X Collectively and GFriend), working with native retailers in massive markets just like the U.S. and Japan to chop down on delivery prices for firm items, growing a BTS-inspired drama TV present, and having BTS star in a program to assist foreigners study the Korean language.

Whereas there was quite a bit to absorb from the flashy hour-long presentation, one of many final takeaways was Huge Hit’s emphasis on followers and the way their expertise was the No. 1 precedence, calling followers probably the most integral a part of the “Huge Hit Successful Method.”

Maybe probably the most fascinating enterprise reveal was how Huge Hit Leisure correct isn’t attempting to be the one-stop-shop for all issues Korean-pop leisure however as a substitute work with its sturdy staff of companions and sub-labels, and create particular specialties amongst them. Buying and creating new label branches is nothing new within the trade, however having labels give attention to completely different features like Supply with lady teams, Belift with worldwide teams, and, presumably, Huge Hit with boy teams, makes for a fuller fledged and thought-out system. It looks as if every division will have the ability to give attention to changing into one of the best label for its particular sort of group, marking a stark distinction to most Korean-entertainment companies who hope to diversify their rosters as shortly as attainable. Then, the non-music-specific entities like Huge Hit Three Sixty (that handles concert events, album distribution, partnerships, media content material and extra), beNX (which appears to specialise in digital platforms together with operating the Huge Hit official store) and Huge Hit IP (customer support) can carry the label contents even additional.

2020 needs to be one other thrilling 12 months for Huge Hit as BTS prepares its new album Map of the Soul: 7 for launch later this month and can embark on an accompanying stadium tour, whereas Tomorrow X Collectively was revealed to even be getting ready for a brand new album, and GFriend launched their new Labyrinth EP this week.

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