The economy across the world has been hit due to Covid-19. The sights of employees getting fired and salary cuts due to poor performance of the companies have been common in the Covid-hit 2020-21. Yet here is a company that has made huge profits during the pandemic.
South Korean company Big Hit Entertainment, which manages groups like BTS and TXT, has made 36 percent more business in 2020 than the previous year. As per its financial report, it has seen 19 percent increase in its profits and a 44 percent increase in operating profits when compared to 2019.
The company has made a business of 796.3 billion KRW ($716.67 million USD) in 2020. It has recorded an operating profit of 142.2 billion KRW ($128.8 million USD) and a net profit of 86.2 billion KRW ($77.58 million USD).
This apart, the South Korean Entertainment company has recorded its highest-ever fiscal quarter in the fourth quarter of 2020 312.3 billion KRW ($281.07 million USD) in revenue and 52.5 billion KRW ($47.25 million USD) in operating profit.
"We were able to achieve our highest performance ever due to our solid business structure even during the coronavirus pandemic. We have a strategy that will continue expanding our business through acquisitions alongside the constant growth of our Big Hit label artists. We'll continue to grow in the future through various ways, including cooperation with external partners like the recent transfer of Naver's V Live into Weverse company and our partnership with Universal Music Group." the company said in a statement as per AllKpop.
The groups like BTS, ENHYPEN, Seventeen and TXT had a played major role in its success as 40 percent of the revenue have come from the album sales, while doing over 50% percent of business from the sales of merchandise and fan-club related goods.