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

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Massive Hit Leisure—the more and more international document label and company dwelling 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. Happening in Seoul on February 4, the corporate held their “Massive Hit Company Briefing With the Neighborhood” that includes audio system like Massive Hit co-CEOs Bang Si-Hyuk and Lenzo Yoon, the latter of whom not too long ago took the purple carpet with BTS on the 2020 Grammy Awards final month.

Bang shared how the previous 12 months noticed Massive Hit making ready to determine itself as a multi-label, multi-business firm which included main strikes like buying the Supply Music label (dwelling to chart-topping lady group GFriend) and establishing a brand new joint label with Korean-entertainment powerhouse CJ ENM known as Belift. Citing music gross sales, video content material, enterprise diversification and extra, Massive Hit reported their income grew to $494.6 million (or 587.9 billion Korean gained) 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 enhance from final 12 months’s operation revenue of $67.2 million (79.8 billion KRW).

A part of this development has been due to Massive Hit Leisure’s growth into new enterprise as a part of their “Massive 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 “Okay-pop into the mainstream” whereas seeking to implant the Okay-pop coaching and preparation course of within the international market. A brand new boy band made up of multinational members has plans to debut inside the 12 months by Belift.

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

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

Massive Hit additionally pointed to different areas of development together with rising the variety of artists to their newly developed social-media fanclub app WeVerse (common boy band Seventeen, who had the second-best-selling album in Korea after BTS, will quickly be 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 be taught the Korean language.

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

Maybe essentially the most fascinating enterprise reveal was how Massive Hit Leisure correct will not be making an attempt to be the one-stop-shop for all issues Korean-pop leisure however as a substitute work with its robust crew 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, Massive Hit with boy teams, makes for a fuller fledged and thought-out system. It looks like every division will have the ability to give attention to turning into one of the best label for its particular kind of group, marking a stark distinction to most Korean-entertainment businesses who hope to diversify their rosters as rapidly as attainable. Then, the non-music-specific entities like Massive Hit Three Sixty (that handles concert events, album distribution, partnerships, media content material and extra), beNX (which appears to focus on digital platforms together with operating the Massive Hit official store) and Massive Hit IP (customer support) can carry the label contents even additional.

2020 ought to be one other thrilling 12 months for Massive 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 making ready for a brand new album, and GFriend launched their new Labyrinth EP this week.

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