Korean act BTS had an immense 2017 that noticed them break report after report with their music, take residence quite a few awards and grow to be one of many world’s most outstanding boy bands. And their onerous work has paid off, actually. On Thursday, the band’s label, Massive Hit Leisure, revealed that its internet revenue for final yr surged over 170% year-over-year.
In line with the Korean leisure label’s full-year audit report, its internet revenue rose 172.7% from 2016, reaching 24.5 billion KRW, or round $22.9 million USD. It is the very best ever because the firm was based in 2005. Massive Hit reported its present internet value as 61.2 billion KRW, or practically $57 million USD, a far cry from 2007 when the corporate practically went bankrupt earlier than hitting success with ballad teams 8Eight and 2AM within the late ‘00s and early ‘10s.
The previous yr’s progress was attributed largely to the gross sales of BTS’ Love Your self: Her EP, which hit No. 7 on the Billboard 200 chart to grow to be the highest-ever album on that chart by a Korean band and bought over 1.49 million copies to grow to be the best-selling Korean bodily album of 2017. The act’s 2017 Wings tour additionally added to the good points, with the band promoting round 550,000 tickets. Gross sales for Massive Hit climbed to 92.4 billion KRW, round $86 million US, final yr from 35.2 billion KRW in 2016.
Massive Hit Leisure is a privately operated firm, however in December CEO and founder Bang Si-hyuk advised Bloomberg that there was a chance of it going public. Between 2012 and final July, the label reportedly had acquired 16.5 Billion KRW (roughly $15.3 million USD) in investments since 2012, in response to The Korea Herald. With solely BTS and solo artist Lee Hyun presently signed to its roster, an IPO appears unsustainable in the meanwhile however the firm’s previous yr of progress, plus Bang’s intent to create new acts, bodes effectively for its monetary future.
BTS’s sonic narrative, a lot of which focuses on financial inequality, depends closely on the boy band’s underdog roots as a Ok-pop group from a small label. But when the corporate does goes public it is going to be one of the crucial outstanding IPOs to ever contact the Ok-pop world because of the act’s international enchantment. Massive Hit would then be part of the handful of publicly traded Korean leisure businesses, together with the ‘Massive 3,’ SM Leisure, JYP Leisure and YG Leisure, and different well-liked labels together with FNC Leisure and Dice Leisure. It’s already gaining recognition and transferring into the higher echelons of Korea’s music trade, and just lately was revealed to be working with different main labels on a brand new streaming platform.