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Big Hit Entertainment made record-breaking profits in 2020 amidst COVID-19 pandemic  : Bollywood News

In 2020, Large Hit Leisure (hereinafter known as “Large Hit”) recorded the perfect annual efficiency since its basis, disclosing the preliminary figures of KRW 796.3 billion in gross sales, KRW 142.4 billion in working revenue, and KRW 86.2 billion in internet revenue. Regardless of the difficult setting as a result of COVID-19 pandemic, its annual gross sales grew by 36% year-on-year whereas its working revenue and internet revenue elevated by 44% and 19% respectively.

Big Hit Entertainment made record-breaking profits in 2020 amidst COVID-19 pandemic 

Large Hit additionally introduced the 2020 This autumn outcomes of KRW 312.3 billion in gross sales and KRW 52.5 billion in working revenue, recording 117% and 122% improve respectively in comparison with 2019 This autumn. This additionally marks essentially the most distinguished quarterly efficiency because the firm’s basis.

Robust album gross sales and balanced progress within the enterprise items performed key roles in driving revenues. In 2020, Large Hit Labels artists, led by BTS, SEVENTEEN, TOMORROW X TOGETHER, and ENHYPEN, bought a complete of 13.22 million copies (based mostly on the Gaon Music Chart). Income from the album gross sales almost tripled to KRW 320.6 billion. Large Hit acquired PLEDIS Leisure in Could and KOZ Leisure in November final 12 months, bolstering its multi-label system together with Large Hit, Belift Lab and Supply Music.

Balanced progress within the enterprise items additionally contributed to the gross sales improve. Though the income from off-line live shows declined resulting from COVID-19, official merchandise and licensing, content material, and fan club-related gross sales elevated by 53%, 71%, and 66% respectively, in comparison with 2019. Large Hit will try to pursue balanced progress amongst enterprise items.

International fan neighborhood platform Weverse additionally confirmed regular progress. As of February 2021, Weverse has established itself as a “No.1 International Fan Platform” by recording 25 million cumulative app downloads, and having international artists from main labels abroad be a part of or set to affix the platform.

Large Hit mentioned, “Regardless of the COVID-19 scenario, we had been in a position to obtain the perfect efficiency ever based mostly on the strong enterprise construction. Our technique is to maintain increasing the scope of our enterprise by inorganic progress, comparable to merger and acquisition, together with the continued progress of Large Hit Labels artists. We’ll proceed to advance by cooperating with exterior companions in numerous methods sooner or later, together with the not too long ago introduced acquisition of V LIVE by Weverse Firm and strategic partnership with Common Music Group.”

ALSO READ: BTS’ J-Hope donates 150 million gained to ChildFund Korea to assist kids with disabilities


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