BTS Helps K-Pop Band Manager Double Sales Ahead of Possible IPO
(Bloomberg) -- BTS, the South Korean K-pop boy band that was tweeted about more than any celebrity in the world last year, helped manager Big Hit Entertainment more than double its revenue in 2017 ahead of a possible initial public offering.
Sales climbed to 92.4 billion won ($86 million) last year from 35.2 billion won in 2016, Big Hit said in a full-year audit report on Thursday, the first time the company publicly disclosed its financials since it was established in 2005. Operating profit tripled to 32.5 billion won.
Bang Si Hyuk, chief executive officer and founder of the company, said in an interview in December that Big Hit had talked with shareholders about a possible IPO. Big Hit has 11 major shareholders, the company said in the filing.
The popularity of k-pop, which has grown into a $5 billion industry and become one of South Korea’s best-known exports, has helped shares of local entertainment companies. JYP Entertainment Corp. has surged 50 percent this year, while S.M. Entertainment Co. has climbed 27 percent in Seoul trading.
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