Big Hit CEO Bang Si-hyuk speaks during a corporate briefing in Seoul on Tuesday. (Big Hit Entertainment)
K-pop label behemoth Big Hit Entertainment made a number of major announcements during its latest corporate briefing on Tuesday.
CEO and producer Bang Si-hyuk took to the stage to kick off the company’s “Corporate Briefing with the Community” and said, “For those who are watching this video, please stay safe.”
Tuesday’s event was meant for both the media and select fans but it ended up taking place in private amid concerns over the new coronavirus outbreak and the video of the event was uploaded Wednesday.
Here are the main takeaways.
Big Hit reports record revenue
The company generated 587.9 billion won ($495.2 million) in revenue and 97.5 billion won in operating profit.
The figure nearly doubled from last year, thanks to diversified business models such as tours, intellectual property and online platforms.
Citing an academic analysis, Bang said BTS’ three-day concerts in Seoul brought an additional 187,000 visitors to South Korea, adding 100 billion won in economic value.
DJ Kim, general manager at Big Hit Three Sixty, a separate corporation dedicated to the distribution of records and media content, boasted the success of BTS’ “Love Yourself” tour.
From August 2018 to October 2019, BTS’ “Love Yourself: Speak Yourself” tour reached 2.06 million fans at 62 concerts around the world including Asia, Europe, North and South America.
To maintain the quality of the shows, Kim said, the group traveled with 50 containers full of equipment.
Seventeen to join Weverse
Thirteen-piece boy band Seventeen will become the first act outside Big Hit to join the fan community platform Weverse.
“We plan to team up with more artists at home and abroad,” said co-CEO Yoon Seok-jun.
Regarding speculation that Big Hit hopes to acquire Seventeen’s agency Pledis Entertainment, a Big Hit official said, “We are open to new opportunities but nothing has been decided yet.”
TXT’s first world tour on its way
Vice President Shin Young-jae revealed plans for TXT’s very first world tour this year.
Shin said the group would hold its first live show with fans in March before embarking on a world tour to meet with fans in various locations.
He also said the group is working on a new album to be released sometime in the first half of this year.
(Big Hit Entertainment)
New girl group and boy band
Big Hit is working on a new boy band to be debuted in 2022, Shin added without saying much more.
So Sung-jin, president of Source Music, also said trainees recruited from last year’s Plus Audition -- a project carried out in collaboration with Big Hit branding chief Min Hee-jin --would make their debut as a girl group in 2021. A winning formula?
Over the last year, Bang said his company has been working busily to solidify its vision, including creating what he dubbed the “Big Hit Winning Formula.”
During the event, Bang shared his ambition as he recalled what he had said in 2016 about creating a system to repeat past successes.
The CEO said if his company continues to prove successful and its winning formula becomes the de facto standard in the industry, he believes fans will be “treated right as customers,” artists will “happily pursue their dreams and nurture talent” and those in the industry will be able to “work with pride.”More BTS content
Bang said more BTS-related content is on the way including a new novel and a series of illustrated books based on the lyrics to BTS songs.
A drama series based on BTS metaphors is also being produced by Chorokbaem Media, the company behind the likes of “My Mister” and “Memories of the Alhambra,” alongside screenwriter Kim Su-jin, who was behind the 2019 series “The Light in Your Eyes.”
Bang said the show is a coming-of-age story centering on seven boys meeting and overcoming their scars together.
Touching on language barriers experienced by international fans, Bang also unveiled educational content using the company’s artists, starting with BTS.
Dubbed “Learn Korean With BTS,” the educational content will be released gradually, starting in March.
By Yim Hyun-su (firstname.lastname@example.org