Big Hit Entertainment, the agency that represents the globally popular K-pop band BTS, has surpassed $1 billion in corporate value, a local think tank said Thursday.
According to a report released by the Hyundai Research Institute, the value of the agency is estimated at between 1.28 trillion won ($1.08 billion) and 2.28 trillion won. With the valuation, the company was classified as a unicorn, meaning a nonlisted venture valued at over $1 billion.
Last year, the company scored 214.2 billion won in sales and 50.2 billion won in net profit. It also outran the industry’s top three players -- S.M. Entertainment, JYP Entertainment, and YG Entertainment -- in operating profit with 64.1 billion won, up 97.1 percent from a year earlier.
Despite snowballing rumors of its potential stock market flotation, however, the company earlier said it had no plans to go public in the foreseeable future.
Earlier this month, BTS held concerts at Britain’s Wembley Stadium, following in the footsteps of top-tier artists such as Queen, Michael Jackson, Madonna and Celine Dion.
The landmark performances came in the wake of the band’s latest album release. The album, “Map of the Soul: Persona,” had sold 3.23 million units as of end-May.
A major forte of the band is its geographically diverse fandom, spread out across Asia, Europe, the United States and many other nations, the report said.
Consistent support from millennials, who actively share BTS content via social media, is another factor that could expand the band’s leverage from the music industry to other sectors such as travel, cosmetics and fashion, it added.
By Bae Hyun-jung (firstname.lastname@example.org