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| BTS / Korea Times file |
By Jun Ji-hye
Big Hit Entertainment, the agency behind K-pop sensation BTS, has emerged as the top entertainment agency here, beating out the three biggest management agencies _ YG Entertainment, JYP Entertainment and S.M. Entertainment.
In a report to the electronic disclosure system by the Financial Supervisory Service, Big Hit said late last month its sales stood at 92.4 billion won ($87 million) and operational profit at 32.5 billion won last year.
YG posted 25.2 billion won, JYP 19.5 billion won and S.M. 10.9 billion won in operating profit during the same period.
With the performance marking the company's best-ever results since its 2005 foundation, Big Hit beat out the three major entertainment agencies for the first time.
The robust performance comes as the iconic seven-member boy band, also known as Bangtan Boys, has become one of the leading K-pop acts, making an unprecedented splash in the unforgiving U.S. market. The group is currently riding high on their massive, enthusiastic global fandom and their music identity that thrills teens around the world.
With the management agency on the road to success, Netmarble Games, the nation's top mobile game developer and publisher, has decided to invest 201.4 billion won in Big Hit. This is equal to 445,882 shares, or a 25.71 percent stake, of the agency, making the game company its second-largest shareholder.
The game company said Wednesday the investment decision was made to expand the synergy between the two companies that are raising their influence in the global game and music markets, respectively.
"Cooperation with rapidly growing Big Hit Entertainment and utilization of K-pop will contribute to Netmarble Games' advance to the global game market," a Netmarble official said.
A Bit Hit official said, "Netmarble Games' investment will enable Big Hit Entertainment to stably operate the company."
During a press conference held in Seoul, Feb. 6, Netmarble Games Chairman Bang Joon-hyuk unveiled "BTS World," a game utilizing video clips and photo shoots of the boy band. A user nurtures a BTS member in the game, he said, adding the game's soundtrack will be sung by the band.
At the time, Bang said the release of BTS World was part of efforts to pioneer a new genre.
Making its debut in 2013, BTS has grown as a matchless boy group, gaining explosive popularity in Korea and abroad.
The group has drawn attention from the U.S. mainstream media after they topped famous U.S. artists, including Justin Bieber and Selena Gomez, to win the Top Social Artist Award at the 2017 Billboard Music Awards in May.
BTS has also broken several records, becoming the first K-pop group to perform at the American Music Awards in November. It was the first Korean band to enter the Top 40 on the Billboard Hot 100 chart with "Mic Drop."
On Thursday, the K-pop group BTS clinched the top spot on the main album chart for Oricon, Japan's main music sales tracker, with its third Japanese studio album, "Face Yourself," released on Wednesday.
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