SEOUL, South Korea (CelebrityAccess) — While many companies in the music world are struggling in the new reality of the COVID-19 era, South Korean management company Big Hit Entertainment is not one of them.
On Monday, the company, which oversees the careers of K-pop icons BTS, revealed that sales were up by more than 50% and net profits had almost doubled for the third fiscal quarter of 2020.
According to regulatory filings, their first since going public in October, Big Hit reported operating income of 40.1 billion won ($36.2 million) for the quarter, up 38% from the previous year.
Net profits were up by 51%, to 27.2 billion won ($24.5m) on sales of 190 billion won ($171.5 million) for the quarter.
Big Hit attributed the financial performance to strong album sales and demand for branded Merch. They also cited the acquisition of record label Pledis Entertainment in October as a factor.
Shares of Big Hit Entertainment were up by 7.19 percent on Monday, closing at 171,500 won per share.