BTS agency livestream its market debut on stock market
Oct 16 2020
Powered by strong support from avid fans, shares of South Korea's Big Hit Entertainment Co, the company that manages global pop sensation BTS, soared in their trading debut yesterday in Seoul.
Bang Si-hyuk (4th from L), the creator of BTS and CEO of Big Hit Entertainment, attends a ceremony to mark his agency's floating on the Korea Exchange in Seoul on October 15, 2020. "Hitman" Bang saw his own net worth climb to around $3 billion thanks to Big Hit's over 90 percent rise.
Bang Si Hyuk has become the richest stockholder in the entertainment industry, surpassing J.Y. He also shared his stake with BTS members, giving each nearly 70,000 shares worth more than £11.6m.
Dynamite, the new all-English single by K-pop phenomenon BTS, has debuted at No. 1 on the Billboard Hot 100 in the US, a first for an all-Korean pop group.
Despite the concert-killing COVID-19 pandemic, Big Hit has prospered thanks to huge demand for its online content, including livestreamed BTS concerts that reportedly attracted more than 1.7 million fans.
Massive Hit's enterprise relies upon closely on BTS, which drove greater than 87 % of the corporate's revenues within the first half of this yr.
The band's online concert last weekend is said to have drawn almost one million viewers from around the world.
The Big HitIPO was South Korea's largest since 2017, raising $841 million earlier this month and continuing a string of successful IPOs recently launched in the country, including offerings from SK Biopharmaceuticals, an affiliate of South Korea's massive SK Group conglomerate, and video game maker Kakao Games.
But there are some concerns about Big Hit's reliance on its star artists.
In other BTS news, it has been reported in Korea that the band may be allowed to defer their national service.
BTS members were not present at the ceremony.
South Korean boy band BTS is one of the biggest musical acts in the world, and they're now also making sweet music on the South Korean stock market.
BTS debuted in 2013 and has a legion of global supporters who call themselves the "Army".
"We will put our best efforts into raising the value for each individual shareholder, including profitability and growth", he added.