Big Hit covets new milestone for 3rd-quarter income

Big Hit Entertainment announces a new milestone in an increased operating profit number report for its 2020 3rd quarter income.

On November 16, Big Hit Entertainment submitted the company’s first performance report. This is the first for the company since its debut on the Korea Composite Stock Price Index (KOSPI) on October 15.

The company’s operating profit for the third quarter of this year is 40.1 billion Won or approximately $36.2 billion. It sees a rise of 73% from the same period of the previous year.

A spectacular increase

Considering the same period of the agency last year, the revenue showed a spectacular increase of 54% to 190 billion Won or approximately $171.4 million. The company’s net profit increased to 92% to 27.2 billion Won or roughly $24.5 million.

As compared to the second quarter of 2020, the numbers in the third quarter increased by 22% for the revenue. Also a rise of 38% for the operating profit and 51% for the net profit.

The company recorded an accumulated operating profit of 89.9 billion Won or approximately $81 million in the third quarter.

The earned revenue is 484 billion won (roughly $436.3 million). The net profit is 60.4 billion won($54.4 million).

Big Hit Entertainment’s steady sales

Compared to the same period in the previous year, the increase rate differentiated 20% in net revenue, 9% in operating profit, and 13% in net profit.

Big Hit Entertainment commented that the album sales were steady, and the official merchandise sales are continuing to rise. The third quarter is strong because of the acquisition of Pledis Entertainment.

The company’s performance is measured according to Korea’s International Financial Reporting Standards (L-IFRS). The external auditors have not yet reviewed the numbers. Also, the numbers are subject to change in the future.

Big Hit launched a new addition to Weverse

Moreover, beNX, a subsidiary of Big Hit Entertainment, launched a new addition to the group. DreamCatcher will launch their own official fan community on Weverse. In this way, they can communicate better with their fans worldwide.

 

Image courtesy of I’M A KPOPER/YouTube Screenshot

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