Page semi-protected

Big Hit Entertainment

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Big Hit Entertainment
Native name
(주) 빅히트 엔터테인먼트
Big hiteu enteoteinmeonteu
Private Company
IndustryMusic & Entertainment
GenreDance
R&B
Hip-Hop
FoundedFebruary 1, 2005 (2005-02-01)
FounderBang Si-hyuk
Headquarters
Seoul Gangnam-gu, 5 30-gil, Hakdong-ro, Floor Yangjin Plaza 5F
,
Services
  • Music production
  • Licensing
  • Record distribution
Revenue
  • Increase US$ 86 million (2017)
[1]
Increase US$ 32.9 million (2017)[2]
Owner
Number of employees
200 (2019)[4]
Websitewww.ibighit.com

Big Hit Entertainment (Hangul빅히트엔터테인먼트), or Big Hit, is a South Korean entertainment company established in 2005 by Bang Si-hyuk. It currently manages soloist Lee Hyun and idol groups BTS and TXT.

History

Big Hit Entertainment was founded on February 1, 2005,[5] and signed the vocal trio 8Eight, consisting of Lee Hyun, Baek Chan, and Joo Hee, in 2007.

In 2010, Big Hit Entertainment and JYP Entertainment signed a joint management contract over the boy group 2AM.[6] That year, Bang Si-hyuk launched nationwide auditions and signed RM (formerly known as Rap Monster), as the first member of BTS, which was then followed by the other members of the group.[7] BTS made their debut under Big Hit in 2013.[8]

In 2012, the company signed Lim Jeong-hee,[9] and the girl group GLAM was formed as a collaboration between Source Music and Big Hit entertainment. The group was active until 2014, when they disbanded due to a controversy over one of the members, Kim Da-hee, who was sentenced to prison following accusations of blackmail in relation to actor Lee Byung-hun, she was later identified as a sasaeng fan, a dangerously obsessive fan. [10][11][12]

Following the end of the joint contract between Big Hit and JYP Entertainment in April 2014, three of the 2AM members returned to JYP, while Lee Chang-min stayed with Big Hit in order to continue with his solo career and as part of the duo Homme.[6] The year also saw the disbandment of 8Eight after Baek Chan and Joo Hee's contracts with Big Hit ended.

In May 2015, Signal Entertainment Group (Signal), a KOSDAQ-listed company specializing in artist management and television production, acquired Big Hit through a KR₩6 billion (~ million) convertible bond. Signal also owns Better ENT, the agency founded by actor Song Seung-heon, as well as another record label, Jungle Entertainment.[13]

In May 2015, Lim Jeong-hee parted ways with Big Hit Entertainment, following the expiration of her three-year contract with the agency.[9]

In early 2017, BigHit ended their stake relationship with Signal Entertainment Group. BigHit issued a 6 billion won convertible bond Signal Entertainment Group in 2015. After a year, Signal Entertainment Group made a full settlement of the bonds.[14][15]

In February 2018, Homme disbanded after member Changmin's contract came to an end. He left the company to start his own agency, while Lee Hyun continued on as a solo artist.[16] In October of the same year Big Hit Entertainment announced BTS renewed and extended their contract for seven years.[17]

Company value and investments

In 2007, Big Hit Entertainment was near bankruptcy.[18] Due to the success of early groups 8Eight and 2AM, Bang was able to keep the company afloat and later created sensationalist group BTS in 2013. Varying reports consider the current total value of the company at roughly 1T KRW (~891.5M USD).[19] Many consider the company's profit in both the Western and Eastern markets, Big Hit's relatively lenient policies towards their idols' creativity, and innovative music styles to be a cornerstone of the label's success.

Big Hit Entertainment currently operates as a private company. Bang Si-hyuk remains the largest shareholder of Big Hit stock. In March 2017, the Korean mobile gaming company Netmarble acquired the second largest percentage of the company, paying a reported 201.4B KRW (191.8M USD) for 25.71%.[20] The CEO of Netmarble, Bang Joon-Hyuk, and Bang Si-hyuk are cousins. [21]

In March 2018, Big Hit publicized its earnings for the first time, reporting revenue at 92.4B KRW (~82M USD). [22] If entered into an IPO, the company itself could reach a  value of up to 700B KRW (~624M USD), potentially ousting the typically powerful "Big 3" companies SM Entertainment, JYP Entertainment, and YG Entertainment. This would make CEO Bang the richest in the South Korean entertainment business due to his large shareholding position, and leave him with personal ownership value of roughly 350B KRW (~314M USD). [23]

In August 2018, Big Hit Entertainment and CJ E&M, another Korean entertainment agency, released information stating plans to create a joint company. Filed under the name Belief, the company will reportedly be split 52% to CJ E&M, and 48% to Big Hit. [24] CJ E&M's recent foray into idol production television shows such as Produce 101 and Big Hit's growing global auditions are likely to be the venture philosophy of the new company.

In October 2018, private investment firm STIC Investments received a reported 12% share of Big Hit Entertainment, an investment of roughly 104B KRW (~93M USD).[25]  According to the Investor, Big Hit's posted revenue and operating profit of 92.4B (~82M USD) and 32.5B KRW (~29M USD) is expected to return more than double at 230B (~205M USD) and 83B KRW (~74M USD) by the end of 2018.[26]

Big Hit was voted best investment company of the year for 2018 at the Korea VC Awards.[27]

Artists

Groups

Soloists

Actors

Former artists

Discography

References

  1. ^ Evans, Mel. "BTS doubles Big Hit Entertainment's profits to $86 million". metro.com. Retrieved 22 March 2018.
  2. ^ "빅히트엔터, 영업이익 100억 돌파…VC '흐뭇'". TheBell (in Korean). Retrieved February 28, 2017.
  3. ^ Choi, Man-soo (March 27, 2018). "양현석 넘은 박진영… BTS 대박에 방시혁 1위". Hankyung (in Korean). Retrieved May 6, 2018.
  4. ^ Hwang, Hye-jin (February 8, 2019). "빅히트 측 "사옥 이전 계획 없다"(공식입장)" [Big Hit: "There is no plan to relocate the building" (official position)]. Newsen (in Korean). Retrieved February 8, 2019.
  5. ^ "Introduction". BigHit Entertainment. Retrieved July 24, 2015.
  6. ^ a b "KPOP NEWS - 2AM's Jo Kwon, Im Seulong, and Jung Jin Woon Return to JYP Entertainment | Mwave". mwave.interest.me. Retrieved June 30, 2016.
  7. ^ "[INTERVIEW] Bangtan Boys". Cuvism Magazine (in Korean). July 22, 2013. Archived from the original on June 6, 2015. Retrieved July 18, 2015.
  8. ^ "KPOP NEWS - [Video] BTS Asks about Your Dreams in 'No More Dream' MV | Mwave". mwave.interest.me. Retrieved June 30, 2016.
  9. ^ a b "KPOP NEWS - Big Hit Reveals Lim Jeong Hee′s Contract Ended in May | Mwave". mwave.interest.me. Retrieved June 30, 2016.
  10. ^ "글램, 결국 3년 만에 해체…'이병헌 협박女' 다희-이지연 실형 선고 : 스포츠조선". sports.chosun.com (in Korean). Retrieved June 30, 2016.
  11. ^ "글램 다희, 모델 친구와 음담패설 영상 유포 협박 "세계적 스타라 거액 요구" 이병헌 공식입장은? : 스포츠조선". sports.chosun.com (in Korean). Retrieved June 30, 2016.
  12. ^ "Lee Byung-hun repeats apology upon returning home". kpopherald.koreaherald.com. Retrieved November 15, 2015.
  13. ^ "씨그널엔터테인먼트그룹 "빅히트엔터 CB 60억 인수" (Signal Entertainment Group acquires Big Hit Ent for 60 billion "through CB")". eDaily (in Korean). Retrieved February 4, 2016.
  14. ^ "빅히트엔터, 영업이익 100억 돌파…VC '흐뭇'". TheBell (in Korean). Retrieved February 28, 2017.
  15. ^ Signal Entertainment Group to sell entire shares of entertainment firm for 6.2 bln won
  16. ^ a b "[공식입장] 이창민, 빅히트와 전속계약 만료 "1인 기획사 설립"" [Lee Changmin's contract with Bighit Entertainment expires, "will start his own agency"]. Naver (in Korean). February 1, 2018. Retrieved March 8, 2018.
  17. ^ Herman, Tamar (17 October 2018). "BTS Extend Contracts With Big Hit Entertainment Until 2026". Forbes. Retrieved 19 October 2018.
  18. ^ "Mogul Behind K-Pop Boy Band BTS Considers IPO".
  19. ^ "STIC Investments invests W104b in Big Hit". Retrieved 2018-10-16.
  20. ^ "Game maker becomes second largest shareholder of BTS' agency".
  21. ^ "Cousins unite as Netmarble buys stake in Bit Hit".
  22. ^ "Expectations high for BTS-backed Big Hit Entertainment's IPO". Retrieved 2018-11-07.
  23. ^ "Reporter predicts Bang Si Hyuk can become the richest person in Korean Entertainment history with IPO". allkpop. Retrieved 2018-11-07.
  24. ^ 박보람 (2018-07-31). "BTS' management agency teams up with CJ affiliate to launch entertainment firm". Yonhap News Agency. Retrieved 2018-10-16.
  25. ^ "Big Hit Entertainment takes a financial leap as private investment firm purchases large share, reaches a valuation rivaling the 'Big 3'". allkpop. Retrieved 2018-10-16.
  26. ^ "STIC Investments invests W104b in Big Hit". Retrieved 2018-10-16.
  27. ^ "한국벤처투자, 'Korea VC Awards 2018' 개최". Naver (in Korean). December 6, 2018. Retrieved December 7, 2018.

External links