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BTS management company’s net up 173 pct, logs biggest annual growth

March 23, 2018
This file photo shows South Korean boy group BTS posing for a photo during a showcase for the group's EP album "Love Yourself: Her" in Seoul on Sept. 18, 2017. (Yonhap)

This file photo shows South Korean boy group BTS posing for a photo during a showcase for the group’s EP album “Love Yourself: Her” in Seoul on Sept. 18, 2017. (Yonhap)

SEOUL, March 22 (Yonhap) — Big Hit Entertainment, the management agency of K-pop sensation BTS, said Thursday its 2017 net profit surged more than 170 percent on-year thanks to the boy band’s massive record and concert ticket sales.

The company’s net profit from last year reached 24.5 billion won (US$22.9 million), up 172.7 percent from 2016, Big Hit said in a regulatory filing. It marked the company’s biggest annual gains since it was founded in 2005.

Operating profit surged 213.5 percent to 32.5 billion won, with sales reaching 92.4 billion won, marking a gain of 162.3 percent. The company reported that its net worth was 61.2 billion won.

Big Hit attributed its strong performance to the massive success of BTS’ 2017 album “Love Yourself: Her,” which has sold over 1.49 million copies since its release in September. The company said it sold some 550,000 tickets during its 2017 world tour.

“Thanks to BTS’ domestic and overseas success, the company logged its best earnings since being founded in 2005,” Big Hit said. It added, “We’re encouraged since we’ve grown not just in size but also qualitatively by diversifying sales.”