K-pop sensation BTS made manager 'Hitman' a billionaire after their record label's IPO
Oct 16, 2020, 03:30 IST
- Big Hit Entertainment, the record label behind K-pop phenomenon BTS, just held an IPO that made the band's manager a billionaire, Bloomberg reported.
- Big Hit's $820 million IPO was the largest in South Korea in three years. Shares spiked 91% Thursday alone.
- Bang Si-hyuk, the 48-year-old Big Hit founder and CEO known as "Hitman," is now worth $2.8 billion, the Bloomberg Billionaires Index estimates.
- Each of the seven BTS band members own stakes in Big Hit now worth $15 million apiece. BTS was responsible for 97% of the label's sales in 2019, per Bloomberg.
- BTS is one of the most influential music acts in the world, with an active fanbase that calls themselves 'Army.'
- The music industry has struggled over the past six months as the coronavirus pandemic canceled live shows, but Big Hit's revenue only fell 8% during that time period as BTS continued to profit from record sales and online concerts.
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