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K-pop sensation BTS made manager 'Hitman' a billionaire after their record label's IPO

K-pop sensation BTS made manager 'Hitman' a billionaire after their record label's IPO

Taylor Nicole Rogers

Thelife1 min read

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.