K-Pop group BTS’ label Big Hit posts profit jump

SEOUL: Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, saw 49.7 billion won (US$41.9 million) in half-year profits as its online concert and merchandise sales more than offset event cancellations during the COVID-19 pandemic.

Earlier this month, Big Hit received preliminary approval for its planned initial public offering (IPO), with a listing expected later this year. Some analysts have forecast the IPO could value the company at 4 trillion won ($3.4 billion) or more.