Today the new single from the K-pop superhero BTS: Life Goes On is out. This will move millions of fans not just in Korea, but worldwide – and the share price of BigHit Entertainment. The company behind BTS only went public on October 15th. At the end of the first day of trading, the market value was over $ 4 billion. Company boss Bang Sihyuk became a billionaire. From Korea, Bang is changing the global music industry forever.
Bloomberg estimates Bang’s net worth at $ 1.4 billion. He owns 43 percent of the company. The seven members of the BTS group also became multimillionaires. Bang Sihyuk gave them shares worth around $ 8 million each in August. A logical step, because BTS (short for “Bangtan Seonyeondan”, in German “Bulletproof Boy Scouts”) are not the only band in BigHit, but the ones on whose success the growth of BigHit is based.
Against the backdrop of the corona pandemic, it may come as a surprise that a stock that is so dependent on a band is so successful – in a year in which the concert and tour industry is largely on hold. On the one hand, this may be due to the chart successes of BTS, which were most recently with “Savage Love” and “Dynamite” for weeks at number 1 on the Billboard Hot 100 charts and were successful worldwide. On the other hand, this success is also due to the fact that BigHit understands like no other entertainment company how to expand its stars with total marketing – without losing credibility with the fans.