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K-pop band BTS set to make millions as Big Hit label goes public

02:30 PM Sep 29, 2020 | Asian News International

Washington: The members of the superhit K-pop band BTS are set to make millions when their label Big Hit Entertainment goes public in October.

According to The Hollywood Reporter, the demand for shares in Big Hit has hit record levels, driven in part by fans of the boy band, giving the music giant a valuation of USD 4.1 billion.

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Big Hit's October 15, Initial Public Offering (IPO) will be South Korea's largest in three years.

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The IPO will make Big Hit founder and co-CEO Bang Si-hyuk, known widely as 'Hitman' Bang, a billionaire.

Bang made each of the BTS members a share-holder in August. The shares are currently valued at almost USD 8 million.

Apart from being home to RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook, Big Hit's roster also includes the five-member boy band TXT and singer Lee Hyun.

As per The Hollywood Reporter, BTS makes up the vast majority of Big Hit's revenue, generating 97 percent of sales in 2019 and 88 percent in the first half of 2020.

K-pop band BTS tops Billboard Hot 100 chart with new song 'Dynamite'

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