[Joint Press Corps]
SEOUL -- The founder of BTS promised to create a new ecosystem in the global entertainment industry where artists, consumers and industry workers can coexist as his company made a successful stock market debut. Share prices soared at the beginning of trading, catapulting Big Hit Entertainment to an unrivaled entertainment powerhouse in South Korea in terms of market capitalization.
In a ceremony on South Korea's main bourse to mark the initial public offering (IPO) of Big Hit, BTS creator Bang Si-hyuk said he would work hard to nurture his company into "the world's top entertainment lifestyle platform company that can affect the entire lives of everyone living in the present."
Bang said that Big Hit feels a deep sense of responsibility for shareholders and society. "We will make our utmost efforts from various perspectives, including transparency, profitability, growth potential and social contribution, to enhance the value of each shareholder as well as major institutional investors."
Bang promised to grow the industrial structure so that businesses, artists, consumers and workers in the entertainment industry can coexist. "This is what Big Hit can do to create a new ecosystem in the global entertainment industry."
The IPO price has been set at 135,000 won ($117). Big Hit share rose by 30 percent to 351,000 won ($306) at the beginning of transactions on October 15, but they were traded at 280,000 won shortly after noon. Bang holds a 36.6 percent stake in Big Hit.
In 2019, Big Hit posted 587.2 billion won in consolidated sales, 98.7 billion won in operating profit and 72.4 billion won in net profit. A coronavirus pandemic has affected BTS' global activities this year. Bang has pushed for structural changes to introduce a multi-label system by expanding into various genres including webtoons, animations, comic books, dramas and 3D graphic films.
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