K-Pop group BTS' label Big Hit post big profit

They're a wildly popular K-Pop band with millions of fans, and their music has risen up the charts around the world, Now BTS has helped send profits soaring for their management label Big Hit. The South Korean company said Thursday (August 13) they scored a 27% jump in half-year profit of around $42 million. That came from a revenue of $244 million. Though event cancellations have overshadowed this year, online concerts and merchandise sales have more than offset that issue. Big Hit's star act BTS are a seven-member boy band with a message of self-confidence. They became the first group since the Beatles to score three No. 1 albums in a year on the Billboard 200 charts in 2019. In recent months, BTS also gave $1 million to the Black Lives Matter movement - a donation their huge fan base then matched. Although the band's planned tour was cancelled this year, Big Hit's CEO said more than 750,000 people paid to watch their online concert simultaneously in June. On top of that success, about 746,000 merchandise items for the performance were sold within a week on its Weverse dedicated app. Thursday's results came just weeks after Big Hit were given preliminary approval for an IPO. The listing is expected next year and some analysts have forecast the IPO could value the company at $3.4 billion.