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South Korea’s Huge Hit Entertainment, the company that oversees K-pop supergroup BTS, went public Thursday at $236 per share, double its original public offering price, to reach a worth of $8.38 billion.
The IPO made Large Hit creator and co-CEO Bang Si-hyuk a billionaire– andnow — in the maximum share price on Thursday–increased $20 million annually to the seven members of BTS, that obtained an equivalent stake in the business by Bang at August.
Big Hit’so introduction is South Korea’s biggest listing in 3 decades, increasing roughly $840 million. BTS, arguably the greatest musical act on the planet right now, is accountable for the huge majority of Big Hit’s earnings and created much of this hype enclosing the tag ’s IPO.
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Big Hit earned $86 million {} this past year and has been appreciated at $4 billion ahead of its Thursday debut. BTS accounted for nearly 90 percent of Big Strike ’s overall earnings of $249 million from the first half 2020, meaning that the tag is based heavily on the achievement of this group.
That addiction includes dangers.
1 issue is that the group members still will have to finish the 2 decades of mandatory military service demanded of South Korean guys. The group ’s legions of faithful fans–also some politicians–are still calling for flaws to BTS’s army support or the creation of an alternate option, such as working overseas to signify South Korean interests.
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Back in August, BTS published “Dynamite”–that the band ’s {} completely recorded in English–and it debuted at number one on the Billboard Hot 100, getting the band ’s U.S. number one; it topped the charts in 11 nations.|}
The international victory of BTS was an economic boon for South Korea and for Bang as well as the seven group members.
A December 2018 report from the Hyundai Research Institute estimated the BTS leads about $3.5 billion into South Korea’s market each year. The group ’s gifts comprise $1.12 billion in exports of BTS-related product. The group is also in charge of one in every 13 visitors to South Korea each year, as superfans attend theatres or create Mecca-like pilgrimages into the associates ’ homeland.
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