BTS are on their way to becoming billionaires.
Big Hit Entertainment, the agency that manages the K-pop supergroup, raised the equivalent of nearly $1 billion USD in their IPO today.
That makes Big Hit’s founder, Bang Si-hyuk, a billionaire, and turns the members of the group into multi-millionaires well on their way to take the “billionaire” title.
You can hate on BTS all you want — but you can’t deny that they stay winning.
For those unfamiliar with what, exactly, this IPO deal entails for BTS, Bloomberg.com has the answer :
Big Hit Entertainment, the management company behind the world’s best-known boy group, will raise about 962.6 billion won ($820 million) from its initial public offering after pricing shares at the top end of their range, reflecting the continuing popularity of BTS. The IPO will be South Korea’s largest in three years and make Big Hit founder Bang Si-hyuk a billionaire while turning each of the seven band members into multimillionaires. Bang, 48, owns more than 40% of the Seoul-based music agency, while gaming company Netmarble Corp. holds 25% after investing $172 million two years ago.
In other words, BTS is making a lot of people a lot of money, and they’re about to get rewarded handsomely for their efforts.
The video below explains it in better detail.
Sure, BTS has its share of haters. Much like every other boy band throughout history, there are plenty of people who believe that what the K-pop supergroup doesn’t isn’t “real music.”
They’ll go so far as to criticize every move the band makes, even if these moves prove to be financially sound for the group.
Those critics fail to note that unlike many musical acts today, BTS works their collective behinds off.
Last year alone, the band grossed $170 million, making them the fifth-most popular concert draw, and nearly beating out such legends as Elton John.
Even the group’s virtual concerts draw nearly a million people at a time.
Hate on them all you want, but BTS stays winning.