For the second half of 2020, Big Hit Entertainment has become a company to look out for as they have recently passed the preliminary examination for the stock market and plans to proceed with the IPO.
American business magazine Fast Company chose Big Hit as one of the ‘The World’s 50 Most Innovative Companies 2020’.
Big Hit’s technology, data, and marketing strategies are behind BTS’s dominance on the charts.
On the list, Big Hit comes in at number four after Snap, Microsoft, and Tesla. Although this list changes every year, the reason why Big Hit was able to surpass Apple (#39) was because last year they released their apps Weverse and Weverse Shop, combining the entertainment business with IT.
Weverse allowed Big Hit to bring all the different fan communities together in one place through a mobile app while Weverse Shop allowed them to see concert tickets or limited edition goods to the fans.
Fast company stated, “Thanks to Weverse, fans didn’t have to stand and wait in long lines to purchase tickets or merchandise for their concert last October.” These new apps allowed the bridge between artist and fan to become one step closer. “These apps were created by Big Hit Entertainment and have changed the concert experience for the fans.”
Professor Anita Elberse also revealed that it is through these apps that they are able to freely monitor their artists through their own technology.
Although BTS does not use their own personal Twitter or Instagram, they are able to freely interact with their fans through Weverse.
-Anita Elberse, Big Hit Entertainment and Blockbuster Band BTS: K-Pop Goes Global
Park Sung Ho, CEO of SV Investement, was asked why he invested in Big Hit Entertainment even before BTS debuted. He stated, “I didn’t invest in Big Hit but rather in Bang Shi Hyuk himself.” He was confident in Bang’s plan and felt that it would do well. “Bang has the creative mind of Park Jin Young and the entrepreneurial spirit of Kim Bum Soo (Kakao CEO).”
Previously in the 2019 Big Hit Corporate Briefing, Bang commented, “Innovation is the ability ot change the industry’s paradigm and create new added value to generate greater sales. Big Hig will continue to innovate the music industry.”