Bang Si-Hyuk is know as the mastermind on the attend of K-pop sensation BTS, since he introduced the boy band together in 2013. On Monday, his company, artist management agency Colossal Hit Entertainment, jam its IPO share designate at 135,000 South Korean received, which is approximately $115 per share, valuing the company at over $4.1 billion.
Which map Bang, its CEO and largest shareholder, will seemingly be a billionaire, in step with Bloomberg’s Billionaires Index.
BTS has blown up within the US, with four consecutive No. 1 albums on the Billboard 200, and a No. 1 hit on the Billboard Hot 100, “Dynamite,” their first English tune. The IPO will make the seven band members — RM, Jin, Suga, J-Hope, Jimin, V and Jungkook — multimillionaires.
So, what’s the predominant to Bang’s mega-success? Hearken to the fans.
And or not it’s a philosophy that will be shared by billionaire Jeff Bezos.
“I originate not read a form of books by commercial leaders or CEOs, nonetheless I lately read one thing by Jeff Bezos about this obsession with the client,” Bang acknowledged in a 2019 interview with Rapidly Firm. “We have got got consistently inquisitive in regards to the thunder and the fan” too.
Bezos has acknowledged that the reason for Amazon’s big success is “buyer obsession.”
After all or not it’s Amazon’s first management precept: “Leaders originate with the client and work backwards. They work vigorously to manufacture and shield buyer have faith. Even supposing leaders snoop on competitors, they obsess over potentialities.”
“It is a large profit to any company if you would shield focused in your buyer as an different of your competitors,” Bezos acknowledged in a 2018 match on the Economic Membership of Washington.
In Bang’s case, the “potentialities” are the extremely devoted BTS fans, who collectively order over with themselves as “ARMY.”
“The K-pop fandom is very vocal,” Bang told Time in 2019. “They’ll make their opinions heard, even though you originate not set in necessary effort to gauge what they need. We wouldn’t be doing our jobs if we did not utilize time to hear.”
Now not like worn pop stars, who could presumably well make cash touring and selling albums and merch, “K-pop idol fans want to feel cease with their idols,” Bang told Time. “As a consequence, working with BTS’ fandom is one in every of the ideal services and products Colossal Hit offers.”
As an illustration, Colossal Hit has discovered methods to diversify earnings streams by tapping into the fervent fandom that exists in K-pop. Colossal Hit developed an app called Weverse that is particularly for fans of K-pop and BTS to order and safe merchandise from anywhere within the sector.
And or not it’s paying off: Colossal Hit told Billboard it generated 587.2 billion received (about $507.9 million) in earnings last year. BTS by myself is to blame for bigger than 87% of Colossal Hit’s earnings within the first half of 2020 and better than 97% within the first half of 2019.
“This is what we name the ‘fandom economic system,'” Bang told Rapidly Firm. “Our shoppers are very passionate, and so that they’re very excessive spending.” (After all, some fans acknowledged they’re hoping to recount for Colossal Hit shares, Reuters reported Thursday.)
Colossal Hit Entertainment is anticipated to make its market debut in October.
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