BTS have signed a new seven-year contract with Big Hit Entertainment, signifying their complete trust and loyalty in the agency.
Big Hit sent an email to company stockholders and employees on 18 October to announce the great news.
We have signed a new contract for seven years based on deep trust and affection for BTS, the agency said.
Originally, BTS signed a seven-year contract with Big Hit and they debuted in June 2013. This year is the sixth year of the agreement and despite that theres still one more year left before the contract expires next year, the idol group opted for an early renewal.
Seven years is the standard and maximum length of entertainment contracts in South Korea prescribed by the Fair Trade Commission of South Korea.
We believe top stars should receive the best kind of treatment. We have reached a mutual agreement to renew the contract after carefully discussing the matter with all seven members of BTS, according to Big Hit Entertainment.
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The agency said currently, there are more than 100 people in the company who are working solely for BTS, adding that we will do our best to strength this team to provide the best support to BTS in the future.
BTS ARMYs were so elated by the contract renewal that it resulted in the hashtag #7MoreYearsOfBTS garnering about 560,000 tweets as of writing and trending worldwide on Twitter.
BTS recognized the big role that Bang Si-hyuk, the founder of Big Hit Entertainment, played in nurturing their career. In a span of five years, BTS have become superstars in and outside South Korea.
Bang Si-hyuk has guided us through the path in our career and music. He has also taught us on how one should see the world. We respect him from the bottom of our hearts. With the help of Big Hit Entertainment, we will keep working hard to show a better version of ourselves to our fans, the group said.
For 2018 alone, BTS have achieved outstanding strides in their career. They topped Billboard 200 twice and won at the Billboard Music Awards, American Music Awards, iHeartRadio Music Awards, Kids Choice Awards and Teen Choice Awards.
The Korean government recognized their achievements by bestowing them the Hwagwan Order of Cultural Merit for their contribution to spreading hallyu, or Korean Wave, in the world. The awarding ceremony is set on Oct. 24.
With BTS music sales, world tour and endorsements, Big Hit Entertainments revenues are predicted to surge.
For 2017, Big Hit earned total revenues of 92.4 billion won (about £62.27 million), an increase of 162 percent from 2016.
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Its operating profit totalled 32.5 billion won (£21.9 million), up by 214 percent from 2016, and its net income totaled 24.6 billion won (£16.57 million), an increase of 173 percent.
According to Hana Financial Investment in September, Big Hits market value could be about 2.5 trillion won (£1.68 billion)
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It predicts that this year, the agencys total revenues will reach 230 billion won (£155 million) and operating profit will end at 83 billion won (£55.93 million).
By next year, it added, Big Hits net profit could reach 90 billion won (£60.64 million).
Last December, BTS moved in to their new 300-square meter apartment at the posh Hannam The Hill in Yongsan, Seoul, dubbed as the most expensive apartment complex in South Korea.
Bang Si-hyuk signed the lease for the apartment in November 2017 and BTS moved in the following month. The apartment cost is about 7.4 billion won (£4.98 million).
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