BTS exploded in the United States, with four consecutive No. 1 albums on the Billboard 200, and a No. 1 hit on the Billboard Hot 100, “Dynamite,” their first English song. The IPO will make the group’s seven members – RM, Jin, Suga, J-Hope, Jimin, V and Jungkook – multimillionaires.
So what’s the key to Bang’s mega-success? Listen to the fans.
And that’s a philosophy that’s also shared by billionaire Jeff Bezos.
“I don’t read a lot of CEO or CEO books, but I recently read something from Jeff Bezos on this customer obsession,” Bang said in a 2019 interview with Fast Company. we’re always focused on the content and the fan ‘too.
Bezos said the reason for Amazon’s massive success was “customer obsession.”
In fact, this is Amazon’s first principle of leadership: “Leaders start with the customer and work backwards. They work vigorously to earn and retain the trust of customers. While leaders pay attention to competitors, they are obsessed with customers.
“It’s a huge advantage for any business if you can stay focused on your customer rather than your competition,” Bezos said at a 2018 event at the Economic Club of Washington.
In Bang’s case, the “clients” are the extremely devoted BTS fans, who collectively refer to themselves as “ARMY”.
“The K-pop fandom is very vocal,” Bang told Time in 2019. “They will voice their opinion, even if you don’t put a lot of effort into gauging what they want. We wouldn’t be doing our job if we didn’t take the time to listen. ”
Unlike traditional pop stars, who can make money touring and selling albums and merchandise, “fans of K-pop idols want to feel close to their idols,” Bang told Time. “As a result, working with the BTS fandom is one of the biggest services Big Hit provides. ”
For example, Big Hit has found ways to diversify income streams by tapping into the fervent fandom that exists in K-pop. Big Hit has developed an app called Weverse which allows K-pop and BTS fans to communicate and purchase merchandise from anywhere in the world.
And it is paying off: Big Hit told Billboard it generated 587.2 billion won (roughly $ 507.9 million) in revenue last year. BTS alone is responsible for over 87% of Big Hit’s revenue in the first half of 2020 and over 97% in the first half of 2019.
“This is what we call ‘the fandom economy’,” Bang told Fast Company. “Our consumers are very passionate and their expenses are very high.” (In fact, some fans have said they hope to bid for Big Hit shares, Reuters reported Thursday.)
Big Hit Entertainment is set to debut in the market in October.
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