Sorry I didn’t have the time to do the trans but this is BH’s future direction. Several SK news already wrote abt it for a week. BH’s valuation rose to $14 bil from $4 bil. BH’s IP revenue(almost 50%) equals BTS’s concerts, albums. BH’s goal is to be an - http://www.koreaninvestors.com/?p=13093 

IP comp more than an ent comp. That’s why previous news I translated says BH no longer sees SM as a rival but Naver & Kakao. Below statement is reminiscent of convo from Netmarble execs(my TM thread), that anything related to BTS would be bought by the blind loyal fans.-

“BTS concert sales $2 mil while content & fan club sales made up $140 million.”

“Sales of indirect participation increased from 31% of all 2018 to 48% in the 1st half of this year." 

Indirect participation: merch, online concerts, games, publications.- https://www.google.com/amp/s/www.hankyung.com/finance/amp/2020092284981

Direct participation: albums, concerts, ads, performance fees. 

"We’ve been building a business model that can maximize profits even if artists are not involved/active.”

In other words, BH have become less dependent on boys physical activities since IP revenue makes up half.-

With upcoming IPO, Bang will be in top 5 of highest stock share owners in Korea. BH will rank as 14th in Korean stock exchange. The stock wealth brought on by IPO will put him ahead of Hyundai chairman at 5th place.OMG!!Bang will be considered a Chaebol.- https://m.yna.co.kr/view/AKR20200905047300002

Netmarble’s $200 mil original investment of BH in May 2018 for 25.04% will jump to $1 bililion, if market cap stays at $4.5 bil. If BH reaches $14 bil as some expect(low end of $6-7 bil), Netmable will make even more. About $1.5 bil to $3 bil. Great ROI!!- https://www.google.com/amp/s/www.news1.kr/amp/articles/%3f4066496

The hidden beneficiary is CJ ent, as a 2nd largest stockholder of Netmarble at 22.89%. Upon announcement of BH’s IPO, both Netmarble and CJ ent prices rose. CJ’s stock saw a jump of 15.5% this month. 

I still need to do Lenzo’s trans. I lost the article. Maybe tomorrow.

You know who made all this possible for Bang? The fans. Lenzo only sees you as customer. He wants to give fans “best customer experience.” He said “more than good music, they want to communicate to their artist.(media content-dvd, docu movies, bombs, vlive, etc). As result of -

Fans buying all the merch, media content, joining Weverse, BH made more money with IP than with actual group. That is why they don’t need to rely on the boys concerts, albums, or in person activities. Your loyalty to BH=BTS is what made them an IP comp not an ent comp. I’m sorry.

I don’t blame BH or fans. It was smart business on BH part. What comp wouldn’t seize an opportunity to make more money. It’s not cunning or evil. BH would be dumb if they didn’t take advantage of it. Also for fans, they want to own things, watch & show their love by buying.

Should have added this on the thread. The title of the article “BigHit ‘Even if BTS joins the army, the company will still generates revenue from its fandom.” BH proved this by over performing market expectations. 48% BH’s 1st half of revenue was from IP alone.

Also, I see this as a ripple effect for the rest of the entertainment business. I foresee many incorporating IP into their business model in the future. It proved to be very effective & great profit making business. SM was the 1st to do IP but no where near what BH accomplished.

This is trans I did 5 days ago about BH becoming an IP/IT comp. https://twitter.com/womenleisure/status/1306640681130233856