South Korean music producer Pdogg is one of the highest earning individuals in South Korea in 2021 so far, a financial report revealed this week.
Pdogg (whose legal name is Kang Hyo-won) has worked with BTS throughout their eight-year career, and reportedly received 40 billion Korean won (US$34 million) in the first half of 2021 according to the latest financial report from Hybe Corp, formerly Big Hit Entertainment.
According to Korean media, Pdogg’s earnings outranked those of Chung Mong-koo, the honorary chairman of South Korean automotive giant Hyundai Motor Group. Chung was reported to be the highest paid person working for one of the country’s major conglomerates, or chaebol, in the first half of the year, earning 30.23 billion won, the majority of it severance pay.
Hybe was founded as Big Hit Entertainment in 2005, and is one of the fastest growing South Korean companies.
Pdogg has been a primary songwriter for BTS since their debut in 2013, and worked alongside executive Bang Si-hyuk for many years. He has been the composer and lyricist with the highest earnings from royalties in South Korea since 2018, and has worked with BTS on many of their biggest hits.
Pdogg out-earning Chung is just the latest example of the immense impact of BTS, and recalls a suggestion in the early 1990s by the then South Korean president, Kim Young-sam, that the country invest in cultural enterprises by pointing to that the revenue generated by Jurassic Park surpassed that from the sale of 1.5 million Hyundai vehicles.
BTS. Photo: @bts.bighitofficial/Instagram
Over the past few decades, South Korea’s entertainment and cultural industries have developed rapidly and Korean music, film, beauty and esports have gained popularity worldwide.
On August 5, Hybe reported that in the second quarter of 2021 the company’s revenue exceeded 278 billion won, with operating profit surpassing 28 billion won. The company went public last year, and has since grown exponentially. In April, Hybe acquired Scooter Braun’s Ithaca Holdings, which the manages music stars such as Ariana Grande and Justin Bieber.
Big Hit’s founder, Bang, is estimated by Forbes to have a net worth US$3.2 billion. The magazine ranks him the 16th wealthiest individual in Korea, and one of 46 billionaires.Internet Explorer Channel Network