BTS given shares predicted to be worth millions in record label Big Hit Entertainment

Each member’s shares could be worth up to £6m

K-pop group BTS are on course to become multi-millionaires after receiving shares in their record label.

The South Korean boyband have released music under record label Big Hit Entertainment since 2013, where in recent years they’ve been bringing in more than 85 per cent of the company’s revenue.

Now, Big Hit CEO Bang Si-hyuk has handed 478,695 common shares in his company to BTS, Reuters reports. This works out at 68,385 shares for each of the boyband’s seven members.

While the value of these shares are hard to truly know, Reuters estimates that each member could receive up to 9.23bn won (around £6m) if the record label is priced at the top of its range during its forthcoming initial public offering in October.

BTS were given the shares last month in a move intended “to strengthen long-term partnership with major artists and boost morale”, Big Hit said in a regulatory filing on Wednesday.

BTS attend the Grammy Awards (Getty Images)

The move was described as “unprecedented” by New York University’s Jeff Peretz, who told NBC: “This may be the future – but usually it’s the other way around, where artists will create their own labels they have ownership of and then try to get other artists to sign with them and build out.”

BTS recently released their first English-language single, “Dynamite”, which was the group’s first track to top the Billboard Top 100 in the US.

“Dynamite” reached No. 3 in the UK singles chart.