They are pronounced the same. When writing, sometimes English speakers even confuse the two because we say them the same way.
2015년 7월 31일
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They have the exact same pronunciation.
2015년 7월 31일
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It's and its have no difference in pronunciation whatsoever. However they do have different meanings. "It's" is mainly used for describing adjectives, for example, "It's really hot today". On the other hand, "its" is basically the plural for "it".