South Korean Company Reaches the Western Market

by Aishani Mirsa

Background on HYBE Labels

HYBE is a South Korean Company that is home to worldwide superstar BTS, as well as TXT, SEVENTEEN, and many more. The company was founded by Bang Si-Hyuk in 2005. HYBE was relatively small in their starting years and they were said to have less than ten employees in 2007. Now they have grown to be one of the Most Influential Companies in the World, according to TIME Magazine. The company was said to be worth more than $5 billion in 2019!

Ithaca Labels

On April 2, 2021, HYBE, formerly known as Bighit Entertainment, bought Scooter Braun’s Ithaca Holdings. BTS’s company paid about $1.05 billion for Ithaca Holdings; the deal distributed its shares to 39 members as well as the artists themselves. As said by the CEO of HYBE, Bang Si-Hyuk, “the two companies will work closely together, leveraging our proven track records of success, know-how, and expertise to create synergy, transcend borders and break down cultural barriers.” This is an exceptional way to help close the gap between cultures in the music industry.

Here are just some of the artists that are now under HYBE Labels: BTS, Justin Bieber, Ariana Grande, Demi Lovato, J Balvin, Idina Menzel, PSY, and many more.

Universal Music Group Collaboration

Universal Music Group, the largest music company in the world, has partnered with HYBE to develop a new K-pop group, but here’s the catch…from America! In February, they revealed that the new boy group will debut in 2022. The candidates of the new group will be selected through an audition process that will be globally televised. This is very exciting and can open up new doors of possibilities. This will be the first K-pop group to debut from the United States.

The concept of having a “contest” to find talented artists is not new. For example, just recently, HYBE made a series called I-Land on Mnet, a South Korean TV music channel. This resulted in the debut of the latest boy band, ENHYPEN. This process is similar to how the West used the U.K. X-Factor to create One Direction.

Weverse

Weverse is an app created by HYBE that is used as a direct and easy place for Artist to Fan interactions. Universal Music Group and HYBE have partnered together to help expand Weverse and make it more mainstream. As of right now, 85% of Weverse users are international fans, mostly from North America and throughout Asia. This new deal can help Weverse reach a bigger audience.

Originally the app consisted of mainly HYBE artists such as GFRIEND, TXT, BTS, ENHYPEN, and SEVENTEEN. In late 2019, artists such as New Hope Club, Gracie Adams, and YUNGBLUD have joined. More artists are soon to join this app that can potentially change the way that fandoms communicate.

These were just a few of the new plans that HYBE has in store to help open up the global music market. It is very exciting to see this new turn of events, and I hope to see more plans in the near future. With such strong fandoms such as those of BTS and Justin Bieber, I wonder just how much the company will achieve in the future.