According to an article in Billboard magazine’s April issue titled “The Future of K-Pop,” Bang Si-hyuk, the CEO of HYBE, was named as a leading figure in K-pop’s rapid growth.
BTS’s agency chairman, Bang Si-hyuk, has been featured on the cover of the April issue of Billboard Magazine, which explored the future of K-pop. Billboard called Bang an individual who is “restructuring the (world) music business” and credited him as a major player in K-pop’s rapid growth. The magazine introduced him as an entrepreneur and a creator who is still composing and producing music.
Bang shared his vision for the future of K-pop as the leader of the leading company in the industry and revealed the growth strategy of his company, HYBE. He diagnosed the current situation of K-pop’s growth plateau and suggested breakthroughs such as partnerships with global record and management companies and the convergence of technology.
He said HYBE plans to strengthen its presence in the global music market based on the experience, system, and technology accumulated through its global music business. HYBE’s mid-to-long-term business strategy is to secure labels with the highest capabilities in various music genres under the “multi-label system” and accelerate the synergy effect between multiple labels to enhance global influence based on the operating system and technology that HYBE has accumulated.
Bang also introduced the process of building partnerships with various players in the global music market to implement the multi-label strategy. HYBE expanded its range to the hip-hop genre by acquiring ITACA Holdings in 2021 and QC Media Holdings in February 2023, and is currently seeking business partners for expanding to the Latin music genre. One of the initiatives that Bang revealed is the plan to collaborate with Universal Music Group’s Geffen Records to host a global audition and prepare for the debut of global artists.
Another keyword for HYBE’s growth strategy, which Bang presented, is “convergence of technology.” He said HYBE is preparing for the platform and metaverse business and aims to continue producing world-class artists based on the network, know-how, and experience acquired through the multi-label system.