![]() ![]() ‘Why are we doing this? ‘and ‘What are we doing?’ are questions I ask, and I think this is reflected in our mission statement, ‘Music and artist for healing.’” “There are certain qualities that a manager should have, whether it’s a drive, or maybe an aggression, but I am fundamentally an artist, and I am not too results- or performance-oriented. “I don’t see myself as a great businessman, but more as a good leader,” he said. It quickly grew into a formidable rival, however, after its group BTS broke out to global superstar status.Īs the company expanded rapidly into other areas, including fan community platforms like Weverse (which follows a social networking model, where artists can share updates with fans, and fans can create content for the artists) and Weply (a commerce platform), Bang spoke with Variety in 2019 about his approach. Korea Exchange-listed Big Hit was founded in 2005 under the shadow of K-pop’s “Big Three” industry titans, SM Entertainment, YG Entertainment, and JYP Entertainment. However, as I began having deeper conversations with Scooter, I came to the realization that I was gaining a valuable partner with the deal.” Bang told Variety last month: “When we first made the deal with Ithaca Holdings, I thought I was simply acquiring a company. Variety reported in April that HYBE America, HYBE’s fully owned subsidiary, would merge with SB Projects (SBP) founder Scooter Braun’s Ithaca Holdings in a deal said to be valued at more than $1 billion. ![]() It also disclosed intentions to establish a new JV label to run out of Los Angeles and moves to help UMG artists boost fan interaction via the Korean company’s Weverse digital platform. In February, while still known as Big Hit, it established an expanded strategic partnership with Universal Music Group. In its statement the company said that more broadly, its restructuring is “the result of our strong will to achieve our mid-term business strategy of becoming a global corporation.” It added, “We have restructured the scope of roles and responsibilities to suit the expertise of each leader so they can aggressively lead and expand in the Korean, the U.S., and Japanese markets.” HYBE praised Han’s “sense and savvy millennial leader in his 30s.” It plans to launch a new boy band and facilitate other HYBE artists’ entry and success in the Japanese market. ![]() It will operate as an independent entity led by CEO Han Hyunrock, the former CEO of HYBE Solutions Japan. HYBE Japan was formed via the merging of two previously separate subsidiaries HYBE Solutions Japan and HYBE T&D Japan. Meanwhile, HYBE also announced that it has also spun off its Japan operations into a full-fledged regional headquarters. Lee will focus “on maximizing synergy between HYBE’s business structure and Ithaca Holdings.”įormer HYBE CGO Kim Taeho is currently HYBE’s COO, while ex-COO Lee Jinhyeong is now its chief communication officer, the firm clarified. as COO of HYBE America, the announcement continues. That move unveils some of the larger strategy behind the HYBE-Ithaca merger.įormer CSO Lee Jaesang, who “took a central role in the acquisition of Ithaca Holdings,” will relocate to the U.S. business operations to establish a solid foothold and enhance competitiveness for HYBE, while continuing to lead Ithaca Holdings,” it continues. ![]() A global audition will kickstart the collaborative effort after the establishment of the joint venture.”īraun will “take charge in HYBE’s U.S. music industry by supervising the entire process from training, production, marketing, etc. The announcement continues that “Yoon will take the lead on localizing the K-pop business model in the U.S. HYBE America will be operated under two branches of leadership between CEO Lenzo Yoon and CEO Scooter Braun - the latter also runs SB Projects, which manages Justin Bieber, Ariana Grande and others, and merged his Ithaca Holdings company with HYBE in a billion-dollar deal. ![]()
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