▲ This photo, provided by Big Hit Entertainment, shows K-pop superband BTS, who was nominated in the Artist of The Year, Favorite Duo or Group and Favorite Pop Song categories at this year's American Music Awards on Oct. 28, 2021. (PHOTO NOT FOR SALE) (Yonhap)

 

SEOUL, Dec. 7 (Yonhap) -- Hybe, the corporation behind K-pop sensation BTS, is drawing keen attention by trying to diversify its business to cosmetics, food, and tourism.

Hybe will change its articles of association to include such information at a shareholders' meeting scheduled on Dec. 16, according to the music industry on Tuesday.

 

 

▲ This photo provided by Hybe shows its founder and Chairman Bang Si-hyuk (L) and CEO Park Ji-won during an online briefing to unveil the company's future business plans on Nov. 4, 2021. (PHOTO NOT FOR SALE) (Yonhap)
In addition to the existing record production and artist management business, the revised articles of association stipulate ▲ advertisement agency ▲ publishing ▲ content copyright distribution business ▲ movies, dramas, videos, video production, production, distribution, viewing, and import and export business.

This reformation will allow Hybe to increase profits by creating its own content rather than working with its outsourcing company to produce videos.

In particular, the revision of the articles of association also included new business areas unrelated to existing entertainment fields such as ▲ performance halls, amusement parks, theme parks, and other entertainment venues ▲ food and beverage manufacturing and food sales ▲ deep sea drinking sales ▲ drinking water sales and ▲ cosmetics sales.

As Hybe has garnered a huge fandom through popular boy groups, including BTS, Tomorrow X Together, Seventeen, and Enhypen, the music industry predicts that the entertainment company may be discovering various new business areas that targets the fans as potential consumers.

This also seems as Hybe's attempt to make additional profits by selling various products such as bottled water, food, and cosmetics using its existing intellectual property rights (IP).

Previously, Hybe has already publicly announced its plan to expand its business beyond entertainment to various fields.

"HYBE first started with music and artists, but now we have a platform that is loved in over 200 countries around the world, and we are expanding limitlessly into e-commerce, game, original content, publishing, and education businesses," Chairman Bang Si-hyuk said during HYBE's online briefing event last month.

 

 

▲ This photo, provided by SSG.com, shows Butter cookies, which Bang & Baker's, an arm of Hybe, the company behind BTS, will release on a limited basis via the online mall arm of South Korean retail giant Shinsegae Group. (PHOTO NOT FOR SALE) (Yonhap)

Earlier in August this year, Hybe joined hands with SSG.COM to release "Bang & Baker's" butter cookies, which were conceived from BTS' hit track "Butter," and bottled water labeled "Aqua Wave With BTS."

"As of July 1 this year, Hybe merged its subsidiaries 'HYBE IPX' and 'HYBE 360', adding food and beverage manufacturing business and drinking water sales operated by these companies for business purposes," a Hybe official explained.

In addition, cosmetics and theme park operations were added to make a preemptive decision on expected businesses in the future," the official added. "We have not considered additional corporate merger and acquisition plans for the new businesses so far."

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