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| ▲ This file photo taken on April 23, 2024, shows the exterior of Seoul headquarters of Hybe, the mother company of Bighit Entertainment, the management of K-pop superband BTS. (Yonhap) |
SEOUL, Aug. 1 (Yonhap) -- HYBE announced on the 1st its new growth strategy, "HYBE 2.0," aimed at enhancing its multi-label system by establishing "HYBE Music Group APAC," a new organization overseeing multi-label operations in Korea and Japan.
HYBE 2.0 is a strategy developed since the latter half of last year to secure mid-to-long-term competitiveness in the entertainment industry. It involves reorganizing the company's three main business areas—label, solution, and platform—into music, platform, and tech-based future growth businesses.
A significant change in the music business sector is the formation of HYBE Music Group APAC within the company. This organization will focus on accelerating global business expansion by strengthening strategies, processes, and resource investments essential for growth and innovation. Shin Young-jae, the current CEO of Big Hit Music, will be the inaugural head of HYBE Music Group APAC.
In a letter to shareholders, HYBE stated, "The multi-label system is an indispensable structure for sustainable growth. We have re-examined our multi-label system to identify any areas needing improvement and, as a result, established HYBE Music Group APAC to strengthen the core of our music business."
HYBE also outlined plans to develop IP (intellectual property) reflecting local cultures in the U.S., Japan, and Latin America, implementing a "Multi-home, Multi-genre" strategy to attract new fans. In the U.S., HYBE America will launch a new label service combining traditional management with HYBE's "360 business model," providing comprehensive services such as distribution, marketing, and promotion for local artists. They will continue to produce localized new talent, leveraging infrastructure established through collaboration with Geffen Records for the girl group KATSEYE.
In Japan, HYBE Japan will focus on producing localized artists and expanding its solution business. The company plans to introduce a new group following &Team, with former SM Entertainment General Manager Kim Young-min appointed as chairman to accelerate growth.
HYBE Latin America, responsible for the Latin market, is currently establishing infrastructure, including a new studio in Mexico City, aiming to debut local artists utilizing the K-pop system from next year.
In the platform domain, HYBE will introduce a subscription-based membership service to the fan community Weverse in the fourth quarter of this year, offering new features such as priority event participation. The company will also expand "Weverse DM," a communication channel between artists and fans.
For future growth, HYBE will expand its gaming business and integrate existing new businesses, including audio/voice technology, generative AI, and original story projects. New CEO Lee Jae-sang emphasized HYBE's commitment to advancing both domestic and global music businesses, solidifying its leading position in the evolving superfandom market through platform business, and securing long-term growth drivers through tech-based future growth businesses.
HYBE had initially planned to announce HYBE 2.0 earlier, but the schedule was delayed due to conflicts with ADOR CEO Min Hee-jin. Former CEO Park Ji-won stepped down without resolving the dispute, and the new CEO Lee Jae-sang declared a focus on the core music industry through HYBE 2.0.
In closing, HYBE assured shareholders, "We will not forget our fundamental role as an entertainment content company that brings joy to fans and the public, and we will concentrate on thinking from the perspective of fans rather than as providers."
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