BTS company Hybe seeks US offers after withdrawing bid for SM Leisure

SEOUL – South Korea’s largest music label Hybe, which manages hit boy band BTS, will announce a “substantial variety of acquisitions and investments” this yr because the Ok-pop big seems to be to spice up its US presence, its chairman mentioned on Wednesday (March 15).

The corporate’s efforts to develop its portfolio of music labels and fan neighborhood platforms come after Hybe on Sunday withdrew its plan to take over rival label SM Leisure after a weeks-long battle with social media big Kakao.

“We are going to announce a considerable variety of acquisitions and investments inside this yr as a part of our efforts to widen our presence within the US,” Hybe Chairman Bang Si-hyuk mentioned at a press convention, including that the corporate is taking a look at buying “top-tier” labels within the Latin music market.

Hybe owns a number of subsidiary labels and administration firms together with Ithaca Holdings, boasting a spread of artists together with BTS, Ariana Grande and Justin Bieber. It additionally operates Weverse, a fan neighborhood platform the place artists add unique content material to speak with followers.

Regardless of an increase in spending per particular person amongst Ok-pop followers, Bang mentioned the expansion in recognition of certainly one of South Korea’s hottest cultural exports was slowing in some Southeast Asian international locations particularly.

The slowdown was largely, however not solely, because of the absence of BTS, who’re at present on a break as a gaggle, he mentioned.

“With out BTS, the market drastically shrinks in measurement,” Bang added.

Bang declined to touch upon particulars of a brand new partnership cope with Kakao Leisure on fan platform companies, however added he was “personally glad” with the association regardless of shedding the bid to amass SM Leisure.

“Platforms the place we will mobilise and develop fandoms and the place we will provide companies to them in addition to video gaming are integral elements of our plan for the longer term,” he mentioned.

ALSO READ: BTS company Hybe seeks to take over Ok-pop rival SM Leisure