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South Korean Entertainment Giant HYBE Restructures Its Business
August1
HYBE, the home of BTS, is restructuring its global operations under a new initiative called HYBE 2.
HYBE, the home of BTS, is restructuring its global operations under a new initiative called HYBE 2.0.
The South Korean entertainment giant has announced a significant reorganization of its international business.
Last week, it was announced that Jiwon Park, who has served as CEO of HYBE for three years, is stepping down from his role.
He will be succeeded by Jason Jaesang Lee, the company’s Chief Strategy Officer, who has been promoted to Chief Executive Officer.
The company mentioned that this leadership change is part of its ongoing "leadership initiative," which began in early 2024, identifying Lee as a key figure in implementing the "HYBE 2.0 strategy."
On August 1, the company provided a detailed overview of HYBE 2.0, describing it as the new "strategic direction and business framework."
In a letter to shareholders, HYBE announced plans to create a new division called HYBE MUSIC GROUP APAC, responsible for managing all its music labels in Korea and Japan.
Young Jae Shin has been appointed as President of HYBE MUSIC GROUP APAC.
HYBE stated that Shin, who is currently the President of BIGHIT MUSIC, "will enhance the company’s multi-label system and ensure that HYBE’s music operations are more attuned to our artists and their fans."
Additionally, Youngmin Kim, the former General Manager of SM Entertainment, has been named Chairman of HYBE JAPAN effective today. HYBE believes Kim’s extensive experience in the Japanese market will drive the company`s growth in that region.
Moreover, HYBE will continue its "Multi-home, Multi-genre" approach in the US, Japan, and Latin America.
In the US, the company announced that HYBE AMERICA will launch a label services business "that combines traditional management practices in the US with HYBE’s expertise in organizing online and offline events, as well as distribution, promotion, and advertising of albums."
This new service is expected to offer a "comprehensive business model to support artists` development beyond recording or management agreements."
HYBE has also confirmed plans to sign new artists in the US, starting with KATSEYE, which is HYBE’s first localized US group developed in collaboration with Geffen Records.
The company has confirmed that Scooter Braun will continue as CEO of HYBE America.
In addition, in the Latin American market, HYBE LATIN AMERICA "is set to gain momentum starting in 2025" and is currently focused on building infrastructure while recruiting producers and artists.
HYBE LATIN AMERICA plans to introduce its first artist, developed through the K-pop system, next year.
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