© Reuters. FILE PHOTO: Members of the K-pop boy band BTS pose for photos during a press conference to promote their new album “BE (Deluxe Edition)” in Seoul, South Korea, November 20, 2020. REUTERS/Heo Ran/File Photo
2/2
By Hyunsu Yim
SEOUL (Reuters) – South Korea’s biggest music label HYBE, which runs hit boy band BTS, will announce a “substantial number of acquisitions and investments” this year as the K-pop giant looks to increase its presence in the United States, its president said Wednesday. .
The company’s efforts to expand its portfolio of record labels and fan community platforms come after HYBE on Sunday pulled its plan to take over rival label SM Entertainment after a weeks-long battle with the social media giant. Kakao.
“We will announce a substantial number of acquisitions and investments this year as part of our efforts to expand our presence in the US with top-tier labels in the Latin music market.
HYBE owns multiple subsidiary labels and management companies, including Ithaca Holdings, which features a variety of artists including BTS, Ariana Grande, and Justin Bieber. It also operates Weverse, a fan community platform where artists upload exclusive content to communicate with fans.
Despite an increase in per-person spending among K-pop fans, Bang said the growth in popularity of one of South Korea’s most popular cultural exports was slowing in some Southeast Asian countries in particular.
The slowdown was largely, but not exclusively, due to the absence of BTS, who are currently on a break as a group, he said.
“Without BTS, the market size is drastically reduced,” Bang added.
Bang declined to comment on the details of a new partnership deal with Kakao Entertainment in the fan platform business, but added that he was “personally pleased” with the deal despite losing the bid to acquire SM Entertainment.
“Platforms where we can mobilize and expand fandoms and where we can offer services to them, as well as video games, are integral parts of our plan for the future,” he said.
