In a bold reaction to market trends, Korean entertainment powerhouse HYBE Corporation — best known as the home of K-Pop superstars BTS — is more bullish than ever, expanding out of its core record …
— in a $1 billion deal that places BTS in the same stable as heavyweights Justin Bieber and Ariana Grande. Ithaca’s subsidiary SB Projects has already launched a concert film featuring Bieber, a beauty business built around Grande and the TV dramaon CBS. More recently, HYBE also acquired Quality Control, the hip-hop powerhouse behind Lil Baby, Lil Yachty, City Girls and Migos.
HYBE chairman Bang Si-Hyuk has stated that the company has its sights set on further U.S. acquisitions, a reaction to what he has described as a “very clear slowdown in growth” for K-Pop globally. Among other headwinds, the seven members of BTS are currently on a break while some of them complete their mandatory military service, plus the company recently lost out on a controlling stake in Korean rival SM Entertainment in a corporate battle eventually won by Korean internet giant Kakao.
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