HYBE Chairman Bang Si Hyuk reveals plans for BTS: We’ve been preparing for a turning point in their careers
During an interview, Bang Si Hyuk talks about BTS’ plans that have commenced since 2018. Read ahead to know more.
In an interview with an American news media, which was released on March 3rd, Bang Si Hyuk said, "We decided to take over SM because we were concerned that the popularity of K-pop could be temporary."
Bang Si Hyuk’s comment on SM acquisition:
He said, "If you look at the growth rate of K-pop, it is clear that it is slowing down. If this is a temporary phenomenon due to BTS' military enlistment, it is fortunate, but there are concerns about temporary things, and it can be dangerous if left as it is." Bang Si Hyuk emphasized that K-pop's share in the global music market is not high, and said that it is building infrastructure by acquiring several management companies, starting with Ithaca Holdings in 2021, in order to increase K-pop's share and status. Regarding concerns that acquiring SM could lead to HYBE becoming a monopoly, he said, "We need to correct the part that we are trying to take over the entire industry. Wrong information is circulating in the market."
He also confided about BTS' plans. He has been talking about enlisting in the military with BTS members since early 2018. He said that he was aware of the impact that BTS has on K-Pop on a global sense and while they are currently not pursuing any group activities, their individual careers have taken off with J-Hope’s new single featuring J.Cole, Jimin’s first solo album, SUGA’s first solo tour, V’s first role in a reality show called Seojin’s alongside Lee Seo Jin, Choi Woo Shik, Park Seo Joon and Jung Yumi.
His stand on SM artists:
He explained, "Representatively, an oligopoly will occur in the 'record market', but we need to analyze where the albums are sold. Excluding the overseas volume, it is difficult for SM and HYBE to monopolize the volume sold in Korea even if the two companies are combined." Regarding the allegation that Hive is conducting a hostile M&A, he said, "It is for propaganda to define an acquisition that was acquired through due process with the consent of the majority shareholder as a hostile M&A." Bang Si Hyuk continued, "HYBE respects the autonomy of artists. It is already known that it is a good company that helps in terms of the management process without disturbing autonomy, and many people expected it when HYBE said it would acquire SM."
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A BMM graduate, Anoushka has been writing professionally for over 2 years. K-Pop and K-Dramas consume her day and she...Read more