Billionaire Bang Si Hyuk, president of HYPE Entertainment Company, shared with Billboard magazine about the future of K-pop and the forever irreplaceable position of BTS.
Billionaire Bang Si Hyuk shares his vision and future plans for K-pop – Photo: Billboard
Bang Si Hyuk is the founder of Big Hit Music, chairman of the board of HYPE, and founder of BTS – the music group Number one male in the world. Bang Si Hyuk is also the only USD billionaire in the Korean entertainment industry, with assets of 2.4 billion USD (according to Forbes).Forbes).
Mr. Bang Si Hyuk just gave a notable interview in Billboard magazine (USA) about the future of K-pop , a music industry with global influence.
K-pop exports stagnated
Although K-pop idols are increasingly influencing popular culture, South Korea’s K-pop exports have decreased significantly since 2020.
According to Billboard, K-pop’s music exports to Southeast Asia – one of the most important markets – a clear decline, specifically a decrease of 30% in 2022. In Indonesia, the world’s fourth most populous country, K-pop’s market share decreased by 28% on Spotify’s chart.
K-pop has slowed down significantly since BTS stopped group activities in 2022 – Photo: HYPE
When asked the reason for this situation, Mr. Bang said: “It is the impact of BTS temporarily suspending operations. When you compare K-pop’s penetration and BTS’s penetration in the global market, BTS has a higher penetration than K-pop itself”.
But regarding the slowdown of K-pop in Southeast Asia, Mr. Bang said that this region has changed in its preferences for consuming popular culture. HYPE has not yet grasped it and is actively researching it.
At a conference in Seoul, Korea in March, Mr. Bang Si Hyuk introduced a 3-phase plan to strengthen the K-pop industry in the future.
Phase one is to increase K-pop’s global influence by acquiring top international companies of top artists. In 2021, HYPE acquired Ithaca Holdings, the management company of world A-list stars Justin Bieber and Ariana Grande, for 1 billion USD.
Bang Si Hyuk (second from left) and partners Scooter Braun, Pierre Thomas and Kevin Lee – Photo: Billboard
In the next phase, the company will work to create new stars consistently.
The final phase is expanding platforms to monetize interactions between fans and artists, typically the Weverse app.
In addition, HYBE is also researching to promote the activities of the company’s music groups in the Latin American market.
“It is impossible to create a second BTS”
“Father” of BTS answers the question about the possibility of creating another global group like BTS.
BTS is the pride of Bang Si Hyuk and the whole of Korea – Photo: TIME
“If your question is about the possibility of creating a second artist like BTS then the answer is no. However, if you ask if there will be any more K-pop artists from HYBE topping the Billboard Hot 100, I would answer yes” – he said.
Billboard cited Jimin (BTS) as having just become the first Korean solo artist to repeat BTS’s achievements. His song Like Crazy reached No. 1 on the recent Billboard Hot 100.
President Bang’s answer also made BTS fans proud.
They point out many reasons why this group is unique, including: each member has a unique musical personality that is hard to find in other groups, and the ability to work well in groups and bond. , well-led by a talented leader, the music has a social message and reflects their personality, not cliché, enthusiasm is always boiling in any situation…
However, Mr. Bang asserts that his success managing BTS and running various companies has given his team access to important networks, infrastructure and experience. Thanks to that foundation, HYBE can succeed with other talented artists.
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