In a bold reaction to market trends, Korean entertainment powerhouseHYBE Corporation best known as the home of K-Pop superstarsBTS is more bullish than ever, expanding out of its core record label, talent management and concert production business into several other areas, and now bills itself as a global entertainment lifestyle platform.
The companys innovative strength has been in reimagining its artists which also include Tomorrow X Together, ENHYPEN, Lee Hyun and Nana as intellectual property that can be monetized across a range of platforms, including social media, live streaming, gaming, education, webtoons, and film and TV content.
Its activities span fan-driven social media and e-commerce platform Weverse Company, which recently took over Naver Corps live-streaming app V Live; a tie-up with cloud-streaming platform Kiswe for a virtual BTS tour; and a deal with Disney that sees the companys docs and reality shows, such asBTS Monuments: Beyond the StarandIn the Soop: Friendcation, distributed on Disney+ worldwide.
BTS, from left, Jungkook, Jin, Jimin, V, RM and J-Hope at the Grammys.Getty
Related Stories
Writers Guild Of America West Staff Union Wins Voluntarily Recognition, Moves To Negotiate First Contract
‘The King Of Kings’ Surpasses ‘Parasite’ To Become Top-Grossing Korean Film In The U.S.
In 2021, HYBE merged with a similarly tech-minded music giant Scooter BraunsIthaca Holdings in a $1 billion deal that places BTS in the same stable as heavyweights Justin Bieber and Ariana Grande.
Ithacas subsidiary SB Projects has already launched a concert film featuring Bieber, a beauty business built around Grande and the TV dramaScorpionon CBS.
Read the digital edition of Deadline’sDisruptors/Cannes magazinehere.
More recently, HYBE also acquired Quality Control, the hip-hop powerhouse behind Lil Baby, Lil Yachty, City Girls and Migos.
Watch on Deadline
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.
But HYBE weathered the collapse of live concert revenues during the pandemic by expanding across multiple platforms and is likely to have more tricks up its sleeve as it continues its global expansion.
