By Dorynna Untivero
March 16, 2021
Huge Hit Leisure (the corporate behind worldwide phenomenon BTS) is altering its title to HYBE, inflicting fairly a stir on-line—what does this imply precisely? Learn on under
Late final 12 months, the Wall Road Journal named BTS as 2020’s Music Innovator. In an in-depth article, they talk about the meteoric rise not solely of the South Korean Ok-pop group but additionally its mom firm, Big Hit Entertainment.
Based in 2005, Huge Hit was coming into an especially aggressive business dominated by the “massive three” leisure corporations in South Korea: JYP, YG, and SM. It is no secret that the world of Ok Pop might be fairly torturous, with would-be idols present process years of coaching earlier than even debuting, if in any respect. So, Huge Hit’s success—which got here in parallel with the upward trajectory of BTS—has change into fairly an inspirational story to many.
Everybody Loves An Underdog
In October of 2020, Huge Hit Leisure went by an IPO, which reportedly put Chairman and CEO Bang Si-hyuk’s fairness holdings at an estimated US$2.8 billion. He’s additionally a part of Tatler Asia’s Most Influential: The Tradition Listing launched early this month.
On the forefront of the label’s success is BTS who have been underdogs in their very own proper. Debuting in 2013, the group had problem breaking into the music scene in South Korea.
This led Huge Hit to attempt new avenues in capable of market BTS. In addition to going by gruelling schedules of coaching and performing, the septet additionally needed to take part in a number of selection reveals so as to attain their viewers. Amongst these, Run BTS! stays well-liked to today with 132 episodes as of writing and the journey docu-series Bon Voyage with 4 seasons. The group additionally starred in a actuality present known as American Hustle Life in 2014, the place they flew to LA to study the ‘ins and outs’ of hip-hop.
Innovation Is Key
Ultimately, the group made it massive, permitting Huge Hit to deepen its footing within the leisure business. In 2019, the corporate launched Weverse, a cell app and internet platform that hosts multimedia content material from quite a few artists. This was developed by Huge Hit’s eponymously named tech subsidiary – Weverse Firm previously known as beNX. It additionally expanded into e-commerce by Weverse Store the place artists are capable of promote their merchandise and member-only content material to subscribers.
When the pandemic hit, the label as soon as once more proved its capability for innovation and skill to attach with audiences worldwide. In lieu of stadium excursions across the globe, BTS held two digital live shows entitled Bang Bang Con and Map of the Soul ON:E, which attracted 756,000 and 993,000 concurrent viewers, respectively.
Now on the high of their sport—with BTS having been lauded because the top-selling artist of 2020—it looks like sky is the restrict for the band and Huge Hit as nicely.
What’s all of the HYBE about?
Huge Hit Leisure only in the near past introduced that they’re altering their title to HYBE company. On the corporate’s website, it states, “…comforting and provoking folks across the globe by our music and artist, Huge Hit Leisure continues to make new improvements to the music business enterprise mannequin. Huge Hit strives to change into the world’s greatest music-based leisure way of life platform firm”.
In line with Variety, the choice is motivated by the corporate’s objective to increase its horizons, wanting past artist administration. By this repositioning, Huge Hit may additionally department out to extra lifestyle-oriented tasks like actual property leasing, journey, communications, and the like.
The corporate has but to situation a extra elaborate assertion concerning the choice; stories say this might be addressed in an upcoming normal shareholders assembly on March 30. Within the meantime, it appears that evidently though as soon as the darkish horse of the Korean music business, Huge Hit has change into a vanguard of innovation not solely in leisure but additionally on this planet of commerce and enterprise.
As followers of the band and the corporate await extra information, BTS continues to make historical past as the primary South Korean act to carry out on the Grammy’s which might be aired on 15 March 2021.
Though the title change has followers aflutter, it is a signal of larger and higher issues to anticipate from the corporate with music impresario Bang Si-hyuk on the helm.