Before there was BTS, Bang Si-Hyuk was known as “Hitman” Bang, an award-winning songwriter, composer and producer who created hit songs for many popular K-pop idols. After working for one of Korea’s big entertainment companies, he branched out to create his own label, Big Hit Entertainment, in 2005. While that shingle saw some success and flirted with bankruptcy in 2007, Bang’s discovery of BTS turned the company around. Due to their global success, Big Hit Entertainment rebranded as HYBE Corp., an entertainment and lifestyle platform focused on going beyond music and into the new digital age, with Bang as chairman of the company.
“Chairman Bang is a visionary continuously redefining not only the K-pop industry but also the entertainment landscape as a whole,” says HYBE CEO Jiwon Park. “His insights and projections on the industry have been valuable assets in driving HYBE to expand beyond music into a variety of businesses, including webtoons, concerts, AI audio technology and platforms. It’s inspiring for all of us at HYBE to actualize his bottom-line principle that music and content should evolve to offer fans more diverse experiences.”
The mogul attributes the company’s success to BTS and their fanbase, which resonate deeply — despite any language barriers — with what BTS sings about: issues such as grief, loneliness and empowerment.
“While leveraging the infrastructure, network and know-how built through BTS’ success, we have fostered HYBE’s unique multi-label structure, ensuring artists and creators under the labels have the independence and autonomy to create their own content,” says Bang. “This approach has enabled artists under HYBE labels to debut and thrive across diverse avenues.” BTS made history by speaking at the United Nations three times, discussing the importance of youth empowerment, climate change and vaccines. They were the first K-pop group invited to the White House to discuss the importance of Asian representation and efforts to combat anti-Asian hate.
“With America being a nation built on diversity, I strongly believe in the importance of recognizing and supporting people from different cultures, races and backgrounds in the arts sector,” says Bang.
It’s one of the many reasons Bang is being honored with this year’s Gold House’s Gold Legend Award.
“I am deeply honored to receive this prestigious award,” says Bang. “This is not my own achievement, but rather a testament to the collective efforts of many individuals dedicated to promoting diversity in the North American market. I am grateful to those who have supported and shared our belief in K-pop and the cultural impact of music.”
Despite HYBE dominating the K-pop scene with a revenue of $1.6 billion in 2023, Bang knew there was a chance that the K-pop bubble would eventually burst. He noted that K-pop companies account for less than 2% of the global music market, while the major companies count for 67.4% of the market. With that in mind, HYBE began acquiring various labels and developing more partnerships for distribution.
In 2021, HYBE acquired Scooter Braun’s Ithaca Holdings and merged to form the subsidiary group HYBE America. Eventually, they acquired hip-hop label Quality Control (QC Media Holdings) and Latin music company Exile Music, with plans to create HYBE Latin America. HYBE continued its expansion with a partnership with Universal Music Group, which would provide HYBE’s roster of artists and labels access to UMG’s leading worldwide network and give UMG artists access to the Weverse platform. They recently extended the deal to 10 more years. “[Chairman Bang] is an absolute visionary and at the top of his game in the East,” says Braun. “[He] built something that the entire world would respect. By doing so, not only has he changed the industry in Asia, but he’s also changed the industry globally.” Bang has always emphasized the importance and power of fan culture, so he created a one-stop shop for fans to access their idols.
HYBE launched two apps: Weverse, an app for fans to communicate with their idols, and Weverse Shop, an e-commerce platform for exclusive merchandise.
“Bang brought forward a significant paradigm shift in the music industry by re-imagining the relationship between artists, labels and fans,” says Weverse CEO Joon Choi. “Instead of adhering to the traditional supplier-centric model, he championed a fan-centric approach where artists and labels prioritized [fans’ needs] above all else, revolutionizing the entire value chain of the business.”
HYBE’s next focus is on its video game venture. Through its interactive media subsidiary HYBE IM, they’ve created several mobile games, including “BTS Island: In the Seom” and “Rhythm Hive.” In 2023, it released fantasy game “Astra: Knights of Veda.”
As HYBE continues to grow, Bang is busier than ever. Yet, he still finds time to produce songs for his artists, including Tomorrow X Together, LE SSERAFIM and ENHYPHEN. Don’t expect him to give up the business aspect of HYBE and return to his producing roots anytime soon. Bang muses: “It’s a hopeful notion that I carry with me constantly.”
Source Agencies
