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HYBE Corporation
Native name
하이브
haibeu
Company typePublic
KRX: 352820
IndustryEntertainment
Genre
FoundedFebruary 1, 2005; 19 years ago (2005-02-01) (as Big Hit Entertainment Co., Ltd.)
March 31, 2021; 3 years ago (2021-03-31) (as HYBE Corporation)
FounderBang Si-hyuk
Headquarters
Yongsan Trade Center, Yongsan,[1] Seoul
,
South Korea
Key people
  • Bang Si-hyuk (Chairman, CEO)
  • Lenzo Yoon (CEO, Global & Business)
  • Jiwon Park (CEO, HQ & Management)
Services
  • Music Production, Publishing, New Artist Development, Artist Management
  • 360° Business, IP, Platform & Education Business
Revenue
  • Increase ₩796.3 billion (2020)
  • Increase ₩86.2 billion (2020)
Owner [2]
Number of employees
Approx. 1000 (As of December 2020)[3]
SubsidiariesSee subsidiaries
Websitehybecorp.com

Hybe Corporation (Korean: 하이브, stylized as HYBE Corporation) is a South Korean company established in 2005 by Bang Si-hyuk as Big Hit Entertainment Co., Ltd.. The company has multiple subsidiaries, including Big Hit Music, Source Music, Pledis Entertainment, Belift Lab, Hybe Labels Japan and KOZ Entertainment, collectively known as Hybe Labels.

History

2005–2021: Big Hit Entertainment Co., Ltd

Big Hit Entertainment was founded on February 1, 2005,[4] and signed the vocal trio 8Eight in 2007.[5] In 2010, the company signed a joint management contract with JYP Entertainment over the boy group 2AM.[6] That year, Bang Si-hyuk signed RM as the first member of BTS and launched nationwide auditions to recruit other members of the group.[7] BTS made their debut under Big Hit on June 13, 2013.[8]

In 2012, the company signed Lim Jeong-hee,[9] and formed the girl group GLAM as a collaboration with Source Music.[10] The group was active until 2014 when it was disbanded due to a controversy involving one its members Kim Da-hee—Kim was sentenced to prison after being found guilty of blackmailing actor Lee Byung-hun.[11][12][13]

Following the end of the joint contract between Big Hit and JYP in April 2014, three members of 2AM returned to JYP, while Lee Chang-min remained with Big Hit in order to continue with his solo career and as part of the duo Homme.[6] The year also saw the disbandment of 8Eight after Baek Chan and Joo Hee's contracts with Big Hit ended.[5]

In May 2015, Lim Jeong-hee parted ways with the agency, following the expiration of her three-year contract,[9] and Signal Entertainment Group, a KOSDAQ-listed company specializing in artist management and television production, acquired Big Hit through a KR₩6 billion convertible bond.[14] In early 2016, Big Hit ended their stake relationship with Signal and made a full settlement of the bonds.[15][16]

In February 2018, Homme disbanded after member Changmin's contract came to an end. He left the company to start his own agency, while Lee Hyun continued on as a solo artist.[17] In August, Big Hit and CJ E&M released information stating plans to create a joint company. Filed under the name Belift, the company would reportedly be split 52% to the latter and 48% to the former,[18] and debut a boy group in 2020.[19] In October, BTS renewed and extended their contract with the agency for seven more years.[20] Big Hit was voted best investment company of the year at the 2018 Korea VC Awards in December.[21]

Big Hit debuted its second male group, Tomorrow X Together (TXT), in March 2019.[22] Also that month, former CBO Lenzo Yoon was appointed co-CEO with Bang Si-hyuk.[23] Yoon would focus on the business components of the company while Bang's focus would be on creative production.[24] In July 2019, the agency acquired Source Music,[25] and in August, the video game firm Superb.[26] Thanks to the Weverse and Weverse Shop[a] apps developed by its subsidiary benX,[27] Big Hit was chosen as the fourth most innovative company of 2020 worldwide by Fast Company.[28]

In May 2020, Big Hit became the majority shareholder of Pledis Entertainment. The company announced that the record label would retain its independence, but its artists (which include boy bands NU'EST and Seventeen) would be more widely promoted outside of South Korea.[29] The Fair Trade Commission (hereinafter KFTC) officially approved Big Hit's acquisition of Pledis in October.[30] The following month, Big Hit announced that it had acquired KOZ Entertainment, a record label founded by rapper Zico.[31]

On January 27, 2021, news media announced that Naver Corporation would invest ₩354.8 billion ($321 million) in Big Hit's subsidiary, beNX Inc., acquiring 49% of the company. In return, the corporation would transfer its V Live video streaming service to beNX, which also manages the social media platform Weverse. The subsidiary was later renamed Weverse Company Inc.[32] On February 17, Big Hit and Universal Music Group (UMG) announced a strategic partnership between the two companies that will see them collaborate on various music and technology-related endeavours.[33] At the forefront of this is a joint venture between Big Hit and Geffen Records—a UMG flagship label—to debut a global boy group through a new, Los Angeles-based label, with a global audition program set to air in 2022. Big Hit will be responsible for selecting and training the artists, while UMG will be in charge of music production, global distribution, and marketing.[34] Additionally, more UMG artists will join Weverse, which is already home to Gracie Abrams, New Hope Club, and Alexander 23—Yungblud is next in line to join the platform.[35] On February 25, Big Hit announced a ₩4 billion ($3.6 million) investment in a Korea-based AI company, Supertone, that specializes in creating hyper-realistic voices using technology.[36]

2021–present: Hybe Corporation

In the second week of March, Big Hit announced its rebranding into an entertainment lifestyle platform company under the name Hybe Corporation.[37] On March 19, the company released an online presentation detailing its organizational restructuring, and stated that the name "Big Hit Entertainment" (as related to its music operations) would become Big Hit Music under Hybe's new Labels division—the rename was subject to a shareholders meeting held on March 30.[38][39] The presentation also provided a look into the design of Hybe's newly completed headquarters located in the Yongsan Trade Center in Yongsan District—the company officially relocated to the building on March 22.[38][1]

The rebrand went into effect on March 31, 2021.[40]

Company value and investments

Big Hit Entertainment initially operated as a private company with Bang Si-hyuk as the largest shareholder of its stock.[41] In March 2017, the Korean mobile gaming company Netmarble acquired the second largest percentage of the company, paying a reported KR₩201.4 billion (US$191.8 million) for 25.71%[42]—its CEO Bang Joon-hyuk, and Bang Si-hyuk are cousins.[43] In October 2018, private investment firm STIC Investments received an undisclosed share of Big Hit for an investment of roughly ₩104 billion ($93 million).[44]

In 2007, Big Hit had four employees and was near bankruptcy, but Bang was able to keep the company afloat after the local success of 8Eight's Without a Heart in 2009.[45] Its value rose over the years thanks to the global popularity of its first boy group BTS.[46] In March 2018, Big Hit's earnings were publicized for the first time. The company reported revenue of ₩92.4 billion ($82 million) and operating profit of ₩32.5 billion ($29 million) for 2017.[47][48] Initial estimates valued Big Hit at up to ₩700 billion ($624 million) if entered into an IPO that very month, making CEO Bang the richest in the South Korean entertainment business due to his large shareholding position, and leaving him with personal ownership value of roughly ₩350 billion ($314 million).[49] By October 2018, the company was valued at more than ₩1 trillion.[48]

Big Hit's success has been attributed to its innovative management style, more like an IT company than an entertainment company, which has become the new standard in the K-pop industry; it includes a wide usage of social media to capture people's interest and transform it into sales, the creation of artist-related multimedia contents, and the full use of fandom energy.[50][51] Financials published in March 2019 for the previous year, showed a 132% increase in sales compared to 2017, with Big Hit making approximately ₩214.2 billion ($189.38 million). Operating profit rose 97% to ₩64.1 billion ($56.72 million), while net profit rose 105% to ₩50.2 billion ($44.41 million).[52] By June 2019, the company was valued between ₩1.28–2.22 trillion.[53] As of March 2020, its total value was roughly ₩6 trillion ($5 billion).[54] Big Hit commenced plans to go public on May 21, and applied for a pre-IPO consultation with the Korea Exchange. This is required under South Korean law before a company can file paperwork for an IPO.[55] One week later, the company filed for a preliminary review of their planned IPO.[56] On October 15, Big Hit was listed in the KOSPI index and began trading stocks.[57][58]

In January 2021, news media announced that Big Hit and its subsidiary beNX had invested a combined ₩70 billion ($63 million) in YG Plus, acquiring 17.9% of the media and advertisement company under YG Entertainment in a merchandising and distribution deal that will see the aforementioned's artists join Weverse's social media and shop platforms in return.[59][60][61] On February 23, Big Hit published its first annual report since going public. The company recorded net income of ₩86.2 billion ($77.6 million) for 2020, a 19.1% increase compared to the previous year's ₩72.4 billion.[62] Operating profit rose 44.3% to ₩142.4 billion, while sales increased 35.6% to ₩796.3 billion[62]—bolstered in part by strong album sales and the company's various acquisitions—with Big Hit experiencing its best quarterly performance yet in the fourth quarter of 2020.[63] Though concert renevue decreased in the wake of the Covid-19 pandemic, merchandise, fan-club and online-content revenue increased 53%, 71%, and 66% respectively.[63][64]

Subsidiaries

Affiliates

Philanthropy

In 2017, it was revealed that Big Hit Entertainment donated ₩30 million (roughly US$25,000) to the 4/16 Sewol Families for Truth and A Safer Society, an organization connected to the families of the 2014 Sewol Ferry Disaster.[68]

In June 2020, Big Hit, together with BTS, donated $1 million in support of the Black Lives Matter movement, during the George Floyd protests,[69] and another $1 million to Live Nation's Crew Nation campaign to help support live music personnel during the COVID-19 pandemic.[70]

HYBE Labels

Collective of entertainment and music production companies and/or labels largely or partially owned by HYBE Corporation that still operate independently.

Artists

Big Hit Music

Belift Lab

Source Music

Pledis Entertainment

KOZ Entertainment

Concerts

Date Title Venue Attendance Ref.
December 31, 2020 2021 NEW YEAR'S EVE LIVE presented by Weverse Weverse (online) TBA [71]

Notes

  1. ^ Formerly known as Weply prior to March 9, 2020.
  2. ^ Formerly known as Big Hit Three Sixty Co., Ltd.
  3. ^ Formerly known as beORIGIN Co., Ltd.
  4. ^ Formerly known as TNDJ
  5. ^ Formerly known as Bnx Co., Ltd.

References

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  65. ^ Big Hit acquisition of Pledis:
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  69. ^ Benjamin, Jeff (June 6, 2020). "BTS and Big Hit Entertainment Donate $1 Million to Black Lives Matter (EXCLUSIVE)". Variety. Archived from the original on June 6, 2020. Retrieved June 23, 2020.
  70. ^ Aswad, Jem (June 22, 2020). "BTS and Big Hit Entertainment Donate $1 Million to Crew Nation Charity". Variety. Archived from the original on June 22, 2020. Retrieved June 23, 2020.
  71. ^ Mamo, Heran (December 30, 2020). "How to Watch BTS, Halsey, Lauv & More on Big Hit Labels' 2021 New Year's Eve Live". Billboard. Archived from the original on December 30, 2020. Retrieved February 18, 2021.
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