Kpop Superstars BTS and American Artist Justin Bieber Finally Under One Label
The conclusion of HYBE Corporations and Ithaca Holding’s merging agreement brings Kpop powerhouses BTS, TXT, SEVENTEEN, and many others into the American music dome with artists such as Justin Bieber, Ariana Grande, and Demi Lovato.
HYBE, formerly known as Big Hit Entertainment, announced the name change at a shareholder’s meeting on March 30. They did this in hopes that it would broaden the company’s scope and influence. Owner Bang Si Hyuk said, “I felt the need to change our name as a symbol of the structure that could connect and expand the current businesses.” The brand officer of HYBE Entertainment added a statement about how “[g]ood space branding has a purpose in creating attitudes. We hope to establish a more creative and efficient working culture in HYBE’s new office space.” Their plans to expand have been shown through beginning investments in travel, real estate, and other communications.
Both companies have agreed on the terms that HYBE Corporations will now own a 100% stake in Ithaca Holdings. This includes complete control over Ithaca Holdings’ management clients—including Big Machine Label Group—and SB Projects. Scooter Braun, founder of SB Projects, will join HYBE’s board, and the CEO of Big Machine Label Group Scott Borchetta will keep his current position. Although financial terms have not been released, the deal is rumored to be valued at more than $1 billion.
Bang Si Hyuk shared some comments about the deal saying, “The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined.”
as a hybe label stan i am deeply happy with all of this content en-, txt, bts, svt, nuest & dvwn releasing new music plus i am waiting for gfriend my girls to have a cb as well
— || ˗ˋˏ°• I.5.I •°ˎˊ˗ (@sejeongprairie) April 22, 2021
BTS is already well-known on the international front. Braun acknowledges this saying, “This will be the first time HYBE’s groundbreaking systems and curation will be integrated in the U.S. market at the onset of an artist’s career. Plus, it will help us to continue to further the careers of the artists we already work with. Global opportunities for artists become exponential with this partnership. This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself.”
Both parties are open and excited to work with one another. Their common goal is to advance the platform of their current artists and help advance these musicians’ careers. Allison Kaye, Ithaca Holdings’ Partner stated, “We are ecstatic to partner with Chairman Bang and HYBE to further the global reach of both companies and the artists as we continue to grow our company and their careers across entertainment, technology, commerce, and content.”
it should be the other way round. hybe bought ithaca remember https://t.co/J7aWJIncd0
— mira (@taetaeforlyf3) April 23, 2021
HYBE Entertainment has grown and advanced during its time with BTS. In 2014, when the group debuted, Big Hit was a small company in the Kpop world. BTS entered the stage when other major entertainment companies—JYP, YG, and SM—were dominating. When BTS began to grow and create a name for itself, much of its success came internationally. Last year, Big Hit Labels generated $507.9 million in revenue and launched many new projects. They also announced the acquisition of smaller companies in the Kpop industry, such as Source Music, as well as the creation of joint labels, referring to their deal with CJ E&M Entertainment to create BE:LIFT.
After Big Hit Entertainment went public in October of 2020, the BTS members became immediate millionaires. As the first Kpop company to enter the U.S. music scene, this moment marks a place in music history. From here on out, the company’s actions will be monitored by a global audience. HYBE’s Youtube Channel released a video covering the Ithaca Holdings agreement. The corporation’s takeover has only just begun, and fans anticipate what their future plans may be.
Columnist | K-pop Stan | Tweet me @senaho5
