K-pop: HYBE to focus on US market, aims to diversify
What's the story
K-pop is enjoying an all-time high craze and has been a huge cultural influence all around the world. Korea's HYBE which manages BTS, plans to acquire and invest in the US entertainment market in 2023, reportedly.
The company is looking to strengthen its foot in the western world. This comes after a heated battle in trying to acquire SM Entertainment.
Momentum
Bang's take on 'the losing growth momentum of K-pop'
Founder and Chairman of HYBE, Bang Si-hyuk said that K-pop is losing the growth momentum and major players would need to scale up and diversify. HYBE has already acquired Scooter Braun's Ithaca Holdings, the agency which manages global sensations like Justin Bieber and Ariana Grande.
This merger ($1B) was announced back in April 2021 through HYBE's American subsidiary.
Twitter Post
Twitter Post
HYBE announces they will no longer acquire SM Entertainment. pic.twitter.com/8aX3WCYDWv
— Pop Base (@PopBase) March 12, 2023