BTS' agency HYBE is now officially conglomerate with over 2 trillion KRW sales; 1st entertainment company with title
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BTS' agency HYBE Corporation became a conglomerate and Bang Si Hyuk was named the head of the company. Here are the details.
HYBE Corporation becomes first entertainment company to be recognized as conglomerate
On May 15, the Fair Trade Commission designated the title of a publicly-disclosed conglomerate for 2024 as their assets surpassed KRW 5 trillion. (approximately 3.85 billion USD). This makes HYBE Corporation the first entertainment company to get this title. Bang Si Hyuk who is the chairman of the company, holds 31.57 percent of the shares, making him the head of the conglomerate.
The Fair Trade Commission explained that this rapid growth of the entertainment industry is instigated by the global success of K-pop groups like BTS. Revenue from albums and performances is a key factor for the designation.
More about HYBE and Bang Si Hyuk
Bang Si Hyuk also known as Hitman Bang is a music producer and the chairman of HYBE Corporation. He debuted as a composer early in his life. In JYP Entertainmen’s early days, he used to work for the agency. He ranks 16th in the Forbes list of South Korea’s top 50 richest people. In September 2023, Billboard released a list of top money-makers in the international music scene. Bang Si Hyuk ranked 3rd on the list, behind Spotify co-founders Daniel Ek and Martin Lorentzon.