Big Hit Entertainment announced that it will acquire KOZ Entertainment (hereinafter referred to as KOZ), the agency of ZICO, a leading Korean hip-hop male solo artist and top producer.
Seung-Hyun Yoo, CEO of KOZ, said, “The philosophy of KOZ, which focuses on the value of artists and contents and pursues innovation in the music industry, and Big Hit, which innovates the business model of the music industry, is similar.”
Big Hit Chairman Si-hyuk Bang said, “I am happy to be with Zico, the best producer and artist in Korea.”
Big Hit announced on the 16th that its operating profit in the third quarter of this year was 40 billion won, a 73% increase from the same period last year. Net profit increased 92% to 27.2 billion won.
Big Hit, which founded BELIFT Lab with CJ ENM last year and acquired Source Music, expanded the multi-label system further this year by acquiring KOZ following Pledis Entertainment.
With KOZ’s joining Big Hit, led by Zico, Big Hit Labels is expected to gain the expanded artists’ IP and music producing capabilities.
Source:
https://www.hankyung.com/entertainment/article/202011183789H
