On February 26, 2019, HYBE (former Big Hit Entertainment) Bang Si-hyuk, the chairman of the Board of Directors made a speech in a congratulatory speech at the graduation ceremony of his alma mater, Seoul National University. Having succeeded in raising large amounts of funding in the market, Big Hit is making aggressive investments and expanding its influence in the music industry.
On the 30th of last month, Big Hit changed the company name to HYBE. His big picture is heading towards America, the heart of the music industry. On the 2nd, HYBE announced the acquisition of 100% of Ithaca Holdings’ stake for $950 million (approximately 1.7 trillion won). In addition to world-renowned star Justin Bieber, unrivaled female artist Ariana Grande, Grammy Award winner Dan & Shay, Black Eyed Peas, Jay Balbin, Demi Lovato, and other artists that dominate the global music market belong to the company. Chairman Bang said, “This new partnership is a new challenge that no one has ever imagined, and the two companies will create a high degree of synergy through close collaboration across borders and cultural boundaries.” “This partnership will help many artists gain diverse opportunities in the global market,” said Scooter Braun, President Ithaca Holdings.
If we look a little more at what Chairman Bang said in the congratulatory remarks at Seoul National University’s graduation ceremony two years ago mentioned above, we can get a glimpse of the future he aims for. He said, “It is my pleasure to contribute to the development of the music industry and improving the quality of life of our workers by making a good impact on society and by changing the paradigm of the music industry.”
Source: www.donga.com
