Amidst relational turbulence, HYBE achieves a noteworthy distinction.
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Gain insights into the HYBE versus ADOR CEO Min Hee Jin drama while exploring HYBE’s latest upshot from our comprehensive coverage here.
In light of the current dispute between HYBE Labels and ADOR’s CEO Min Hee Jin, HYBE has been ceremonially distinguished as a major corporate group in South Korea — a first for any entity in the entertainment sector.
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On May 15, the Fair Trade Commission designated HYBE as a “publicly-disclosed corporate group” of 2024, acknowledging that their assets have surpassed 5 trillion KRW (~$3.70 billion USD). Furthermore, Bang Si Hyuk, the founder and chairman who possesses 31.57% of the company’s shares, has emerged as the largest shareholder in this landmark recognition.
HYBE’s recent business report reveals an asset growth of 9.8% from the previous year, indicating a total of 5.3457 trillion KRW (~$3.95 billion USD) at the end of 2023. This figure places them as the 85th largest in terms of asset magnitude, showcasing the robust progress of both HYBE Labels and the global K-Pop industry.
The explosion of K-Pop, led by phenomena such as BTS, on the global stage, paired with the flourishing of the entertainment industry driven by album sales and live performances, epitomizes this development.
— Fair Trade Commission
Notably, for the first time since the creation of the major corporate group and chaebol leadership system in 1986, Bang Si Hyuk and his relative Bang Joon Hyuk (chairman of Netmarble) are concurrently listed as chaebol.
The recent announcement gains particular attention in the backdrop of HYBE’s ongoing internal conflicts. Many fans attribute this impressive accomplishment to BTS, praising their pivotal role in HYBE’s journey to the top. Yet, debates continue regarding the implications of individual companies wielding such financial and influential power.
What implications does this development have for you?
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FAQ About HYBE’s New Status as a Major Corporate Group
- What does it mean for HYBE to be named a major corporate group?
- Being named a major corporate group signifies that HYBE has crossed the asset threshold of 5 trillion KRW and is now recognized by the Fair Trade Commission as a significant economic entity in South Korea.
- How does BTS come into play in HYBE’s achievement?
- BTS, as the leading K-Pop group under HYBE, has been a major contributor to the company’s revenue through album sales, performances, and global influence, helping the company reach such a prestigious designation.
- What are the concerns regarding HYBE’s new status?
- Some concerns revolve around the growing power and influence a single entertainment company can have, and what that means for competition and diversity within the industry.
Conclusion
HYBE’s recognition as a major corporate group marks a significant milestone in the entertainment industry, particularly for K-Pop. It highlights the immense growth and global influence K-Pop has achieved through groups like BTS. While there are both accolades and concerns surrounding HYBE’s rise in power, it undeniably opens up a new chapter in economic and cultural significance for South Korean entertainment companies on the world stage.