BTS’s agency Big Hit changes the signboard to Hive.
It is an aspiration to expand its scope to various businesses other than music production, but expectations in the stock market are also rising due to differentiation from existing entertainment companies.
Reporter Park Seung-wan reports.
[방시혁 / 빅히트엔터테인먼트 대표 : 빅히트의 새로운 사명입니다. 바로 하이브(HYBE).]
Big Hit Entertainment was founded by the current CEO Bang Si-hyuk in February 2005.
In the meantime, consumers have been listening to music through online streaming instead of recording.
The industrial environment has changed rapidly, with the number of performances, broadcast videos, and official products (MD) increasing, and certain singers gaining worldwide popularity.
This is why Bang chose a new name after 16 years of establishment.
[방시혁 / 빅히트엔터테인먼트 대표 : 현재 저희가 하고 있는 사업을 아우르고, 동시에 연결·확장할 수 있는 구조의 상징으로서 새로운 사명이 필요하다고 생각했어요.]
Big Hit’s business is divided into a music-oriented label area, a solution area selling performances and videos, and a platform area in charge of the mobile app’Weverse’.
‘Hive’ was chosen as the brand name that comprehensively manages them, and the name of Big Hit will remain in the record subsidiary (Big Hit label).
Last year alone, Big Hit further merged two record labels (Pledis Entertainment, KOZ Entertainment), and increased its domestic album sales share to 32.8%.
‘Weverse’, a community space for artists and fans, is promoting the integration of Naver’s’V Live’ with 30 million monthly users (based on MAU at the end of 2020), as well as the participation of celebrities from other agencies (YG Entertainment Black Pink). , Universal Music Group, etc.)
Based on various platform businesses other than albums, Big Hit recorded an operating profit of over KRW 100 billion (KRW 145.5 billion) despite the Corona 19 recession.
The stock market is also treated differently from other entertainers because of its strong performance and expectations for business diversification.
On the other hand, SM has tasted the worst performance in addition to the subsequent controversy over artists such as BoA Yoo, Yunho, and JYP is unable to come up with a different vision in terms of recording or investment.
Meanwhile, Big Hit is preparing for another leap forward with a new mission of’Hive’.
This is Park Seung-wan from Korea Economic Daily.