Last week, HYBE—the Korean record and music label behind BTS, among others—announced Jason Jaesang Lee would become its new CEO, replacing Jiwon Park, as part of what it called its “HYBE 2.0” strategy. Today (August 1), the company revealed more details about what it will start to look like.
HYBE says the strategy was launched at the top of the year and will see the company lean towards its superfandom platform, Weverse, around the world, while also partnering with other companies globally “to adapt to the rapidly evolving market landscape.” . the company said in a press release.
The priorities set by the company will reorganize the company — previously structured as Label, Solution and Platform — into a broader framework of Music, Platform and “Technology-driven future growth initiatives.” As part of this, the company rolled out four new initiatives and several executive-level appointments with new leaders at the top of its revamped division.
The first is the formation of HYBE Music Group APAC, which will include the company's record labels in Korea and Japan, which will focus on doubling down on the company's capabilities and strategies in this region and exporting them across the people. The current president of BIGHIT Music, Young Jae Shinwho helped oversee the success of BTS and Tomorrow X Together, will now take on the role of president of HYBE Music Group APAC and lead the global development of the Korean and Japanese labels.
The second is doubling down on what the company calls its “multi-home, multi-brand” strategy in the US, Japan and Latin America. This will mean a new label service launched under HYBE America — which leads Braun scooter — which will bring a management element to the label's current operations in an effort to “bring K-pop methodology to the American pop scene.” As part of this, HYBE America says it has signed a new US-based group, KATSEYE, through its ongoing partnership with Geffen Records. The company also said that its Latin America HYBE division – whose CEO Jonghyun “JH” Kah spoke recently Advertising sign about their plans — will grow from 2025, while HYBE Japan will continue to showcase new artists under the newly appointed president Youngmin Kimwho until now had been the general manager of SM Entertainment.
The third is the launch of a subscription tier for the superfan platform Weverse, which will launch in the fourth quarter of 2024 and will be available to all artists using the platform. This will include ad-free videos, digital membership cards and a private Weverse DM feature, while the main Weverse platform will begin to integrate ads. President Weverse Jun Choi talk to Advertising sign two weeks ago (July 19) about the platform's plans moving forward, as well as Ariana Grande's integration into the platform, with many of the Korean artists already in the HYBE stable. (Grande, who cut ties with Braun and HYBE last year, resumed working with them in June.)
Finally, HYBE plans to “merge content with technology,” which it says will “ensure medium to long-term growth” for the company. That's where HYBE's investments in gaming, artificial intelligence, audio and voice technology, and integrated online/offline experiences will continue to advance.
“HYBE 2.0 is focused on strengthening our future growth businesses centered around music, platform and technology,” said newly announced CEO Lee. “HYBE will continue to excel in the music industry, cement its position as the leading player in the superfan industry, and secure long-term growth drivers through future technology-driven growth initiatives.”
