Bang Si Hyuk explains the importance of BLACKPINK and BTS for Kpop
HYBE President Bang Si Hyuk attended the Kwanhun Forum held at Jung-gu Press Center in Seoul on the morning of March 15.
The Korean K-pop market has garnered attention and cultural influence. Bang Si Hyuk shared: “We look forward to discovering talented creators and stepping into global culture. Everything we do has a geographic impact. »
“It has become a global industry that can only continue to function if it targets both domestic and foreign markets. »
Bang Si Hyuk then said: “K-pop creates a syndrome. The boy band BTS and the girl group BLACKPINK are considered super IPs. »
“The K-Content business is an important domestic export business. It is being used as a catalyst to revitalize other businesses such as fashion, consumer goods and education. »
He explains : “From a tourism perspective, there’s a reason, ‘we want to experience K-pop.’ »
However, he added: “We should be critical of ourselves instead of being satisfied with proud achievements. While there are notable achievements, there are many mountains to climb when looking at the world as a whole. »
“Our share of worldwide album sales is less than 2%. Universal, Sony and Warner Music account for 67.4%. »
He agrees : “K-pop growth is slowing in global markets like the United States. Chart entries fell by 53% and exports to the music market also showed a downward trend from 2020. There is a global K-pop, but there are no outstanding K-pop companies.”
“Like Samsung in the global semiconductor market and Hyundai in the global automobile market, the K-pop industry needs global entertainment companies to get out of the current situation. . »
Bang said he put a lot of effort into preparing for Hybe’s “post-Bang Si-hyuk” era, and the establishment of a multi-label system involving multiple producers and creators is a result of those efforts.
He suggested that for K-pop’s continued growth, it was necessary to strengthen its foundation by increasing its fame and influence in major public markets, improving music production systems, and introducing management methods.
Developing platforms to expand the industry’s reach to music fans around the world could also be a way, he added.
Hybe recently backed out from buying rival K-pop company SM Entertainment and ended weeks of negotiations with tech giant Kakao and its entertainment unit Kakao Entertainment. Hybe chose to partner with Kakao on platforms.
“Some will say ‘You fought well even though you lost’, but personally I’m very satisfied because we agreed with Kakao on platform issues, which is the most important axis for our future,” Mr. Bang said about the deal.
He then said he couldn’t sleep soundly for whole nights after seeing that the auction’s unexpected overheating and the companies’ smear campaign had also hit K-pop artists and their fans.
“It’s reasonable to apologize to them”he explained.
Regarding the company’s plan for a 15.8% stake in SM, which it acquired directly from SM founder Lee Soo-man and through a takeover bid, M Bang said it would try to make a decision. reasonable after the return from vacation of all employees who took care of the question during the week.
When asked about the platform collaboration agreement with Kakao, Bang declined further explanation, saying it was too early to tell.
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