Bang Si-hyuk "BTS Faced Difficulties in Contract Renewal... US Is the Biggest Market"

Attending Bloomberg Conference in the US
"Seeking Growth Path for K-pop in Global Markets"

Bang Si-hyuk, chairman of HYBE, expressed his feelings about the second contract renewal with the group BTS by saying, "I was glad that HYBE was recognized as a management company." He also revealed, "There were some difficulties during the contract negotiation process."

Chairman Bang made these remarks on the 12th (local time) as a guest speaker at 'Bloomberg Screentime' held in Hollywood, USA.

Bang Si-hyuk, Chairman of HYBE, attending the Bloomberg Screentime event
[Photo by Bloomberg Screentime]

Screentime is a conference hosted by the American economic media Bloomberg, sharing insights through prominent figures in the popular culture industry, held for the first time this year. Global entertainment leaders such as Ted Sarandos, co-CEO of Netflix, Neil Mohan, CEO of YouTube, and Chairman Bang attended. Chairman Bang introduced K-pop's expansion strategy and the activities of major artists under the theme "Global Music in Focus: K-pop."

When asked about the significance of the contract renewal with BTS, Chairman Bang said, "It is natural that BTS is essential for corporate growth," adding, "I was glad that BTS recognized HYBE as their management company." He continued, "Although the relationship with BTS is good, there were originally some difficulties during the contract negotiation process, and we became closer by resolving them. As a manager, life is full of hardships, but this was the greatest happiness."

He also revealed plans for a 10th-anniversary project commemorating BTS's 'The Most Beautiful Moment in Life' album release. Chairman Bang announced, "We had talked about making a commemorative album when the 'The Most Beautiful Moment in Life' album, released in 2015, reached its 10th anniversary, and we were finally able to create it together," unveiling the project in preparation.

Questions about the Dream Academy, which aims to globalize the K-pop system, followed. Chairman Bang said, "To expand K-pop's influence in the global music market and secure many global fans, both external and intrinsic expansion were necessary."

He presented the goal of Dream Academy as "becoming the world's best band, expanding the scope of K-pop, and contributing to the sustainability of K-pop." He also stated, "Many hypotheses have already been verified during the audition process, so I believe the primary goal has been achieved," adding, "Regardless of success or failure, we will continue experimental attempts like Dream Academy over the next few years to seek sustainable growth paths for K-pop."

BTS

Recently focusing on business in the United States, Chairman Bang explained, "Not only the expansion of K-pop but fundamentally, the biggest market in popular music is the United States," adding, "I had to come to the U.S. to develop the music industry in a bigger market as well as for corporate growth."

Regarding his ultimate goal as an entrepreneur, he repeatedly emphasized corporate sustainability. Chairman Bang said, "Whether I am here or not, whether certain IPs (intellectual properties) succeed or not, the company should transform into a sustainable one." He continued, "Personally, I want to live a retired life in 10 years," adding, "I hope this is not misunderstood as a retirement announcement, but if the company can operate without me as a key person in 10 years, I think I can step down for the sake of future generations."

This content was produced with the assistance of AI translation services.