HYBEhas unveiled HYBE 2.0, the Korean entertainment company's strategic direction and business plan for the rest of 2024 and beyond.
Last month, HYBE named Jason Jaesang Lee as its new CEO, replacing Jiwon Park. In a statement, Lee shares: "HYBE 2.0 focuses on fostering our future growth businesses centred on music, platform, and technology. HYBE will continue to excel in the music industry, solidify its position as the leading player in the superfan business, and secure long-term growth drivers through tech-driven future growth initiatives.”
Under HYBE 2.0, the company will reorganise its existing three pillars— previously encompassing Label, Solution, and Platform — into Music, Platform, and tech-driven future growth initiatives.
HYBE MUSIC GROUP APAC
HYBE will establish HYBE MUSIC GROUP APAC to oversee its music label businesses based in Korea and Japan. Young Jae Shin, who currently serves as President of BIGHIT MUSIC, has been appointed as President of HYBE MUSIC GROUP APAC. Shin will advance the company’s multi-label system and ensure that HYBE’s music business is driven by a deeper understanding of its artists and fans, leveraging his industry expertise demonstrated through the impressive global success of BTS and TOMORROW X TOGETHER.
The new group will focus on strengthening strategies and processes, investing resources, and advancing music service capabilities essential for the labels’ growth in the global market.
“Multi-home, Multi-genre” strategy
HYBE America will be launching a label service which will merge traditional management business in the U.S. with HYBE’s expertise in operating online and offline performances, as well as distribution, promotion, and advertisement of albums. The company also aims to bring the K-pop system to the American pop music scene and continue to introduce new U.S.-based artists starting with KATSEYE,HYBE's first U.S. group in collaboration with Geffen Records.
The newly established HYBE LATIN AMERICA will kick things off in 20 and is set to debut its first artist under the K-pop system by next year.
HYBE JAPAN will work with its new CEO, Youngmin Kim, the former General Manager of SM Entertainment, to maintain efforts to enhance the company's presence in Japan. The label is also slated to debut a new artist, following &TEAM.
WEVERSE
Global fandom platform Weverse is set to launch a new subscription-based membership in late 2024. The new service will provide enhanced features including a digital membership card, bonus ‘Jelly’, ad-free video content and many more. All artists in Weverse will have the opportunity to launch their membership at their own convenience. The platform will also expand its existing service Weverse DM, a private messaging service between artists and fans, by adding more artists, including those from HYBE. Weverse will begin to fully incorporate ads later this year.
merging content with technology
Aside from music and artist management, HYBE has been exploring new business opportunities and plans to make discreet investments in the following areas: gaming, audio/voice technology, generative AI, Original Story Business (OSB), and Integrated online and offline experiences.
Find out more here.