SEOUL, South Korea (CelebrityAccess) — Following the resignation of HYBE CEO Park Ji-Gained earlier this month, the South Korean leisure large introduced plans for HYBE 2.0, a brand new strategic path for the corporate.
HYBE shared their plans in a letter to the corporate’s shareholders, detailing a brand new marketing strategy that the corporate anticipates would be the key for the corporate’s “next-level international progress.”
As a part of HYBE 2.0, the corporate will launch HYBE Music Group APAC, which is able to strengthen the corporate’s multi-label enterprise mannequin, bringing label operations in South Korea and Japan beneath one roof.
HYBE additionally touted the launch of a “Multi-home, Multi-genre” technique within the U.S., Japan, and Latin America, looking for to develop native expertise and establishing a powerful presence in every market and attracting followers who won’t be historically drawn to Ok-pop.
Within the U.S. the technique will search to combine HYBE’s Ok-pop system into the mainstream music market, together with the debut of recent artists and increasing Ok-pop know-how to present U.S. artists.
As nicely, HYBE indicated that it plans to give attention to growing labels within the U.S. and collaborating with residence grown artists. HYBE cited the success of its present labels such because the nation label, BMGL which options artists reminiscent of Dolly Parton and Thomas Rhett, and QC, which incorporates hip-hop artists reminiscent of Lil Child and Lil Yachty. In keeping with HYBE, the 2 labels catalogs accounted for 50% of HYBE’s whole streaming income in 2023.
To assist their expanded give attention to worldwide labels, HYBE additionally introduced plans to launch a brand new label companies division that can be centralized beneath HYBE America. This new service will mix conventional administration within the U.S. with HYBE’s 360 enterprise mannequin, offering companies for labels and artists from distribution, advertising and marketing, to promotion. The label companies staff will even faciliate the entry of HYBE’s artists from Korea, Japan, and Latin America, making the method extra environment friendly.
HYBE additionally highlighted their partnership with Geffen Information beneath Common Music Group to debut Katseye, a brand new U.S. based mostly woman group constructed on the Ok-pop mannequin that dropped their first single in June, which can be accompanied by their first mini-album in August. The group can be supported by a Netflix documentary.
In Japan, HYBE will comply with the same course, growing native artists reminiscent of their first undertaking, the boy band &Workforce, who debuted in 2022 and constructed a regional fan-base via small city concert events earlier than increasing to an enviornment tour in 2023.
The technique seems to be paying off for the group after their debut album Samidare, launched in Might, generated gross sales of greater than 440,000 within the first week.
HYBE’s worldwide focus additionally consists of South America, the place the corporate seeks to capitalize on the power of the Latin music market. In keeping with HYBE, the corporate is constructing out its infrastructure within the area, together with a devoted studio in Mexico Metropolis, and is actively recruiting and growing producers and artists, in addition to partnerships with native music business gamers.
Together with their enlargement plans within the bodily world, HYBE touted its give attention to Weverse, the cell app fan platform that helps artists to remain related with their fanbase, whereas offering an avenue for merch gross sales.
As a part of HYBE 2.0, Weverse will launch a a subscription-based membership system later this 12 months that may function a separate service from present artist fanclub membership, providing expanded contact for devoted followers.
The service will embody options reminiscent of a digital membership card, bonus jelly (digital foreign money) credit, ad-free video viewing, and VOD offline storage. Moreover, optionally available options could embody entry to membership-exclusive content material and precedence participation in occasions.
In a joint assertion, HYBE’s new CEO Jason Jaesang Lee and Consultant Director Jiwon Park stated:
HYBE has determined that it’s time for a brand new management to guide the period of HYBE 2.0, which goals for additional development of our enterprise and next-level international progress. Beneath the brand new management, HYBE will leverage creativity and know-how to drive the HYBE 2.0 technique and play a number one function within the international leisure market. Constructed on the core components of music, platform, and tech-driven future progress initiatives, HYBE 2.0 goals to repeatedly develop our home and international music companies, solidify our place within the evolving superfan market via our platform enterprise, and safe long-term progress drivers via tech-driven future progress initiatives. Moreover, we’ll stay dedicated to our elementary function as an leisure content material firm that brings pleasure to followers and the general public, guaranteeing that we all the time suppose from the angle of the followers fairly than as a supplier.
To additional solidify HYBE’s identification as a number one IP-based content material firm, we’re specializing in enhancing our content material manufacturing capabilities and uncovering new fan needs to proactively enter rising markets. This method is just not a departure from our core path however fairly a return to fundamentals—strengthening our elementary capabilities and designing the long run IP and fan engagement enterprise fashions that take into account the evolving market setting. We ask to your continued assist as we navigate these efforts beneath HYBE 2.0.
HYBE deeply appreciates the belief and assist of all our shareholders. We’re dedicated to reaching steady progress and success, working with you to construct a brighter future. Your useful suggestions and engagement will all the time be an excellent supply of power as we work towards realizing HYBE’s new imaginative and prescient.