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HYBE, the management agency of the superstar boy group, BTS, has entered the Latin American market by launching its new subsidiary in Mexico. It was said that the company is diving into this overseas market to have other businesses amid the prediction that Kpop may slow down.
According to Korea Joongang Daily, for its expansion, the firm set up the HYBE Latin America which is dedicated to the management of artists' activities in the Latin American region. Aside from this, the unit will also work toward discovering and training new prospective artists.
HYBE’s Plan for Its Latin Unit
The top producers in the company will come up with new systems for training the recruits to become the best musicians suited for the market. In the long term, the firm is planning a fusion that will combine Latin music with K-pop's unique business structure that has already been proven to work in South Korea.
HYBE is also aware that the market size for Latin American music increased by 26.4% on year to $1.3 billion last year. This huge jump strengthened the BTS agency’s interest in entering this market.
Acquisition of Mexico’s Exile Music
Likewise, the move to go deeper into its Latin American operations comes after HYBE Latin America purchased Exile Music. The acquisition was announced by the firm on Monday, Nov. 13.
Bloomberg reported that this deal is HYBE Co.’s first step into the growing market for Latin music. Meanwhile, as part of the acquisition, the founder of Exile Content, Isaac Lee, will become the chairman of HYBE Latin America while former YG Entertainment executive, Kah Jong Hyun, has been appointed as chief executive officer.
“In the long term, Hybe aims to graft K-pop’s proven methodology to the Latin genre,” the company told Bloomberg in a statement. “Hybe Latin America will unveil various businesses in the near future, including the Latin global group project that will based on K-pop’s T&D (Training and Development) system.”
Photo by: Hybe Website
