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On May 15, 2024, the South Korean media outlet Sports Chosun reported that HYBE LABELS was officially designated as a major conglomerate/corporate group. As a result, the chairman, Bang Si-hyuk, became the head of a major corporation at South Korea's first entertainment-focused conglomerate, HYBE.
HYBE emerged as the first and only entertainment-focused company in South Korea to be officially recognized as a large corporate/conglomerate group.
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The Fair Trade Commission announced the news through the 2024 Large Business Group, where they bestowed HYBE as a business group subjected to disclosure, also called a publicly disclosed corporate group. The corporation has total assets of more than five trillion won.
Bang Si-hyuk possesses a 31.57% stake in HYBE, as it emerged as entertainment's first conglomerate group
With HYBE ascending to the position of the largest and first-ever conglomerate/business/corporate in the South Korean entertainment industry, chairman Bang Si-hyuk joined the list of heads of large corporations amid the ongoing feud with ADOR's CEO, Min Hee-jin. He was included in the list of conglomerate heads by the Fair Trade Commission.
Bang Si-hyuk also possesses a 31.57% stake as the largest shareholder and founder of HYBE. As per the corporation's latest report, its assets at the end of 2023 were worth 5.3457 trillion, a significant increase from 2022, and ranked 85th in the size of assets.
The Fair Trade Commission reported that the accelerated growth and development of the South Korean entertainment industry have been the result of the success of K-pop bands, including BTS, who have been inspiring the world through their albums and performances.
They cited BTS's success, which resulted in increased revenue, as the main reason behind the designation of the agency as the first entertainment-focused conglomerate group. They reported to the outlet, as translated by allkpop:
"The rapid growth of the entertainment industry, fueled by the global success of K-pop acts like BTS and their key revenue from albums and performances, has been reflected in this designation."
Meanwhile, Bang Si-hyuk and his relative Bang Jun-hyuk, the chairman of Netmarble, are the only two individuals to be listed in the system of the major corporate group and chaebol leader designation system since its inception in 1986. Bang Jun-hyuk was listed as the leader of the conglomerate group in 2018.
The Corporation is a multinational entertainment company founded and established by Bang Si-hyuk in 2005 as Big Hit Entertainment.
It operates for multiple services, including talent agencies, record labels, event management, music production companies, music publishing houses, concert production companies, and others. It owns subsidiaries such as Big Hit Music, Source Music, Pledis Entertainment, KOZ Entertainment, ADOR, and Belift Lab.
The corporation is home to many prominent K-pop artists, including BTS, SEVENTEEN, fromis_9, TXT, ENHYPEN, LE SSERAFIM, NewJeans, BOYNEXTDOOR, TWS, ILLIT, and multiple soloists, including Zico, Baekho, Bumzu, Jin, RM, Jimin, V, Agust D, Suga, Jungkook, Hwang Min-hyun, and others.
