February 3, 2023


Today's News Headlines, Breaking News & Latest News from India and World, News from Politics, Sports, Business, Arts and Entertainment

Scooter Braun becomes sole CEO of HYBE America, home to BTS

3 min read

Scooter Braun becomes the sole CEO of HYBE America, diversity Confirmed. He previously shared the co-CEO title with Lenzo Yoon, a veteran of Big Hit (HYBE’s former corporate name) who joined the South Korean company – K-pop sensation BTS – in 2010 as head of strategic planning. At HYBE, Yoon was tasked with “localizing the K-pop business model in the US music industry” as announced by 2021.

Braun’s Ithaca Holdings merged with HYBE in April 2021, giving the company a 100% stake in Ithaca and its properties, including SB Projects and management clients Justin Bieber, Ariana Grande and Demi Lovato, as well as the Big Machine label group. With the merger, Brown joins HYBE’s board and retains the title of CEO for its American business. Bang Si-Hyuk, who founded Big Hit in 2005, stepped down as CEO in July 2021 and remains chairman.

This gave a seemingly larger role to Yoon, who was instrumental in building BTS’s fanbase. Yoon (full name Yoon Seok Joon) became global CEO in May 2020, before the company launched its IPO on the Seoul stock market. He then became the CEO of HYBE America in July 2021. State’s role earned him a spot on Billboard’s 2022 Global Power List (alongside Bang and Brown). HYBE did not indicate what Yoon’s future role might be. And it did not respond diversityits search

The billion-dollar Ithaca-HIBE deal has resulted in big paydays for Brown’s employees and clients, including SB Project president Alison Kaye, Grande, Bieber and J Balvin. A pledge of $50 million of Brown’s personal stock was committed to the work and employees who have been with Brown since he started SBP in 2007. Bieber and Grande each received 53,557 — worth about $10 million — while Balvin received 21,423 shares. Demi Lovato was allocated 5,355. Small slices of the pie were parceled out to other artists on the label’s roster, such as Carly Rae Jepsen and Asher Roth, as well as producer Andrew Wyatt, Migos rapper Quavo, producer Tommy Brown, and songwriter Jason “Poo Bear” Boyd. . Kaye, meanwhile, got a whopping 26,778 shares — good for $5 million.

Elsewhere in the Brown empire, Bieber sold his music rights to Blackstone-backed Hypnosis Song Capital for north of $200 million in a deal that includes shares in Bieber’s publishing and recorded-music catalog, Bieber’s publishing copyright (including authorship). performance share), master recordings and neighboring rights to his entire back catalog, which includes more than 290 titles released before December 31, 2021.

While BTS is HYBE’s main client, the company and its subsidiaries are home to popular K-pop acts Tomorrow X Together, Enhyphen, Seventeen and more. HYBE also recently partnered with Source Music to debut a K-pop girl group in May 2022, Le Seraphim. With the release of their second EP, “Antifragile,” in October, the group became the fastest female K-pop act to debut on the Billboard 200.

HYBE increased its revenue in 2022, earning more than $1 billion, which puts it in the league of a mini-major label. So far this year, its stock is up 10%, though it has underperformed by 31% over the past year. As of January, HYBE’s market cap is $6.25 billion, though that’s down from $12.1 billion by the end of 2021.

When BTS announced its “hiatus” in June 2022, HYBE stock fell 28%, equivalent to a $1.7 billion drop in market value. However, HYBE soon released a statement behind the word “hiatus” and claimed that the word was mistranslated in the group’s Korean-language announcement. “BTS is not taking a break. Members will focus more on individual projects during this time,” the statement said.

This has proven to be true, as members RM and J-Hope have both released solo projects since the announcement. The group is also due for military service, and will therefore be temporarily inactive but “looks forward to reuniting as a group around 2025 following their service commitments,” label Big Hit Music said in a statement.

Leave a Reply

Your email address will not be published. Required fields are marked *