On February 1, 2005, a company named Bighit Entertainment was founded by a producer known as Hitman Bang (Bang Si Hyuk). People did not really have any hopes for this company and greatly doubted its potential.
Fast forward to 18 February 2021, the same producer, now managing multiple famous artists, collaborating with Universal Music Group for a strategic partnership, creating waves in the global music industry.
Welcome to “A New Chapter of Success in Bighit Music: Universal Music Group”.
This joint venture was built to strengthen each of the labels under HYBE labels in their individual specialties. Sir Lucian Grainge, chairman and CEO of UMG, mentioned that there are three main key points behind this partnership, which are as follows:
New Global Artist — The two companies shall come together, hand in hand, to produce a global boy band through an audition program.
Collaboration for Technology — Through this venture, Universal Music Group shall be utilizing Bighit’s already developed technology. Due to this, you can now see some of Universal Music Group’s artists on a platform known as Weverse. This is to enhance the connections between the artists and fans.
For the Fans — Lastly, Sir Lucian Grainge says that through this partnership, the fans will have access to an enhanced experience with their artists.
He concludes by saying that he shall look forward to the type of music both of the companies will be able to create, especially with Bighit Entertainment’s innovative techniques.
Bang Si Hyuk, the founder of BigHit (now HYBE Labels), also commented on the partnership. He started by mentioning the influence and popularity of Universal Music Group, stating that they are a global entertainment leader with a foundation in music. They also include the world’s top labels like Spinnup, Universal Motown Records, Universal Motown Republic Group. They have also worked with globally renowned artists such as Ariana Grande, Post Malone, Kanye West, Olivia Rodrigo. Bang continues by saying that Bighit Entertainment shall be able to attain unimaginable feats through this joint venture and concludes by saying that together, UMG and HYBE shall rewrite global music history.
The Global CEO of HYBE Labels, Lenzo Yoon, discussed a few more details related to the ‘New Global Artist’ project. Through the joint venture, both the companies plan to debut a boy group for the stage through a global audition. This audition shall be aired in partnership with a U.S. media partner in 2022. HYBE will be discovering and training artists; fan content production and communication will be done through Weverse.
Universal Music Group will be in charge of music production and global distribution since they have a powerful local network, and they will also produce the audition program. Lenzo Yoon also says that both the companies will do their best by working in their respective areas of excellence. He also states that music fans will be presented with a novel kind of boy group. The joint venture headquarters in Los Angeles will be in charge of the new boy group’s debut.
Next, the CEO of Geffen A&M Records, a label under Universal Music Group, spoke about how he is looking forward to this collaboration between the two leading groups of the music industry. Each of the companies will be able to learn and experience new concepts from each other.
Sir Lucian Griange elaborated on this sentiment, saying how Universal Music Group will be working to support and develop new working platforms and business models. They shall work with digital live streaming platforms and will be striving towards a new and better experience between the artists, their music, and the fans.
Bighit Entertainment announced their new company name, HYBE, in March of 2021. This change was done to make one single umbrella for all artists and entertainment labels under them. HYBE has brought in a revolution in the K-pop industry by acquiring and partnering with popular global artists.
Not only has HYBE become incredibly successful, but now they also own Ithaca Holdings. With time, Bighit Entertainment expanded and rose to great heights. Who could have expected such a small company to become a typhoon in the music industry?
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Written By: Ruqayya
Edit By: Esma
Checked By: Clare
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