Kmedia reported that HYBE will reorganize its corporate structure to maximize efficiency and increase synergy in key business sectors. HYBE announced at its board meeting that the company will establish BigHit Music as a separate entity. HYBE will own 100% of BigHit Music. As such, the next HYBE shareholders’ meeting will be May 14. During the meeting, shareholders will be voting on 2 measures: 1 – the approval of the separation of BigHit Music 2 – the approval of the appointment of Scott Samuel (Scooter) Braun onto the board of directors
BigHit Music, which will be newly established as a separate, private entity, is expected to give artists the best working environment and the best content for fans by focusing on the label’s already existing activities of music production, artist management and fan communication.
HYBE will also absorb HYBE 360 and HYBE IP to “increase operational efficiency, establish a faster system for making decisions and strengthen the capabilities of making secondary & tertiary businesses based on each artist’s IP.”
“With the launch of the hybrid system we have reorganized our corporate structure to further improve our competitiveness as a company, and we are not considering the sale or IPO of BigHit Music. We look forward to accelerating the transition to the world’s top entertainment lifestyle platform company with the improvement of the core business sectors and expanding the synergy between the businesses inside the company.” SOURCE
-By having BigHit Music as a separate entity and with no plan of IPO, for me it means, Bighit Music has the creative freedom to create & produce music that they want without having to worry about profitability/pleasing stakeholders
-It means BigHit Music is going to be run independently and it’s basically staying the way that it is and doing everything they were doing before.
-Yes this is such a good news. No outsiders aka investors will be able to control BigHit and their artists. Big Hit Music includes BTS TXT & Lee HYUN.