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HYBE 2.0: South Korean giant announces key details of new and innovative business strategy
HYBE 2.0 is in full force and set to bring big changes. Let’s discuss some of the most significant positive additions to the company.
HYBE, the multinational entertainment company, is all set to introduce a new business strategy to further enhance and expand its reach. By introducing various innovative plans, their expectations are more than developing the company but making the artists more connected with the fans efficiently.
Moreover, the company is also introducing a big executive change in their internal structure by replacing the current CEO, Park Ji Won, with Lee Jae Sang, who is the current CSO of the company. Lee Jae Sang will be leading the HYBE 2.0 plan and is expected to bring positive changes.
HYBE also has big plans for its Japanese subsidiary and has appointed Kim Young Min as the chairperson of the sector. He was the former co-CEO of SM Entertainment in 2019 and later moved to DREAM MAKER ENTERTAINMENT, the U.S. subsidiary of the company. With a reputable resume, he is expected to be a powerful leader.
Let’s dive into the major business strategies to be adopted in HYBE 2.0
1. Formation of HYBE MUSIC GROUP APAC
HYBE is set to launch HYBE MUSIC GROUP APAC, a new division overseeing its music labels in Korea and Japan. This initiative aims to bolster the company’s music business by focusing on refining strategies, investing in key resources, and enhancing music service capabilities. The goal is to drive growth for HYBE’s labels on a global scale and strengthen their presence in the international market.
Young Jae Shin will lead as the president of the HYBE MUSIC GROUP APAC, who is currently serving as the CEO of BIGHIT Music.
2. Multi-home, Multi-genre Strategy
HYBE will further its Multi-home, Multi-genre approach in the U.S., Japan, and Latin America. In the U.S., HYBE AMERICA will introduce a new label service designed to support artists beyond typical recording contracts, starting with the debut of KATSEYE, a U.S.-based group in collaboration with Geffen Records.
For Latin America, HYBE LATIN AMERICA will begin full-scale operations in 2025, focusing on building infrastructure and scouting talent.
HYBE JAPAN will continue strengthening its presence in Japan, including plans to debut a new artist following the group &TEAM. From today, Kim Young Min has been appointed as the chairman of HYBE JAPAN and is expected to bring positive changes.
3. Weverse Platform Enhancements
Starting in the fourth quarter of 2024, Weverse will upgrade its global fan engagement model with a subscription-based membership. This new offering will include features such as digital membership cards, bonus ‘Jelly,’ ad-free video content, and more. Artists on Weverse will have the flexibility to launch their memberships at their own pace. Additionally, the platform will expand Weverse DM, its private messaging service, to include more artists and incorporate ads later this year.
4. Integration of Content and Technology
To drive sustainable growth, HYBE plans to merge content with technology and anticipate shifts in consumer experience. The company is exploring investments in various sectors, including gaming, audio/voice technology, generative AI, and integrated online and offline experiences. These ventures aim to enhance HYBE’s adaptability to evolving market trends.
The newly appointed CEO, Lee Jae Sang, has stated that HYBE 2.0 focuses on fostering future growth businesses centered on music, platforms, and technology. The company will continue to excel in the music industry, solidify its position as the leading player in the superfan business, and secure long-term growth drivers through tech-driven future growth initiatives.
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