SEOUL, South Korea (CelebrityAccess) — Following the resignation of HYBE CEO Park Ji-Won earlier this month, the South Korean entertainment giant announced plans for HYBE 2.0, a new strategic direction for the company.
HYBE shared their plans in a letter to the company’s shareholders, detailing a new business plan that the company anticipates will be the key for the company’s “next-level global growth.”
As part of HYBE 2.0, the company will launch HYBE Music Group APAC, which will strengthen the company’s multi-label business model, bringing label operations in South Korea and Japan under one roof.
HYBE also touted the launch of a “Multi-home, Multi-genre” strategy in the U.S., Japan, and Latin America, seeking to develop local talent and establishing a strong presence in each market and attracting fans who might not be traditionally drawn to K-pop.
In the U.S. the strategy will seek to integrate HYBE’s K-pop system into the mainstream music market, including the debut of new artists and expanding K-pop know-how to existing U.S. artists.
As well, HYBE indicated that it plans to focus on developing labels in the U.S. and collaborating with home grown artists. HYBE cited the success of its existing labels such as the country label, BMGL which features artists such as Dolly Parton and Thomas Rhett, and QC, which includes hip-hop artists such as Lil Baby and Lil Yachty. According to HYBE, the two labels catalogs accounted for 50% of HYBE’s total streaming revenue in 2023.
To support their expanded focus on international labels, HYBE also announced plans to launch a new label services division that will be centralized under HYBE America. This new service will combine traditional management in the U.S. with HYBE’s 360 business model, providing services for labels and artists from distribution, marketing, to promotion. The label services team will also faciliate the entry of HYBE’s artists from Korea, Japan, and Latin America, making the process more efficient.
HYBE also highlighted their partnership with Geffen Records under Universal Music Group to debut Katseye, a new U.S. based girl group built on the K-pop model that dropped their first single in June, which will be accompanied by their first mini-album in August. The group is also supported by a Netflix documentary.
In Japan, HYBE will follow a similar course, developing local artists such as their first project, the boy band &Team, who debuted in 2022 and built a regional fan-base through small town concerts before expanding to an arena tour in 2023.
The strategy appears to be paying off for the group after their debut album Samidare, released in May, generated sales of more than 440,000 in the first week.
HYBE’s international focus also includes South America, where the company seeks to capitalize on the strength of the Latin music market. According to HYBE, the company is building out its infrastructure in the region, including a dedicated studio in Mexico City, and is actively recruiting and developing producers and artists, as well as partnerships with local music industry players.
Along with their expansion plans in the physical world, HYBE touted its focus on Weverse, the mobile app fan platform that helps artists to stay connected with their fanbase, while providing an avenue for merch sales.
As part of HYBE 2.0, Weverse will launch a a subscription-based membership system later this year that will serve as a separate service from existing artist fanclub membership, offering expanded contact for dedicated fans.
The service will include features such as a digital membership card, bonus jelly (digital currency) credits, ad-free video viewing, and VOD offline storage. Additionally, optional features may include access to membership-exclusive content and priority participation in events.
In a joint statement, HYBE’s new CEO Jason Jaesang Lee and Representative Director Jiwon Park said:
HYBE has decided that it is time for a new leadership to lead the era of HYBE 2.0, which aims for further advancement of our business and next-level global growth. Under the new leadership, HYBE will leverage creativity and technology to drive the HYBE 2.0 strategy and play a leading role in the global entertainment market. Built on the core elements of music, platform, and tech-driven future growth initiatives, HYBE 2.0 aims to continuously develop our domestic and global music businesses, solidify our position in the evolving superfan market through our platform business, and secure long-term growth drivers through tech-driven future growth initiatives. Additionally, we will remain committed to our fundamental role as an entertainment content company that brings joy to fans and the public, ensuring that we always think from the perspective of the fans rather than as a provider.
To further solidify HYBE’s identity as a leading IP-based content company, we are focusing on enhancing our content production capabilities and uncovering new fan desires to proactively enter emerging markets. This approach is not a departure from our core direction but rather a return to basics—strengthening our fundamental capabilities and designing the future IP and fan engagement business models that consider the evolving market environment. We ask for your continued support as we navigate these efforts under HYBE 2.0.
HYBE deeply appreciates the trust and support of all our shareholders. We are committed to achieving continuous growth and success, working with you to build a brighter future. Your valuable feedback and engagement will always be a great source of strength as we work toward realizing HYBE’s new vision.
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