HYBE redefined the K-pop landscape when it solidified its position in the ‘Big Four’—the four largest and most influential entertainment companies in the South Korean music industry. All eyes are on HYBE now as it’s getting ready to navigate a year without BTS, its top-selling act.
In 2023, BTS‘s album sales, including the members’ solo projects, constituted 22% of HYBE’s total album sales, underscoring the group’s pivotal role in the company’s revenue stream. With all BTS members in the military, Yuanta Securities is projecting a 0.4% decrease in HYBE’s annual sales for 2024. To mitigate this, HYBE is diversifying its focus to other artists in its stable.
On-point: How will 2024 K-pop scene look without BTS?
Among these artists, SEVENTEEN is set to embark on a stadium tour in January 2024. Meanwhile, ENHYPEN, fromis_9, and &TEAM are preparing for both domestic and international concerts. Other groups such as LE SSERAFIM, NewJeans, and TXT are expected to maintain their active presence in the music scene both domestically and internationally. Fans are also eagerly anticipating the return of BTS members Jin and j-hope to the music industry after they’re discharged from the military.
This month, PLEDIS Entertainment, a label under the HYBE umbrella, will debut TWS. This highly-anticipated group marks PLEDIS’s first new boy group since the debut of SEVENTEEN. TWS‘s first EP is scheduled for release on January 22. Additionally, two more groups are set to make their debut in the first half of the year: I’LL-IT, formed through JTBC’s show R U NEXT?, and KATSEYE, created through The Debut: Dream Academy.
HYBE is poised for success in 2024
HYBE is also focusing on its fan community platform and intellectual property (IP). Weverse, which serves as a space for fans to connect with artists, is undergoing functional improvements. It’s also looking to add more artists from Japan, Korea, and the US. The company is also planning to continue its foray into webtoons with new releases, such as the sequel to ENHYPEN’s Dark Moon: The Altar of the Moon. HYBE IPX plans to expand with pop-up stores and continue its urban concert play park project, “The City.”
Binary Korea, a HYBE subsidiary, is teaming up with Sandbox Network to launch a creator-centric fan community platform soon. Additionally, HYBE IM, with a focus on gaming, is poised to release the full version of ASTRA: Knights of Veda in the first quarter. Superton, an AI audio company under HYBE, is developing advanced AI voice solutions for gaming. This indicates HYBE’s ambition to establish a strong foothold in the AI audio industry.
[ASTRA: Knights of Veda] The beginning of the journey.
In line with global market trends, HYBE is adopting more international strategies. Bang Si-hyuk, HYBE’s Chairman, has emphasized the need for K-pop to evolve beyond its traditional boundaries. This evolution is reflected in the recent releases from HYBE artists like Jungkook, LE SSERAFIM, and NewJeans. They had more English lyrics and introduced creative variations to classic K-pop elements, such as intricate choreography.
With a focus on nurturing new groups, enhancing digital platforms, and developing innovative content, HYBE is poised for success in 2024 and beyond. – K-Pop News Writer
Featured Image: HYBE is pulling out all the stops to ensure its continued success despite BTS’s absence. Source: HYBE, PEOPLE.
