HYBE Corp, the K-pop titan responsible for global sensation BTS, has made another significant move by buying its partner’s stake in BELIFT LAB, the agency behind boy group ENHYPEN. The company recently announced its agreement to buy CJ ENM’s 51.5% share in BELIFT LAB. While the deal’s specifics remain tightly under wraps, this acquisition underscores HYBE’s commitment to expanding its influence in the K-pop domain.
BELIFT LAB, initiated in 2018 as a collaborative venture between HYBE and CJ ENM, was designed to cultivate and promote idol groups. Both companies have praised BELIFT LAB for its “innovation and excellence in K-pop.”
@heejakeswonki since they announced that be:lift is now fully owned by hybe, here’s a little compilation of bang shi hyuk pd- nim unwavering love and support for #enhypen
As a testament to its success, BELIFT LAB celebrated the debut of ENHYPEN in November 2020. This septet originated from the survival show I-LAND and has since succeeded remarkably. Their latest album, DARK BLOOD, was released last May. It sold 1.32 million copies in its first week. This surpassed their previous record set by MANIFESTO: DAY 1 in 2022, which sold 1.24 million in its debut week.
Currently, ENHYPEN is embarking on their FATE World Tour. They’re gearing up for performances in Osaka on September 2 and 3 and will then head to Tokyo for shows on September 13 and 14.
https://twitter.com/sunookitchenrag/status/1689513704537133056
HYBE and its multi-label approach
By gaining full ownership of BELIFT LAB, HYBE emphasizes its strategic multi-label approach. In a statement, HYBE expressed its intent to offer unparalleled support to BELIFT LAB and its artists. Park Jiwon, HYBE’s CEO, said, “We remain committed to fostering a partnership with CJ ENM to further promote K-culture.”
Since its Korean stock market debut in October 2020, HYBE has consistently flexed its corporate strength. Initially best known for debuting BTS, the company diversified its interests. This includes acquiring various labels in Korea and a leap into the global market by buying Scooter Braun’s Ithaca Holdings.
https://www.youtube.com/watch?v=U7_TK7nlsyk&t=9s
2022 HYBE BRIEFING WITH THE COMMUNITY
HYBE’s extensive portfolio encompasses ADOR, BELIFT LAB, BigHit Music, HYBE Labels Japan, KOZ Entertainment, NAECO, Pledis Entertainment, and Source Music. Additionally, HYBE America oversees affiliate labels, including the Big Machine Label Group.
Earlier this year, HYBE made headlines when it aimed to acquire its primary competitor in the K-pop scene, the pioneering SM Entertainment. Unfortunately, tech behemoth Kakao intervened, becoming SM’s largest shareholder. Despite this, HYBE likely profited from selling its stake in the company. – K-Pop News Writer
Featured Image: Netizens hope this acquisition will lead to bigger and better things for ENHYPEN. Source: Twitter/@ENHYPEN_Charts.