Tag: HYBE Labels

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ADOR Issues Statement Refuting All HYBE Accusations

In an official statement released by ADOR, a subsidiary of HYBE Labels, CEO Min Hee Jin and its employees have diligently addressed all HYBE accusations. The statement stands as a comprehensive response to the allegations brought forth by HYBE, aiming to clarify misunderstandings and present ADOR’s perspective on the matter.

ADOR’s Full-Length Statement Addresses All HYBE Accusations

On May 2, ADOR released the full-length statement regarding its current controversy. The statement offers a detailed account of each allegation, explaining the label’s side of the story.

The full statement reads as follows:

We would like to provide accurate facts regarding HYBE’s claims.

We deeply regret having to release a statement on a matter other than [news about] our artist again at an important time when NewJeans’s new music is being released.

ADOR has repeatedly requested HYBE to refrain from media activities that spread news about other issues unrelated to news about the artist so that the value of NewJeans’s efforts is not damaged through conversations with the media. HYBE also stated that they would not refute the press conference held by CEO Min Hee Jin. We express deep disappointment and regret that HYBE resumed its refutation through the media in less than a day.

Despite HYBE’s refutation, ADOR has not responded in order to not cause harm to the artist’s activities and to protect their value. However, as unverified issues continue to add to the public’s confusion, ADOR wishes to clarify the accurate facts regarding the current controversy.

1. Regarding the takeover of management rights

HYBE’s claim of a “management rights takeover” is baseless. The evidence they provided was not intended for a takeover but emerged from ongoing conflicts with HYBE based on “imagination.” We reiterate that there was no specific plan or execution related to this.

As the audit began and the malicious battle of public opinion worsened, the [ADOR] vice president who was quite concerned for Min Hee Jin’s safety approached HYBE’s senior management to request a halt to their unilateral battle of public opinion. However, HYBE’s management responded that it was not the time to worry about Min Hee Jin and coerced cooperation with statements such as, “If you get sued and your tie gets cut off for being the person in charge, how are you going to cover the damages you have to pay?” and “Think about your family.” They psychologically pressured the vice president into signing a consent form for information provision by saying, “There will be no issues if you cooperate with us.” The next day, the vice president’s KakaoTalk messages were disclosed to the media. This is a severe invasion of privacy and violation of human rights. Recently, Min Hee Jin’s legal representative confirmed with Yongsan Police Station, in the process of submitting the power of attorney form, that the vice president who wrote it was excluded from being a defendant.

HYBE maliciously edited the content of the conversations to make it appear as if the original intention was to take over management rights and intentionally publicized this extensively in the media. Min Hee Jin’s statement, “This will have to be noted as being casual conversation,” which is completely unrelated to the context, was also selectively edited.

2. Regarding financial compensation

Firstly, Min Hee Jin stated at the press conference that the “incentive” is 2 billion won (approximately $1.45 million), not her salary. This was a reward for achieving 33.5 billion won (approximately $24.3 million) in operating profit two years after ADOR’s establishment.

As stated at the press conference, the issue she raised regarding the incentive calculation was not about the amount itself but about the criteria for determining the incentive and the transparency of the decision-making process. Min Hee Jin believed that HYBE’s criteria for determining incentives was unclear and that there was a lack of clear explanation regarding the process of calculating incentives.

Distorting the facts about the incentive like this and obfuscating the issue by mentioning Min Hee Jin’s salary, incentive, and stock compensation can only be seen as HYBE’s attempt to falsely frame Min Hee Jin as being motivated by financial greed.

3. Regarding the internal whistleblowing and audit process

It is said that CEO Park Ji Won replied to ADOR’s internal whistleblowing email on April 22 at 10 a.m. At the same time, HYBE not only initiated an audit including seizing the vice president’s laptop but also sent a letter demanding Min’s resignation and calling for a general shareholders’ meeting. Just a few hours after, news articles were continuously published, announcing the sudden activation of the audit rights on ADOR’s management. The following day, articles continued as if it were a live broadcast with HYBE’s aggressive media activity. We would like to ask HYBE. What was your response to Min’s internal whistleblowing email?

We would like to ask this also. What kind of listed company discloses to the public the details of an audit that should be conducted discreetly, even editing in unverified information, and reports them as if they were a live broadcast? Moreover, this happened just at the time when a subsidiary label’s artist was preparing for a comeback.

The activation of audit rights has severely hindered the work of Min Hee Jin and ADOR staff members, who were working tirelessly in preparation for NewJeans’s comeback. Although HYBE claimed that they immediately provide new laptops and allow downloading existing work materials to ensure no disruption to work, this is not true. The laptops were taken away without giving the vice presidents time to download their work materials, and the process of seizure was also unreasonable.

4. Regarding HYBE’s promise to debut [NewJeans] as the first girl group

HYBE had publicly declared NewJeans as Min Hee Jin’s girl group and HYBE’s first girl group since the “Plus Global Audition.” This is a fact remembered by the parents of NewJeans members and the executives and employees of ADOR at the time as witnesses. Eventually, with the recruitment of Sakura and Kim Chaewon, LE SSERAFIM became HYBE’s first girl group, and even though it was revealed that HYBE did not keep its promise of “HYBE’s first girl group,” HYBE is not hesitating to make false claims. At the time, Min Hee Jin requested the establishment of ADOR while giving up her shares, and she endured various disputes in order to transfer and debut the NewJeans members in ADOR.

Despite the truth about NewJeans’s debut process, HYBE claimed, “NewJeans’s debut schedule could not help but be delayed regardless of HYBE’s intention due to the division of the company and the transfer of contracts.” It is regrettable that HYBE continues to lie about the truth of what has already happened.

5. Regarding the request not to promote NewJeans’s debut

HYBE claims there were concerns that the fact that Sakura joined SOURCE MUSIC as well as the information on the composition of NewJeans members would be exposed, but this is not only factually incorrect but also logically inconsistent.

There is no explanation whatsoever on what relation there is between revealing that ADOR’s debut team is “composed only of rookies” and Sakura joining SOURCE MUSIC as well as what problems could result in exposing the information on the composition of ADOR’s debut members.

HYBE gave the excuse, “As there was not adequate time for the two groups’ promotions because their debut schedules followed one after the other right away, it was decided that minimum promotional periods would be set,” but in actuality, there were no such agreements. At the time, HYBE wanted to create confusion within the industry that LE SSERAFIM could be Min Hee Jin’s girl group, and CEO Park Ji Won explicitly asked Min Hee Jin through calls and social media [messages] for ADOR to not promote NewJeans. This is confirmed by the social media conversation records between Park Ji Won and Min Hee Jin, yet HYBE continues to change their story while giving irrelevant reasons.

6. Regarding the claim that it was not a slave contract

Min Hee Jin does not deny the necessity of the non-competition clause itself. As the head of a company engaged in the entertainment business, she understands that working in a competing business during and for a certain period after employment can be prohibited. However, business and duration subject to the prohibition of competition must be reasonable, which is not the case with the current shareholders’ agreement.

Contrary to the official statement on April 25, HYBE’s rebuttal statement distributed to all media outlets on April 26 blamed Min Hee Jin for disclosing the shareholders’ agreement and refuted by revealing part of its content.

The irrationality of the current shareholders’ agreement primarily lies in the fact that Min Hee Jin can only be freed from the non-competition clause by no longer holding any shares, and addressing this unfairness is only natural. HYBE claimed in its rebuttal that it sent a response in December last year stating, “There were differences in interpretation in the provisions related to selling stocks in the contract. We will resolve the clause with ambiguous interpretation,” but any legal expert would find the interpretation unambiguous, and Min Hee Jin would continue to bear the non-competition obligation until she disposes of all shares with HYBE’s consent. Although HYBE claimed to have sent a response to resolve the ambiguous clause in December, it was not until mid-March this year that a revised proposal containing this content was received.

7. Regarding follow-up reports on the shareholders’ agreement

Following HYBE’s rebuttal, several follow-up reports confirmed by HYBE through the media have been rife with speculation and distortion regarding the shareholders’ agreement. To correct further misunderstandings, we provide this information.

HYBE has misled by claiming that Min Hee Jin demanded an increase to 30x for the put option, suggesting that the current conflict is motivated by financial reasons. However, the 30x was a reflection of the value of our future boy group production and one of the proposals during the negotiation process to change the shareholders’ agreement with various unreasonable aspects, and it was not a priority item in the negotiations.

Additionally, HYBE promised Min Hee Jin an additional 10 percent stake in ADOR as stock options during the stock purchase agreement and shareholders’ agreement signing in March last year. However, legal advice revealed that stock options could not be granted to major shareholder Min Hee Jin under the Commercial Code. This stock option was not requested by Min Hee Jin but proposed by HYBE. Min Hee Jin could not dismiss the perception that HYBE had deceived her. It was a matter of “trust.”

It is also not true that Min Hee Jin rejected HYBE’s proposal to release the non-competition obligation. HYBE suggested that Min Hee Jin serve a mandatory eight-year tenure and bear a one-year non-competition obligation after resignation, with the put option to be exercised in stages according to that period. However, the controversy over ILLIT arose during the shareholders’ agreement negotiations, leading to the current situation. Min Hee Jin has not communicated any stance on HYBE’s proposal. It is untrue that Min Hee Jin expressed a refusal.

8. Regarding the fact that the shaman is simply a friend

NewJeans’s success and ADOR’s remarkable achievements made in a short period of time are based on rational business decisions. These claims are part of HYBE’s framing to undermine and deny ADOR’s success.

ADOR’s revenue and operating profit stem from preventing unnecessary expenses, efficiently managing the budget, and striving to enhance the brand image. If what they claim is possible, why would Min Hee Jin and ADOR’s staff members work tirelessly day and night?

It is regrettable that HYBE, which should be a leader of K-pop, attempted to frame with personal defamation unrelated to the issue and not even worth responding to, especially announcing it just before Min Hee Jin’s press conference.

9. Regarding the fact that HYBE does not cherish NewJeans

HYBE was the one who suddenly announced the audit to the media on April 22 without waiting for the audit results. Without any concrete evidence, they claimed an impossible “takeover of management rights” and did not even attempt to listen to ADOR’s stance internally, sparking this issue before NewJeans’s comeback.

HYBE claims they suggested not to mention the artist. If they believed attacking Min Hee Jin and ADOR publicly would not affect NewJeans’s brand value, it indicates a lack of understanding of label management and is sophistry to cover up their own misjudgments in management.

We hope the above information helps to resolve further speculation and misunderstandings.

On April 16, Min Hee Jin stated, “HYBE is unprepared, lacks understanding, and has the wrong attitude toward a multi-label system,” pointing out various issues and proceeding with internal whistleblowing. Despite it being a frank statement made with trust in Chairman Bang Si Hyuk’s guideline to “speak up about differences and your opinions when faced with injustice and irrationality in the workplace although it may be difficult to do so,” the situation has come to this current extreme state with accusations of “breach of trust.”

ADOR is currently contributing all of our efforts into supporting NewJeans’s activities and will continue to do so. If HYBE truly wishes to protect the IP as claimed and considers the shareholders’ interests, we hope they will stop spreading the unconvincing malicious propaganda and show a reasonable attitude by supporting ADOR so we can showcase full dedication to creation.

Following HYBE Labels’ internal audit and allegations against Min Hee Jin of attempting to “steal” ADOR and NewJeans, ADOR’s official statement meticulously dissects each claim, offering insights into the company’s operations and clarifying any misconceptions. CEO Min Hee Jin, alongside ADOR’s employees, collectively stand by their actions and refute any assertions of wrongdoing.

Moreover, ADOR’s statement addresses the press conference held by Min Hee Jin on April 25, where initial discussions regarding the conflict between ADOR and HYBE were brought to light. ADOR emphasizes the importance of transparency and open communication, underscoring their commitment to resolving disputes through dialogue and cooperation.

On April 26, HYBE issued a more detailed statement, further elaborating on specific claims made during the ongoing conflict. ADOR’s response to this statement reflects a thorough examination of the issues raised by HYBE, providing a nuanced perspective and offering solutions to reconcile differences between the two entities.

In essence, ADOR’s official statement serves as a testament to their dedication to transparency, integrity, and resolving conflicts in a constructive manner. By addressing each issue and accusation with diligence and clarity, ADOR reaffirms its commitment to upholding ethical standards and fostering a harmonious relationship within the HYBE Labels ecosystem.

For now, HYBE Labels has not yet issued a response to the full-length statement issued by ADOR.

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Lee Soo Man Sells His Remaining SM Entertainment Shares to HYBE

HYBE has acquired an additional 3.64 percent stake in SM Entertainment for 104.3 billion KRW (approximately 78.2 million USD). This marks a major shift in the company’s ownership landscape. This transaction involves all the remaining shares of SM Entertainment held by its founder and former chief producer, Lee Soo Man. With this development, Lee Soo Man will no longer have any stake in the agency he built in 1995, home to K-pop acts like aespa and NCT.

The backstory to this development has to do with a decision Lee Soo Man made last year. He decided to sell a 14.8 percent stake in SM to HYBE during a contentious battle for control of the company involving Kakao. This latest purchase involves his 868,948 shares going for 120,000 KRW each. This price was significantly above the current share price. This move is the result of Lee Soo Man exercising his put option. This right was agreed upon during their previous transaction in February 2023.

@iqtaehyun

i was SHOCKED when i saw this but it wont rlly affect the idols under sm. #leesooman #sm #smentertainment #nct #aespa #redvelvet #kpopfyp

♬ sad SpongeBob music – michael

HYBE now owns 12.6 percent of SM

Set to be finalized by March 7, this acquisition will increase HYBE’s stake in SM Entertainment to 12.6 percent. The initial purchase of Lee Soo Man’s shares was part of HYBE’s effort to gain a controlling interest in the agency, amounting to an investment of 422.8 billion KRW. But when Kakao emerged as the winner in the takeover battle, HYBE had to reduce its stake back to around 8 percent.

Kakao and Kakao Entertainment currently hold a combined 39.87 percent stake in SM. This means they’re the company’s largest shareholders. This intense battle reshaped the ownership structure of SM Entertainment and had significant repercussions for Kakao. Its chief investment officer, Bae Jae-hyun, is currently standing trial over allegations of stock price manipulation during the bid.

The sale of Lee Soo Man’s remaining shares to HYBE is a landmark moment in SM Entertainment’s history. It means the man who built the agency no longer has any ties to it as of this writing. As SM Entertainment turns the page, the rest of the industry is waiting to see how this development will change the K-pop scene in South Korea and beyond. – K-Pop News Writer

Featured Image: HYBE now has a larger ownership stake in the agency that was once one of its fiercest rivals. Source: X/@beyondthestarf.

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HYBE Becomes First K-Pop Agency to Achieve 2 Trillion KRW in Revenue

HYBE has become the first K-pop agency to cross the 2 trillion KRW revenue mark. With a reported 2.18 trillion KRW (1.67 billion USD) in earnings for 2023, this represents a 22.6% increase from the previous year. This financial milestone was propelled by strong album sales from NewJeans, SEVENTEEN, and TOMORROW X TOGETHER (TXT). Album sales alone accounted for 44.6% of the agency’s total revenue, an increase from 31.1% in the previous year. 

Together, these groups played a significant role in boosting HYBE’s album sales from its Korean artists, nearly doubling the total from 22.2 million units in 2022 to 43.6 million units. In Korea, SEVENTEEN led album sales with a staggering 15.9 million units, followed by TXT and NewJeans, who sold 6.5 million and 4.3 million albums, respectively. These numbers are from Circle Chart, which tracks sales only in Korea.

Hybe becomes 1st K-pop agency to top 2 tln won in annual sales

A bright spot

Revenue from the agency’s US-based record labels—Nashville’s Big Machine Label Group and Quality Control, an Atlanta-based hip-hop label the agency acquired in February 2023—grew 70% to 150 billion KRW (114.9 million USD). This accounts for nearly half of HYBE’s streaming revenue growth for the year. Meanwhile, streaming revenue from the agency’s Korean labels outside Korea also saw an increase of 102% to 107 billion KRW (81.9 million USD). This highlights HYBE’s global reach and the growing international demand for K-pop.

Concert revenue also experienced a substantial increase of 39.1% to 359.1 billion KRW (275 million USD). It accounted for 16.5% of HYBE’s total revenue, up from 14.5% in 2022. This indicates that 2023 was a big year for live performances. This growth was attributed to an increase in the number of concerts. HYBE had 125 concerts from seven touring artists in 2023, compared to 78 concerts from four touring artists in 2022.

Despite these successes, some revenue sources such as ads, appearances, content, licensing, and merchandise experienced declines. Thankfully, revenue from fan clubs emerged as a bright spot, showing a 35.9% increase to 91.2 billion KRW (70 billion USD).

QC Sold For $320 Million To Scooter Braun’s Company Hybe America

More good news

Here’s more good news: HYBE’s gross profit improved by 19.7% to 1 trillion KRW (773 million USD), though the growth rate was slightly lower than that of revenue. This was due to a 25.2% increase in the cost of sales. Nonetheless, the agency’s operating profit improved by 24.9% to 295.8 billion KRW (227 million USD), while its net profit rose by 288% to 186.5 billion KRW (143 million USD). This demonstrates effective cost management and operational efficiency.

Geographically, Korea’s share of HYBE’s revenue went from 33% in 2022 to 36% in 2023. Japan’s share also saw an increase, going from 28% to 31%. However, North America’s share dropped slightly. It fell from 32% to 26% despite the acquisition of Quality Control.

The fan community platform Weverse ended 2023 with 10.1 million monthly active users in the fourth quarter. This shows a slight decrease from 10.6 million in the third quarter but an overall year-on-year increase, as Weverse had only 8.5 million monthly active users in December 2022. The platform expanded its artist communities significantly, from 71 at the end of 2022 to 122 by the end of 2023.

eternal sunshine (label reactions)

HYBE is moving fast toward the future

Looking ahead, HYBE plans to expand its roster while promoting its existing artists. TWS has already debuted and is doing well, securing endorsement deals and music show wins. I’LL-IT and KATSEYE are also gearing up for their debuts. Meanwhile, HYBE America’s management division, Scooter Braun Projects, is poised for significant growth, especially with the upcoming release of Ariana Grande’s album Eternal Sunshine.

In addition to its financial achievements, HYBE also announced a shareholder value enhancement plan with a dividend of 700 KRW per share, totaling 29.2 billion KRW. This reflects the agency’s commitment to prioritizing shareholder value despite being in a growth phase.

HYBE CEO Park Ji-won believes the company’s dynamic and collaborative business model is a key driver of its success. “HYBE is moving fast toward the future with an unwavering vision. Our multi-label system allows each label to operate independently to reduce heavy reliance on certain artists or labels, and the labels compete and cooperate under the system,” he said. – K-Pop News Writer

Featured Image: Talk about record-breaking earnings! Source: The Korea Times.

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HYBE Employee Song Ju-young Reveals What BTS Is Really Like

We may think we know our favorite idols because we get glimpses of their personalities when we keep up with their music and other content. But how much of what we see is actually real? We may never know the answer to that. But there are people who do: the staff members who work with idols like BTS. For instance, HYBE employees get to know the members really well because they work behind the scenes.

These individuals, working tirelessly within the idols’ agencies, are privy to moments unseen by fans and media alike. This means they have a unique perspective on whether these celebrated figures are as genuine as they appear. One of them, Song Ju-young, a member of HYBE’s IT department, talked about his encounters with BTS on his YouTube channel. His stories offer a glimpse into what the members are really like without all the glitz and glamor.

가장 많이 받은 질문! BTS 본 적 있어요?

Memorable encounters

One memorable encounter involved Kim Seokjin, better known as Jin. Song Ju-young described BTS’s eldest member as “very  handsome and young-looking.” Recalling a time when he ran into Jin in the HYBE cafeteria, he shared that he went there to get a drink when he saw the idol. “I just nodded, then I realized he’s Jin from BTS!”

Song also shared his admiration for Kim Namjoon aka RM. Song shared that he often sees the BTS leader at the company gym. He praised RM‘s impressive physique, noting, “He’s so tall and his face is so small. He’s so handsome in person. His manly force is so amazing!”

Park Jimin was another member he spoke highly of. Despite Jimin‘s stature, Song said the 95-liner extends so much kindness to HYBE staff. “Among the BTS members, if I had to choose my bias, it’d be Jimin. His body is so pretty! Even with that small body, his body line is too pretty!”

이 노래로 ”입덕“했어요!!

The BTS members are genuine

Beyond their visuals, Song Ju-young was struck by the BTS members’ genuine personalities. He observed that their public image closely aligns with their true selves, a rarity in the entertainment industry. “They’re exactly as you see,” Song said.

ARMYs worldwide were touched by Song Ju-young’s insights. Everything he said about BTS further solidified their admiration for the group. After reading his comments, many were relieved to find that RM, Jin, SUGA, j-hope, Jimin, V, and Jungkook are actually as nice as they make themselves out to be. – K-Pop News Writer

Featured Image: Song Ju-young talks about different facets of life as a HYBE employee on his YouTube channel. Source: X/@jupiter_song.

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HYBE’s Girl Group I’LL-IT To Release Debut Album ‘Super Real Me’

I'LL-IT shares photo of the group ahead of its debut. Credit: Twitter/I'LL-IT

Get ready to meet the newest addition to the HYBE family! On Monday, February 26, I’LL-IT, the latest girl group under HYBE LABELS announced that they will be dropping their debut album Super Real Me on March 25.

In addition, BELIFT LAB, HYBE’s subsidiary, also revealed the girl group’s official logo through a 28-second Youtube video. 

Composed of members Yunah, Minju, Moka, Wonhee and Iroha, the group shared their thoughts on finally debuting through the agency. “We are very glad and excited to make the debut we’ve been longing for. Thank you to the fans who have waited patiently for us,” the members expressed.

Moreover, the members also shared that they have grown through the process of recording music and filming music videos. Additionally, the I’LL-IT members asked their fans to give them a lot of interest for their much-anticipated debut.

Additional details about Super Real Me such as its tracklist and title song are yet to be revealed.

Aside from ‘Super Real Me,’ what we know about I’LL-IT

For those who don’t know,  I’LL-IT is a product of the idol survival program R U Next?, which aired from June to September 2023. According to the agency, the group’s name is a combination of the words “I’ll” and “it,” which means that you have the potential to become anything. 

Initially, six contestants were chosen to be part of the debut line up. However, Youngseo, who placed second in the show, left the agency in January 2024 prior to the group’s debut. As per HYBE’s notice, both the company and the artist decided to terminate the exclusive contract. With this, I’LL-IT will continue with five members.

Notably, I’LL-IT will be the latest addition to the growing roster of girl groups under HYBE, following fromis_9, Le Sserafim and NewJeans. Although all under HYBE Label, I’LL-IT is set to be the first girl group and the second artist of the subsidiary BELIFT LAB. Furthermore, the quintet will be the first juniors of K-pop boy group ENHYPEN.

While waiting for the release of Super Real Me, fans can catch the latest I’LL-IT content through the group’s own Youtube variety shows I’LL-IT Ready and I’LL LIKE IT!

Featured image: I’LL-IT shares photo of the group ahead of its debut. Credit: Twitter/I’LL-IT

 

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HYBE Reportedly Looking To Acquire SM Entertainment Again

Recent industry rumors have ignited speculation about HYBE Labels, the powerhouse behind BTS and other global K-pop acts, considering another move to acquire SM Entertainment. These rumors have surfaced amid reports suggesting that Kakao, the multimedia giant, may explore selling SM Entertainment, a claim Kakao has officially denied. The K-pop landscape has been buzzing with discussions surrounding potential acquisitions and their potential impact on the industry.

HYBE Labels Possibly Makes A New Move to Acquire SM Entertainment

The speculation gains context from last year’s headline-grabbing attempt by HYBE Labels to acquire SM Entertainment. The proposed deal, had it materialized, could have reshaped the K-pop landscape significantly. However, the deal fell through for various reasons, leading to a return to the drawing board for both companies.

Recent reports indicate that HYBE Labels might be considering a renewed effort to acquire SM Entertainment, potentially in collaboration with founder and former chairman Lee Soo Man. While Kakao has officially denied the rumors of selling SME, industry insiders are closely monitoring the situation, given the ongoing speculations.

Insiders suggest that other companies are also exploring the possibility of acquiring SM Entertainment, even after the reported breakdown of the deal with HYBE Labels last year. Rumors abound that HYBE chairman Bang Si Hyuk is personally approaching private equity funds with a proposal to acquire SM Entertainment. The involvement of key figures and the potential collaboration with Lee Soo Man adds layers to the unfolding narrative.

Further rumors suggest that Lee Soo Man, after selling a portion of his stake in SM Entertainment to HYBE, may seek to return to the label. This potential move raises questions about the dynamics between the founder and the company’s future direction. Additionally, companies like NCSOFT, F&F (a fashion company), and MGM (an American entertainment group) are reportedly exploring the prospect of acquiring SME.

The K-pop industry, known for its dynamism and strategic partnerships, remains in a state of flux as these rumors circulate. The potential acquisition of SM Entertainment by HYBE Labels or other entities could have far-reaching implications for the global music scene. As the situation develops, stakeholders and fans alike eagerly await official announcements that will shape the future of these entertainment powerhouses.

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HYBE Calls for Removal of Unofficial BTS-Themed Sculptures

HYBE, the management company of BTS, has initiated a nationwide removal of BTS-related murals and sculptures. According to a report by TenAsia, Samcheok City took down the BTS photo zone and guide signs at Maengbang Beach earlier this month. This decision followed an official letter from HYBE sent on December 21, 2023, demanding the removal of all BTS-related sculptures.

Many locations in South Korea are famous because BTS’s music videos were filmed there. Fans call these places “pilgrimage sites.” These include Maengbang Beach, the filming location of the “Butter” MV, and the Red Lighthouse in Yeongdeok, Gyeongbuk, known as the “BTS Lighthouse.” BTS murals in Busan’s Gamcheon Culture Village and murals dedicated to SUGA and V in Daegu contribute to their popularity.

However, HYBE is calling for the removal of BTS-related murals and sculptures from these sites. Attempts by Samcheok City to negotiate ultimately failed, leading to the removal of the popular tourist attraction. HYBE also called out the Nam-gu district office in Busan and Goyang City in Gyeonggi Province for using BTS’s logo and a mural of RM, respectively, for promotional purposes.

BTS Tourist Spots To Gradually Disappear

HYBE explains their stance

A company representative explained, “We don’t grant permission for streets, sculptures, and murals. We prohibit such creations as they could negatively influence the image of our artists when damaged or badly managed.”

This displeased some local authorities. They argue that putting up sculptures and murals at public expense for fans interested in visiting BTS’s filming locations serves a public interest. One official from an area featuring BTS-related tourist attractions expressed a desire to continue discussions with the company, hoping to reach a compromise through further talks.

Korean netizens largely agreed with HYBE’s decision to remove such installations. This consensus was especially strong after it was discovered that local authorities didn’t obtain permission first. HYBE’s stance highlights the importance of respecting intellectual property rights in the entertainment industry. – K-Pop News Writer

Featured Image: This sculpture in Samcheok City has already been removed. Source: Naver.

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How HYBE Will Handle BTS’s Absence in 2024

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.

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K-POP ARTISTS KPOP NEWS LATEST STORIES

TWS Introduces Members Through Pre-debut Single ‘Oh Mymy: 7s’

TWS releases their pre-debut single 'Oh Mymy: 7s.' Credit: Twitter/TWS

PLEDIS Entertainment has officially revealed its latest boy group, TWS!

Ahead of their official debut on January 22, TWS surprised fans with a pre-release single titled “Oh Mymy: 7s” on Tuesday, January 2. 

Through this video, the group also officially introduced its six members. Pronounced as “two-us,” TWS consists of Dohoon, Kyungmin, Youngjae, Shinyu, Hanjin, and Jihoon. Additional details about each member have yet to be provided. 

According to a press release, the song “Oh Mymy: 7s” aims to showcase the group’s confidence in their color. Accordingly, it’s meant to feature their essence in just seven seconds. 

“As it is a song that introduces TWS to the world, its splendid performance and fantastic melody shows why they are the ‘highest expectations of 2024,’” agency PLEDIS Entertainment said. 

In the six-minute video, the members were seen preparing for their debut and sharing their thoughts about their training experiences. “The process of practicing for the final evaluations was very difficult. But it’s thanks to the other five members cheering me on and encouraging me that I am able to be where I am now,” Dohoon said. 

After the footage, the group skillfully delivered a powerful, synchronized dance performance of their pre-debut track. Notably, TWS highlighted their talent and charisma in front of a panel composed by HYBE and PLEDIS Entertainment executives, as well as all SEVENTEEN members. 

What we know about TWS 

After their pre-release single, the group also plans to release various video content. Among these are behind-the-scenes stories and individual trailers for each member. Additionally, they’ll also be releasing official photos, track lists, teasers, and highlight medley for the group’s debut mini-album Spring Blue. 

Meanwhile, the official music video and album will be released on January 22. In relation to that, the group will also host a debut showcase on the same day. 

To build excitement for their debut, TWS will also open a pop-up store in Seoul from January 18 to 31, 2024. 

Short for “Twenty-Four Seven With Us,” TWS is meant to signify the group’s desire to be a constant companion to listeners.

Notably, the sextet will be PLEDIS Entertainment’s first boy group in more than eight years, following the debut of SEVENTEEN in 2015. Furthermore, they’re also the first act under HYBE Labels to make a debut in 2024. 

Featured image: TWS releases their pre-debut single ‘Oh Mymy: 7s.’ Credit: YouTube/PLEDIS Entertainment

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BTS KPOP NEWS LATEST STORIES

BTS Dance Trainer Fired by HYBE Over Massive Fraud Allegations

A dance trainer affiliated with HYBE, recognized for working with BTS, has been abruptly terminated amid allegations of fraud exceeding 5 billion KRW (approximately 3.9 million USD). In addition to the massive fraud allegations, the former HYBE employee is facing criminal charges for the deceit.

Former BTS Dance Trainer Faces Massive Fraud Allegations

The individual, associated with HYBE’s label, BigHit Music, faced dismissal on November 20, following accusations of involvement in fraudulent activities totaling tens of billions of KRW, resulting in criminal charges. The allegations suggest that the dance trainer, posing as an investment opportunity, collected significant sums from victims but failed to return the funds, leading to their termination and legal consequences.

Since then, HYBE issued a statement about the former employee. “As soon as we became aware of our member’s misconduct and the damage it caused to the company, we promptly initiated an impartial investigation through an external law firm. After undergoing the dismissal process by the Disciplinary and Personnel Committee, we terminated the individual’s employment,” it read.

“This case involves the individual’s misconduct, which violated internal rules, regulations, and employment rules,” the statement continued. “We strictly prohibit members from exploiting internal information, positions, etc., for personal gain and engaging in illegal and unfair activities.”

“To prevent fraudulent actions, such as leveraging connections with the company or its artists for personal gain, and to mitigate the likelihood of future incidents, we are committed to offering external guidance on fraud prevention. Additionally, we will strengthen our governance system for ethics education and fair trade for all our members, taking substantial steps to enhance our internal control systems,” the statement added.

The incident has garnered widespread public attention due to the individual’s association with HYBE and their prominent role in the entertainment industry. For now, the agency has confirmed that they will proceed with proper legal procedures.

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