HYBE has officially been recognized as a major corporate group, a first for an entertainment-centric company in South Korea.
On May 15, the Fair Trade Commission declared HYBE as a “publicly-disclosed corporate group” for 2024, with total assets surpassing KRW 5 trillion (approximately 3.85 billion USD).
Bang Si Hyuk, the founder and chairman of HYBE, who owns 31.57% of HYBE’s shares, is acknowledged as the “head of the same business group” (chaebol).
This development mirrors the expansion of HYBE’s scale in tandem with the global popularity of K-pop. As per HYBE’s recent business report, its assets at the end of last year were valued at KRW 5.3457 trillion, a 9.8% increase from the previous year, placing them 85th in asset size.
With HYBE’s rise to major corporate status, Bang Si Hyuk has ascended the ranks of major conglomerate leaders.
Amid conflicts with Min Hee Jin, the head of HYBE’s label ADOR, HYBE’s new designation and Bang’s inclusion in the official list of conglomerate leaders by the Fair Trade Commission are drawing significant attention.
Furthermore, this designation marks a first in South Korean history since the inception of the major corporate group and chaebol leader designation system in 1986, that two related individuals, Bang Si Hyuk and his relative Bang Joon Hyuk, chairman of Netmarble (which was designated in 2018), appear together on the chaebol list.
A Fair Trade Commission official commented, “The rapid growth of the entertainment industry, fueled by the global success of K-pop acts like BTS and their key revenue from albums and performances, has been reflected in this designation.”
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