GFriend’s agency joins Big Hit Ent.Girl group GFriend has officially become a sister band to K-pop megastar BTS, Big Hit Entertainment announced on Monday.
“Big Hit Entertainment will incorporate Source Music as its subsidiary, after signing a contract to take over the agency’s shares,” the agency said in a release.
“We will keep the managerial post of Source Music, to maintain the label’s [distinct style] and independence.”
The merger comes as a part of Big Hit Entertainment’s efforts to expand its label and develop its business portfolio, by acquiring a girl group that has a set fan base.
Source Music will now receive support from Big Hit Entertainment to help it create higher quality content, by sharing Big Hit Entertainment’s global network and know-how.
“We are pleased to be joining Big Hit Entertainment’s label,” Source Music President So Sung-jin said through a press release.
“We believe it is a chance for us to take a big leap not just for the artists but also the trainees and the staff within the company.”
Bang Si-hyuk, the head of Big Hit Entertainment, said, “We have come to join forces, because the way in which the two companies nurture and manage the stars are similar. We believe the merger will be successful, coming from a deep understanding of each other.”
Source Music was founded in 2009 by So, and is home to six-member girl group GFriend.
According to an industry insider, Big Hit Entertainment will expand more in the future, by both acquiring existing agencies and nurturing their own groups.
“Big Hit Entertainment has BTS right now, but they’re planning on developing themselves into a much bigger company. Moving their headquarters to a new building in Yongsan [central Seoul] is just the beginning,” the insider said.
Source Music will also move into the newly-built headquarters in Yongsan next year.
By Yoon So-yeon