HYBE to restructure management system, launch new label
Big Hit Entertainment kicked off a new chapter in its history with the new name HYBE and first on its agenda is the restructuring of its management system and launch of a new label named Big Hit Music, the company said through a public announcement made on Thursday evening.
According to HYBE, it will establish Big Hit Entertainment to manage the label business sectors. HYBE will be the sole owner of Big Hit Music and says it has "no plans to sell or go public."
The decision came after a board meeting held on Thursday, after which HYBE also announced that it will take over HYBE IP and HYBE 360 — the companies in charge of the intellectual property of HYBE's musicians and performance productions.
The goal is to divide the businesses into three main sectors — label, solution and platform — to opt for an efficient business structure that also ensures a maximum level of synergy between the different teams, according to HYBE.
The newly-born Big Hit Music will focus only on the management of its musicians, music production and musicians' communication with fans.
BY YOON SO-YEON [firstname.lastname@example.org]