HYBE and SM CEOs Selected as 'Global Music Market Leaders' by US Billboard

Global Music Group and Label/Distribution Sectors Rise Side by Side

Hive CEO Jiwon Park, Big Hit Music CEO Youngjae Shin. Photo by Hive

[Asia Economy Reporter Kim Heeyoon] Representatives of domestic entertainment agencies leading the K-pop industry have been selected as 'Power Players' who drive the global music market.

On the 25th (local time), Billboard announced the '2022 International Power Players,' naming HYBE CEO Park Ji-won and Big Hit Music CEO Shin Young-jae in the Global Music Group category, and SM Entertainment co-CEOs Lee Sung-soo and Tak Young-joon in the Label/Distribution category.

Billboard's 'International Power Players' is a list that selects influential companies in the global music market outside the United States, published annually since 2014. In Korea, JYP CEO Park Jin-young was first listed in 2014, followed by HYBE Chairman Bang Si-hyuk appearing consecutively in 2018 and 2019.

Billboard highlighted the achievements of HYBE, home to groups such as BTS and Tomorrow X Together.

Regarding CEO Park Ji-won's achievements, Billboard analyzed, "He rebranded the company from Big Hit Entertainment to HYBE and led innovation in the music industry by attempting new changes across music production and distribution, technology, and performances."

It then introduced Big Hit Music as a company representing global pop stars like BTS and TXT, also sharing CEO Shin Young-jae's conviction revealed in a past interview that "the goal is a fan-centered industry ecosystem where fans and artists can continuously communicate."

Lee Sung-soo and Tak Young-jun, Co-CEOs of SM. Photo by SM Entertainment

Regarding SM, selected as a Power Player in the 'Label/Distribution' category, Billboard evaluated, "One of SM's many achievements is the success of the metaverse girl group aespa," mentioning the unique virtual world avatars for each member and the major accomplishments achieved through this. It also introduced CEO Tak Young-joon's statement, "SM is bringing the virtual world into reality, and the opportunities are endless."

The 'International Power Players' list announced this year also included Simon Robson, Chairman of International Recorded Music at Warner Music Group, and Melissa Thomas, Vice President of International Marketing at Sony Music Entertainment USA.