Fair Trade Commission Announces 2024 Publicly Disclosed Business Groups
HYBE Total Assets 5.25 Trillion Won
HYBE, the agency of the group BTS, has been designated as a publicly announced business group (large business group) for the first time among domestic entertainment companies. This is the effect of the company's scale expanding as K-pop extends its influence in the global market.
Bang Si-hyuk, Chairman of HYBE, is delivering the keynote speech at the Gwanhun Forum held on the 15th at the Press Center in Jung-gu, Seoul. Photo by Dongju Yoon doso7@
According to the '2024 Large Business Groups' announced by the Fair Trade Commission on the 15th, there are 88 large business groups with total assets of over 5 trillion won, and six new groups including HYBE were newly included this year. The same person was designated as Chairman Bang Si-hyuk (52), the largest shareholder holding 31.57% of the shares and the founder. The same person is usually designated by the Fair Trade Commission as the largest shareholder who has the greatest influence on group management.
According to HYBE's recent business report, as of the end of last year, HYBE's assets amounted to 5.3457 trillion won, an increase of 9.8% compared to the previous year. In terms of asset ranking, it is 85th overall.
HYBE's assets increased significantly as BTS swept the 1st and 2nd places in album sales in the global music market and established itself as a cultural phenomenon, followed by the activities of artists who have emerged as global trends such as Seventeen and NewJeans, leading to a large increase in revenue from albums, performances, and content.
With HYBE being designated as a large business group, Chairman Bang also joined the ranks of 'large business owners.' Amid recent conflicts between HYBE and Min Hee-jin, CEO of its subsidiary label ADOR, the designation of an entertainment company as a large business group for the first time and Chairman Bang's registration on the Fair Trade Commission's list of heads of large business groups have attracted attention.
A Fair Trade Commission official explained, "As BTS and other K-pop acts have gained attention in the global market, the entertainment industry, whose main sources of revenue are albums and performances, has rapidly grown, which is reflected in this designation."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
