Last week, HYBE — the powerhouse Korean label and music company behind BTS — revealed that Jason Jaesang Lee would take over as CEO, succeeding Ji Won Park as part of its ambitious “HYBE 2.0” strategy. The change in leadership not only closed off Park’s leadership of the company but also marked a new beginning for HYBE moving forward.
In this new phase for the entertainment powerhouse, the HYBE 2.0 strategy will aim to expand its super fandom platform WeVerse on a global scale, while forging partnerships with other companies to navigate the fast-evolving market landscape, according to a press release from HYBE.
The company’s reorganization will shift from its previous Label, Solution, and Platform structure to a broader framework encompassing Music, Platform, and “Tech-driven future growth initiatives” –– with this revamp set to introduce four new initiatives and several executive appointments to lead its newly reformed divisions.
The first major change is the formation of HYBE Music Group APAC, which will consolidate the company’s labels in Korea and Japan. This group will focus on leveraging HYBE’s regional strengths and strategies to fuel global growth, and will be led by Young Jae Shin as president, the current president of BIGHIT Music and instrumental in the success of BTS and Tomorrow X Together.
Another change is that HYBE will intensify its “multi-home, multi-genre” strategy across the markets of the United States, Japan, and Latin America. This includes launching a new label service under HYBE America, led by Scooter Braun –– which will integrate management services into its label operations to infuse K-pop methodology into the American pop scene.
HYBE America recently signed KATSEYE, a new U.S.-based group, through its ongoing partnership with Geffen Records. On the other hand, the HYBE Latin America division, spearheaded by CEO Jonghyun “JH” Kah, will begin to amplify its efforts starting in 2025. Meanwhile, HYBE Japan will continue to introduce new artists under the leadership of newly-appointed chairman Youngmin Kim, former general manager of SM Entertainment.
A significant enhancement to WeVerse, HYBE’s superfan platform, will be the introduction of a subscription membership tier set to launch in the fourth quarter of 2024. This new tier will offer ad-free videos, digital membership cards, and a private Weverse DM feature, while the main platform will start incorporating ads. WeVerse president Joon Choi first discussed these plans with Billboard global earlier last month on July 19, including the onboarding of Ariana Grande, who recently rejoined the platform after parting ways with Braun and HYBE last year.
Lastly, HYBE plans to integrate content with technology to ensure sustained mid to long-term growth. This initiative encompasses investments in gaming, AI, audio and voice technology, and hybrid online/offline experiences.
“HYBE 2.0 focuses on fostering our future growth businesses centered on music, platform, and technology,” newly-appointed CEO Lee stated. “HYBE will continue to excel in the music industry, solidify its position as the leading player in the superfan business, and secure long-term growth drivers through tech-driven future growth initiatives.”