BTS’s record label takes over popular culture
Future. HYBE, home of K-pop supergroup BTS, just acquired Scooter Braun’s management company Ithaca Holdings. By purchasing the company behind Ariana Grande, Justin Bieber, and formerly Taylor Swift, there is now one unchallengeable hit-making machine in pop: HYBE.
What’s the big deal?
For starters, HYBE purchased Ithaca Holdings for a billion dollars. Here are the details:
- Last month, Big Hit Entertainment rebranded as HYBE.
- On Friday, HYBE took 100-percent ownership of Ithaca Holdings.
- Scooter Braun, the CEO of Ithaca, has joined the board at HYBE.
- HYBE will invest $950 million into its U.S. subsidiary.
- Ariana Grande, Demi Lovato, Justin Bieber, BTS, and country music label Big Machine are now under the same umbrella.
Invest in earplugs
This is more than just a Korean record label buying a pop hit-making machine based in the U.S.
- HYBE has its hands in media content, streaming (i.e., online concerts), mobile rhythm games, educational ventures, and music labels in Japan. It’s traded on the South Korean stock exchange.
What does this mean? The brightest lights of Asian and American pop culture just became the property of one company. There’s also probably going to be a BTS and Justin Bieber collaboration — so watch out for that.