The K-Pop scene will soon change after the acquisition between Big Hit and Source Music is done.
On July 29th morning, Korean media reported that Big Hit Entertainment has finalized the acquisition of Source Music, home to girl group Gfriend.
Regarding this information about Source Music, Big Hit has confirmed immediately. However, they added that Source Music would basically continue as a subsidiary with their current unique color and style while Big Hit would only support them with the management. Source Music will soon move to Big Hit’s new headquarter in Yong San in 2020.
CEO Bang Shi Hyuk of Big Hit said: “A shared philosophy behind artist promotion and management was the main driver that brought Big Hit and Source Music together. Since we know each other so well, we expect the acquisition to be a success“. CEO So Jung Jin expressed his joy: ” I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label. We will strive to provide even more amazing content to our fan.”
Before this, CEOs of Big Hit and Source Music has never publicized their close friendship. However, K-Pop fans seem to know about the relationship between them. Bang Shi Hyuk and So Jung Jin have been friends since the early days of their agencies and have helped each other out through hard times. The old building of Big Hit was right across the street of Source Music.
BTS and GFriend are also said to be friends off-stage. GFriend is the only girl group to have ever starred in a CF with BTS. Their comeback dates are usually close to each other, and their concepts do have things in common. After the acquisition of Source Music, fans are excited for the collaboration and interaction between these 2 groups.
This new addition has got the attention of many financial specialists. After the acquisition of Source Music was announced by Big Hit, JYP, SM and YG’s stock price has remarkably decreased. This event is predicted to change the K-Pop scene.
The reign of Big 3 (SM – JYP – YG) is being threatened by the strong growth of Big Hit. BTS’s agency is in the middle of expanding and re-structuring. With BTS, TXT, GFriend,…Big Hit totally has the chance to rise and rule K-Pop in the future. The Korean media revealed that Big Hit’s expansion is not done yet when they are still discussing the acquisition of another agency, which is home to a famous boy group and a trot singer, in 2020.