HYBE Officially Designated As First Entertainment Conglomerate
Led by Bang Si-hyuk, HYBE has officially been recognized as the first and only conglomerate in the entertainment industry
According to the Fair Trade Commission (FTC)’s 2024 Conglomerate Group announcement on May 15th, HYBE has been designated as a group of companies subject to public disclosure with total assets of more than 5 trillion won. The head of the group is Chairman Bang Si-hyuk (52 years old), the founder of HYBE and also the largest shareholder with a 31.57% stake.
This seems to be the result of K-pop’s growing popularity in the global market. As K-pop expands, the size of HYBE has also increased. According to the latest business report of HYBE, HYBE’s assets were 5.3457 trillion won as of the end of last year, recording an increase of 9.8% compared to the previous year. As such, HYBE ranked No.85 on the general asset chart.
As HYBE has become a conglomerate, Chairman Bang Si-hyuk has also joined the ranks of conglomerate heads. Amid the intensifying dispute with Min Hee-jin, CEO of label ADOR under HYBE, the fact that HYBE became the first entertainment company to be designated as an entertainment conglomerate and Chairman Bang Si-hyuk has been put on the list of conglomerate heads by FTC drew keen attention from netizens.
In addition, Netmarble, the business of Bang Jun-hyuk (56 years old), known to be a relative of HYBE’s Chairman Bang Si-hyuk, has also been listed as a conglomerate since 2018. This marks the first case in which two people who are relatives appeared on the list of heads of conglomerates since the introduction of the conglomerate and heads designation system in 1986.
An official from the FTC stated, “K-pop, including groups like BTS, is arousing keen interest in the global market. Therefore, this reflects the rapid growth of the Korean entertainment industry in which albums and performances are the main sources of profits”.
