“We Believe in Music”
After the sudden announcement made by Big Hit Entertainment about the name change from Big Hit Corporation to HYBE Corporation, a number of netizens were left confused but Big Hit on March 19, Friday, dropped a full video presentation via their official YouTube channel, explaining in detail about different aspects of their decision. Before reading this article, if you aren’t aware of the old news or would like a recap, check out our previous article.
After Bang Si Hyuk announced about the big change that awaits the company, the executive trio* shared how they have put in a lot of efforts for a very long time in order to strive and innovate within the industry. One of the achievements that they are most proud of was being able to change the sale for merchandise for fans. Previously there used to be long line to buy their merch but they have now successfully eliminated that.
[*The executive trio – Bang Si Hyuk the Founder and CEO, Global CEO Lenzo Yoon, and HQ CEO Park Ji Won]
In the presentation video they posted, officially announced their new name HYBE, which exemplifies “Connection, Expansion, and Relationship.” The very aim of HYBE, being made of HYBE HQ and HYBE America, is to be an umbrella for Big Hit to nestle in, meaning the name ‘Big Hit’ wont disappear but will live on a Big Hit Music, and will further consist of HYBE Labels, HYBE Solutions and HYBE Platforms. HYBE Labels will house Big Hit Music, BELIFT LAB, Source Music, Pledis Entertainment, KOZ Entertainment, and HYBE Labels Japan.
Through Bang Si Hyuk’s statement we understand that Big Hit Entertainment has started expanding their dynamic and covering areas that were generally not covered by labels/ entertainment companies. As they covered fields like IP business and education, they name ‘Big Hit Entertainment,’ considering on the whole, they felt did not seem to fit the company anymore and the name make their activities limited to just one field. Hence a new name was needed.
Out of the many, here are some of the fields they cover –
- Music Production
- New Artist Development
- Artist Management
- 360 Business
- IP Business
- Platform Business
- Education Business
The executive trio’s “What do you believe in?” campaign’s answer was “music” which Band PD shared, and this will also be HYBE’s fundamental ideology moving forward. Apart from just answering “why,” they have put in a lot of effort to connect with the fans by showing how the interior and exterior looks, which was shared by their CBO, (Chief Business Officer) Min Hee Jin, and that happens to be her first project at HYBE. The video further revealed that entire brand is being reshaped and will be shifting to a new office in Yongsan.
“The HYBE space is one that is flexible and reflects the characteristics of an entertainment industry by realizing the values of horizontal communication, flexibility, and connectivity.”
– Min Hee Jin
The office is being structured with a Hyper Nomad concept, and it will further meet the employees’ various needs and allow them to work on various projects, as the building focuses more on functionality than over decorations. Check out the graphical representation in video 1 and to find out more details checkout video 2.
“We are embarking on a new journey in HYBE with a new mission, space, and organization structure. But as always, our fundamentals will not change. We will continue to believe in the power of music innovate, the industry, spread positive influence, and bring changes to lifestyles.”
– Bang Si Hyuk