Know about HYBE 2.0: South Korean entertainment agency lays down ingenious expansion strategies

The multinational entertainment company HYBE is prepared to launch a new business plan to broaden and improve its market penetration.

In addition, the company is making a significant internal executive change by installing Lee Jae Sang, the company’s current CSO, in place of Park Ji Won, the current CEO.

Kim Young Min has been named the sector chair by HYBE, which also has high hopes for its Japanese subsidiary. In 2019, he left his position as co-CEO of SM Entertainment to take a position as CEO of DREAM MAKER ENTERTAINMENT.

Here are some strategies that has been earmarked by HYBE 2.0-

1. New Department

HYBE is about to establish HYBE MUSIC GROUP APAC, a new department that will manage its record labels in Japan and Korea. By strengthening music service capabilities, investing in essential resources, and refining strategies, this initiative seeks to support the company’s music business. Currently holding the position of CEO at BIGHIT Music, Shin Young Jae will take the lead as the president of HYBE MUSIC GROUP APAC.

2. Multi-genre Approach

HYBE intends to expand its Multi-home, Multi-genre strategy throughout Latin America, Japan, and the United States. A new label service called HYBE AMERICA will launch in the United States with the debut of KATSEYE, a U.S.-based group working with Geffen Records, with the goal of supporting artists beyond traditional recording contracts. HYBE JAPAN intends to introduce a new artist after the group &TEAM as part of its ongoing efforts to expand its profile in Japan. Kim Young Min was named chairman of HYBE JAPAN as of today, and improvements are anticipated under his leadership.

3. Weverse’s Expansion for Global Reach 

Weverse plans to implement a subscription-based membership model as part of an upgrade to its global fan engagement model starting in the fourth quarter of 2024. Features like digital membership cards, extra “Jelly,” ad-free video content, and more will be included in this new offering.  Later this year, the platform plans to add more artists to Weverse DM, its private messaging service, and integrate advertisements.

4. Intertwining Authentic Content and Technology

In order to propel long-term expansion, HYBE intends to integrate technology and content while anticipating changes in the customer experience. Gaming, voice and audio technology, generative AI, and integrated online and offline experiences are just a few of the industries in which the company is looking into making investments. HYBE 2.0 is focused on developing future growth businesses that are centered on music, platforms, and technology, according to newly appointed CEO Lee Jae Sang.