Big Hit Entertainment Officially Changed its Name to HYBE

The agency for the South Korean boyband BTS, Big Hit Entertainment, officially announced the change of their company name to HYBE, Friday (19/3/2021)

This name change symbolizes connection, expansion, and connection through a presentation broadcast on his official YouTube channel.

"What we think of as musical variety is an infinite world, and I don't think the name Big Hit Entertainment can fully capture this concept," Big Hit founder and chief executive Bang Si-hyuk said in an online session.

"I think we need a new company name that can cover all areas of the business we run and be a symbol to connect and develop our structure," Bang said, adding that the Hybe name symbolizes connection, expansion, and connection," he said.

Citing Yonhap, in line with the named changeset for shareholder approval later this month, Bang published a new organizational structure for the company.

The new business chart shows the company's various affiliations divided into three broad areas: label, solutions, and platform businesses.

HYBE Label will oversee the branches of their agency. Namely Big Hit Music, BELIFT LAB, Source Music, Pledis Entertainment, KOZ Entertainment, and HYBE Labels Japan.

Meanwhile, HYBE Solutions is engaged in a business unit that focuses on video content, intellectual property, education, games, etc. Meanwhile, Weverse Company will be included in the HYBE Platform.

Bang stressed that the company will continue to maintain the Big Hit name for its label business, and music will remain its core philosophy. Big Hit has used its current name since its launch in 2005.

The Big Hit name will continue to represent artists such as BTS and Tomorrow X Together. At the same time, according to Bang, the label system will prioritize securing and strengthening the creativity and independence of artists managed by each label.

In the future, Bang said that the company aims to be an entertainment lifestyle platform that can transform and connect people through music.

Noting how music has the power to "move people's hearts, make a positive impact and change people's lives together," the K-pop guru said that Hybe's "ultimate goal" is to enable personal growth and connections between people to form relationships. Healthy ones.

Towards the end of the session, Min took viewers on a virtual walk to see their new office located in Yongsan.

There are six floors below the building that will be used as studios and other spaces for creating music and content.

HYBE Will Build a Magnificent Office After Changing Name from Big Hit

On that occasion, they also introduced Min Hee-jin as HYBE's CBO. He revealed that his first project was to reshape the entire system and the new office of HYBE, not the new girl group Big Hit.

Min Hee-jin explained the interior and exterior appearance of the HYBE office, which emphasizes flexibility, peer-to-peer communication, and connectivity. He believes a comfortable workplace will naturally attract people and develop work culture.

The new HYBE building will have three sections, from the bottom to the entertainment production section, the office section, and the top to the employee welfare section.

"Floors 2-6 have film studios, dance studios, production studios, lounges, and wardrobes for each label. Then the 7th floor is quite unique because it becomes a large storage room for all diverse supplies to maintain a pleasant work environment," said Min Hee. -genie.

The office section will be located on floors 6 to 16. In addition, HYBE offices will have libraries situated on floors 8-10 and floors 14-15. They will also have a fitness area on floors 11-13.

The 19th floor will be used as a lounge, including an auditorium for large gatherings. Near the lounge, there will also be an outdoor garden named Comb.

Previously, this name change plan had been heard since last week. The name change was mentioned because of their desire to become a company that regulates artist management, music production, and music distribution.

Big Hit is said to want to become a more comprehensive lifestyle platform.

Global CEO Lenzo Yoon revealed Big Hit Entertainment will not disappear. Bang Si-hyuk told HYBE is a more enormous money container for Big Hit to take shelter.

"Big Hit Entertainment's next identity will be known as BigHit Music," said Bang Si-hyuk.

Meanwhile, HQ CEO Park Ji-won said HYBE will have two headquarters, namely HYBE HQ in Seoul, South Korea, and HYBE America. HYBE as a company will be divided into HYBE Labels, HYBE Solutions, and HYBE Platforms.

HYBE Labels consists of BigHit Music, BELIFT LAB, HYBE Labels Japan, and several previously acquired agencies such as Source Music, Pledis Entertainment, and KOZ Entertainment. Each agency is said to maintain its own independence and management.

Meanwhile, HYBE Solutions is a production-related business unit such as HYBE EDU, IP, 360, and Superb. Then, HYBE Platforms is the home for Weverse companies that can connect and expand all HYBE content and services.