Will the next BTS come from the US? K-pop companies look to the Americas for future stars
- Hybe, CJ ENM and SM Entertainment all confirmed plans this week to move into the Americas to find talent via joint ventures with local partners
- SM is partnering with MGM Worldwide Television Group on a competition series to create a US-focused team for its boy band brand NCT
South Korean K-pop companies are increasingly eyeing the North and South American markets for their future plans.
This week saw three power players in the K-pop world – Hybe, CJ ENM and SM Entertainment – confirm plans to move into the Americas to find talent via joint ventures with local partners.
Hybe (formerly Big Hit Entertainment), which houses BTS among other popular South Korean acts, recently acquired Scooter Braun’s US-based Ithaca, which manages the likes of Justin Bieber and Ariana Grande. According to Hybe, the expansion was both to support its artists as well as to develop “new global artists based on Ithaca Holdings’ expertise and network in the US music industry”.
The confirmation of its plans to enter the US market arrived on May 4 during a shareholder update in which it also reported a strong first quarter 2021, with US$161 million in revenues, up 29 per cent year-on-year, and operating profit up 9 per cent over the same period.
Its success, which is expected to continue, comes after a series of recent expansions. Earlier this year, Hybe also teamed up with Universal Music Group in the US to reportedly begin planning for a boy band project that would be created through a televised competition.