The man who launched BTS: Hybe boss Bang Si-hyuk is the richest man in K-pop – so why did the Big Hit honcho step down as CEO?
- Hybe, formerly Big Hit Entertainment, bought Ithaca Holdings in April – a US company that manages celebrities like Justin Bieber and Ariana Grande
- Bang is strict with his talent – Jungkook recalls him nitpicking videos of BTS’ performances – but also encouraged them to connect with fans on social media
In April 2021, the global entertainment industry was taken by surprise when Hybe, a Korean-owned entertainment company (which is also home to BTS), acquired a 100 per cent stake in Ithaca Holdings. The American company, which is led by Scooter Braun, manages big-name celebrity clients such as Justin Bieber, Ariana Grande and Demi Lovato, among others.
Behind the deal was Hybe chairman Bang Si-Hyuk, who founded the company as Big Hit Entertainment. While he was already a billionaire before the merger – thanks to the company going public in 2020 – Forbes declared that his net worth skyrocketed to US$3.4 billion after the deal, making him the wealthiest man in Korean entertainment today, and the industry’s only billionaire.
But aside from his massive wealth, what else do we know about him?
He was a composer for JYP Entertainment
Bang received his nickname “Hitman” when he started his career as a composer and producer for entertainment company JYP in the 1990s. He was one of the company’s first three employees alongside founder Park Jin-young and an accountant.
He produced numerous hit songs with the company, among them Rain’s Bad Guy, g.o.d’s Sky Blue Balloon and 2AM’s Never Let You Go.
Of course, he eventually left the company in 2005 to start his own rival agency, Big Hit Entertainment.
Big Hit Entertainment almost closed due to bankruptcy in 2007
Despite the company being valued at roughly US$8 billion in June 2021, you might be surprised to know that Big Hit Entertainment almost closed due to bankruptcy in 2007. At that time, Big Hit only had four employees and a small roster of talents such as 8eight and K. Will.