Photo Credit: Hybe Corp.
K-pop powerhouse Hybe has set up a Chinese subsidiary to support its artists’ expansion into the market.
Hybe China Co., Ltd. was launched April 2 in Beijing—Hybe’s fourth overseas branch following those in Japan, the US, and Latin America. Its new Beijing-based entity will focus on backing artists’ activities in China, notably to compete with its rival agencies, SM Entertainment, YG Entertainment, and JYP Entertainment.
According to industry insiders, Hybe’s latest move may reflect growing expectations that China will loosen its tacit ban on South Korean entertainment, which has been in place for several years. But in spite of the market’s potential, Hybe China is not expected to immediately launch a talent audition program or debut a K-pop group. Instead, the unit is likely to play a more limited role—at least initially.
Better relations between China and South Korea could result in a major uplift in concert tickets, albums, and merch sales for South Korean companies as they ride the continued buoy in K-pop’s popularity in a significant new market. It’s no coincidence that Hybe’s move to set up a new office in China comes as its flagship act, BTS, is set to reunite after its members’ military service.
Pledis China, previously launched by Pledis Entertainment in 2018 prior to its acquisition by Hybe, will continue to oversee its group activities in China—namely Seventeen, which Pledis debuted in 2015.
Confirmation of Hybe’s expansion into China closely follows news from South Korean outlet Yonhap that the K-pop company is also planning to establish an office in Mumbai.
Meanwhile, Hybe is also in the process of selling its entire 9.38% stake in rival firm SM Entertainment to Tencent Music Entertainment, China’s biggest owner of music streaming services. The transaction was worth nearly $180 million. As Tencent cozies up to SM, the two companies also announced a new partnership that will see them co-produce a new idol group and plan performances in China.
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This post was originally authored and published by Ashley King Digital Music News via RSS Feed. Join today to get your news feed on Nationwide Report®.
