Hybe announces 'Hybe 2.0' strategy, emphasizes commitment to fans

Hybe, the K-pop powerhouse behind BTS, has unveiled its new business strategy, "Hybe 2.0," aiming to secure "superior leadership" in the global K-pop scene while underscoring its dedication to fans. The strategy was announced through a letter sent to Hybe's shareholders recently, which has been in preparation since the latter half of last year to ensure long-term business competitiveness, the company said on Thursday.

"Based on Hybe 2.0, which focuses on nurturing future growth businesses rooted in music, platforms, and technology, Hybe will continue to develop both domestic and global music businesses,” said Hybe's new CEO Lee Jae-sang in a press statement. “Through our platform business, we aim to solidify our leading position in the evolving ‘super fan’ market and secure mid- to long-term growth drivers through tech-based future growth initiatives."

Originally known as Big Hit Entertainment before transforming into Hybe in 2020, the company has developed a fandom business model composed of “label-solution-platform” systems, which played a crucial role in achieving annual sales growth of 40 percent and surpassing 2 trillion won ($1.45 billion) in sales in 2023.

The K-pop juggernaut now aims for structural changes to maintain its market-leading position, focusing on music, platform enhancement, and tech-based future growth. The strategy includes upgrading the music sector by improving content quality and fan experiences while expanding operations in Korea, the US, Japan and Latin America.

The platform sector aims to become a top crossover genre platform, enriching fan experiences through genre expansion and service model sophistication.

Additionally, the tech sector will see the expansion of the gaming business and research and development for future entertainment.

Hybe's strategy realignment focuses on evolving from a label-solution-platform model to a music-platform-tech framework, emphasizing content quality and fan experience innovation.

"Our multi-label system has provided a stable foundation, allowing creative talent to focus solely on their craft without the pressure of short-term success," Hybe said in the letter sent to its shareholders on Thursday. "This structure is indispensable for sustainable growth."

The launch of Hybe Music Group APAC will oversee multi-label operations in Korea and Japan, enhancing label growth and innovation strategies.

Shin Young-jae, CEO of Big Hit Music, will lead the new group, leveraging his successful tenure at Big Hit Music. This move aims to consolidate Hybe’s presence in the Asia-Pacific region and drive further growth and innovation.

Globally, Hybe aims to implement "multi-home" and "multi-genre" strategies, strengthening local intellectual property development to dominate regional markets and attract new fan bases. This involves creating localized content that resonates with diverse audiences while maintaining Hybe's global brand identity.

In the US, Hybe America will introduce a label service, blending traditional management with Hybe's 360 business model to support artist development efficiently. This service will provide comprehensive support for artists, including distribution, marketing and promotion.

The K-pop powerhouse also plans to launch a subscription-based membership on Weverse, Hybe’s global fandom platform, enhancing user convenience and offering exclusive content. The private messaging subscription service "Weverse DM" will expand to include more artists, and the company will apply ads more broadly within Weverse by the year's end. These initiatives aim to enrich the fan experience and solidify Weverse’s position as a global superfan platform.

"Innovative business models and proactive responses to the rapidly changing market environment are essential for maintaining our industry leadership," Hybe said in the letter. "The integration of advanced technologies with our entertainment content will create new opportunities for growth and innovation."