Bang Si Hyuk - The "big man" behind BTS, who is the only billionaire of Kpop?

The "big man" behind BTS has gone through a long journey to reach the top and become one of the powerful figures of Korean showbiz.

Debuted in 2013, BTS has now become one of the top music groups in the world, continuously achieving great success domestically and internationally. Recently, the group impressed with the performance at the Grammy Awards, the concert series "Permission to dance on stage" in Las Vegas. BTS has just officially broken their own Guinness record when they won multiple Nickelodeon Kids Choice Awards as a group.

Bang Si Hyuk and BTS.

But to get to where it is today, much of the group's success has been led by Bang Si Hyuk, the President of HYBE. Bang Si Hyuk has gone through a long journey to reach the top and become one of Korea's powerful figures.

Life before BTS became famous

Bang Si Hyuk had a passion for music from an early age and debuted as a musician and producer in the mid-90s. He participated in a local competition, called the Music Competition. Yoo Jae Ha and won 3rd place.

Bang Si Hyuk debuted as a musician and music producer in the mid-1990s.

At that time, Bang Si Hyuk's demo product was discovered by Park Jin Young (who is better known as JYP), the founder of JYP Entertainment. Sharing with The JoongAng Korea, Park Jin Young described Bang Si Hyuk's music as very complex but also very modern like foreign music.

Realizing Bang Si Hyuk's talent, Park Jin Young collaborated and the two made music together. The song "Friday night" written for the first generation K-pop group "GOD" became a hit. The duo became hit musicians. This success also earned Bang Si Hyuk the nickname "Hitman Bang". Under the management of JYP Entertainment, Bang Si Hyuk continues to compose music for K-pop superstar Rain, the group Wonder Girls, and more.

Build your own super group and empire

In 2005, Bang Si Hyuk decided to establish his own entertainment company called Big Hit Entertainment. However, things did not go smoothly when in 2007, the company was almost bankrupt but was saved thanks to the success of two ballad groups, 8 Eight and 2AM.

BTS brought great success to Big Hit Entertainment.

In 2010, he started forming a 7-member boy band, BTS, and officially debuted in 2013. In a 2019 interview with Time, Bang Si Hyuk listed the myriad things that led to his remarkable popularity. BTS's amazing: time and luck, his company with a "freer" and "school-like" training system, produces songs with a message relevant to young people around the world world and facilitate a strong connection between members and fans.

In 2017, BTS released "You never walk alone" (full version of the album "Wings") and the lead single "Spring Day". The song debuted on the US Billboard Bubbling Under Hot 100 chart and in the end, BTS sold out their concert tickets in the US. Forbes reports that Big Hit's net profit increased 172% that year compared to 2016, with a profit of around $22.9 million - the highest the company has achieved since its founding.

As BTS grew stronger, so did Big Hit, and the company acquired shares of other major entertainment companies, such as Pledis Entertainment (the company that manages the group Seventeen), rapper Zico's Koz Entertainment, and YG Plus. , along with many other companies.

Become a Billionaire

Bang Si Hyuk put his company on the Korean stock exchange in October 2020. According to a Rolling Stone report, the company's stock opened at around $235 per share (twice its initial public offering price of $110) and hit a market capitalization of $7.6 billion on the day. .

HYBE acquires Ithaca Holdings, which manages Ariana Grande and Justin Bieber.

The 7 members of BTS all received shares before the company debuted on the stock market. According to Reuters, they received 478,695 common shares "to strengthen long-term partnerships with major artists and raise morale."

In March 2021, Big Hit Entertainment conducted a restructuring and changed its name to HYBE. In June of the same year, Bang Si Hyuk entered the list of the 50 richest people in Korea and ranked 16th (according to Forbes).

Variety reports that in April 2021, HYBE acquired Scooter Braun's Ithaca Holdings for $1.05 billion, the company that manages global music stars like Ariana Grande and Justin Bieber. Scooter Braun became co-CEO of Hybe America following the acquisition.

Company filings show Braun holds a 1% stake in Hybe, worth $123.7 million. The seven members of BTS, singers all in their 20s, each share the same amount of shares worth $18.3 million. Justin Bieber and Ariana Grande each hold shares worth $14.3 million.

Bang Si Hyuk is on Forbes' Billionaires list at 1,053th place and holds an estimated net worth of $3 billion while HYBE company entered Time's 100 Most Influential Companies list for the second consecutive year. next. This entertainment billionaire has left the position of CEO of the company, to focus on the role of Chairman of the board, while overseeing music production.

Big Hit Music takes strong legal action against those who defame and defame BTS Rosé08:48:33 01/04/2022The management company has zero tolerance for actions aimed at "global groups". Big Hit Music has shared an update on their legal proceedings on behalf of the master artist BTS. Accordingly, on March 31, Big Hit Music shared the following statement in English: "Hello. This is...