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| [tvN ‘You Quiz On The Block’] |
[Herald Economy=Reporter Kim Yoo-jin] Bang Si-hyuk, Chairman of HYBE, shared an anecdote about the second full-scale contract renewal with the group BTS (Bangtan Boys), mentioning that the members said, “We trust you, hyung, and we’ll go for it again.”
Chairman Bang appeared on the tvN show ‘You Quiz On The Block’ aired on June 1, along with JYP Entertainment’s CCO (Chief Creative Officer) Park Jin-young, where he introduced this story.
“Artists of BTS’s caliber have many options,” he said. “But the fact that they chose to re-sign with me felt like a recognition of the history I’ve had working with BTS as a manager and label head, and an acceptance that we did well. I felt honored.”
Chairman Bang said, “In fact, most of the (renewal) process was about coordination,” and added, “After the members expressed their intention to renew their contracts, I had the happiest time in my 20 years of management.”
He reflected, “It’s arrogant to say that I made BTS what they are today. I used a strategy that was famous for being famous. I told them that if we let New York know about the reaction in South America, by the time they landed in New York, everyone would be talking about BTS. And that’s exactly what happened.”
Chairman Bang said that the company’s debt was in the billions of won when BTS debuted, but he thought, “I’m doing the right thing.”
He also recalled the success story of BTS, saying, “‘Fire’ exploded globally and when I analyzed the Google reactions, I thought we could reach the peak of One Direction if we continued this trend. Later, the members talked about it at the awards ceremony, saying, ‘We thought PD Bang had lost his mind.’ From there on, it was destiny.”
Chairman Bang and CCO Park Jin-young have been musical companions for 20 years, producing numerous hit songs for artists like Park Ji-yoon, god, and Rain.
The two challenged the U.S. market together, but a minor dispute over a pair of socks left by Park CCO led to Chairman Bang leaving JYP and establishing Big Hit Entertainment (now HYBE). This anecdote was also revealed.
Regarding this, Chairman Bang said, “If that hadn’t happened, the history of K-pop would have changed.”
Chairman Bang also shared his thoughts on the ‘K-pop crisis’ he has been advocating, emphasizing, “We need to create a structure that can attract light fans as well.”
He pointed out, “There are signs of a decline in major markets recently. The basis of what I’m saying is ‘the intense consumption of fandom.’ K-pop fans show intense immersion and focused consumption, but conversely, this becomes a limit to expansion.”
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