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Updated March 19th, 2021 at 16:22 IST

BTS agency to change name to 'Hybe'; reveals future plans for big ventures beyond music

BTS's agency Big Hi Entertainment has decided to officially change its name to Hype in order to capture the essence of expansion of their business.

Reported by: Princia Hendriques
BTS
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Big Hit Entertainment, Kpop boy band, and pop sensation BTS's agency officially registered to change the name of the agency. According to the reports from Variety, BTS agency has started the procedure to change its name but they have yet to make any official announcement. Along with a name change, the CEO of Big Hit Entertainment also revealed the reason behind BTS agency new name and future plans of the company.

About BTS agency new name

Big Hit Entertainment told Variety that they will be changing the company's name to Hybe corporation. The company, already registered to the concerned authorities, is awaiting the shareholders' approval to make an official statement. The shareholders' meeting will be held on the 30th of March where the company will seek approval. 

The reason behind the name- Hybe

The change was brought by the company to branch out from their current areas of business and expand into areas such as travel, real estate, and many more. The ambitious project will allow the company to expand its reach beyond an artist management agency to a lifestyle platform. The founder of Big Hit Entertainment, Bang Si-Hyuk, opened up about the name change in an online session and explained the reasons behind the decision.

Talking about how Big Hit Entertainment does not fully capture the infinite essence of music, the CEO decided to change its name to capture all its business ventures and become a symbol of connecting and expanding relationships. Chief Brand Officer Min Hee-Jin also joined the session where she explained the brand's image as the unison of different notes on a blank music paper. Adding to the discussion, the CEO expressed that Hybe's ultimate goal would be to connect people through music and personal growth.

'Core philosophy'

The CEO also revealed a new organizational structure for the company where it is divided into three sectors of label, solutions, and platform business. He also revealed that the label will retain its name Big Hit and its core philosophy is music. Launched in 2005, Big Hit Label is now valued at over a billion dollars due to the massive global success of their boy band BTS. The agency built a new headquarters in Yongsan, Seoul of six floors to be used for making music and content.

 

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Published March 19th, 2021 at 16:22 IST

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