Bang Si Hyuk is pouring HYBE’s forward plans into expanding the K-pop market to Latin America.
Bang Si Hyuk will soon establish a new subsidiary, “HYBE Latin America,” to broaden the influence of K-pop music worldwide.
According to KBIZoom, HYBE Latin America will serve as a bridge to facilitate K-pop’s entry into the Latin American market, with a primary focus on introducing HYBE Labels artists and developing new talent and content.
The HYBE subsidiary plans to simultaneously engage in artist management and nurture new talents. To support its plan of introducing K-pop to Latin America, HYBE has recruited renowned producers to establish a localized training and development (T&D) system and Artist and Repertoire (A&R), exploring the integration of proven business methodologies.
Bang Si Hyuk also plans to involve figures in the Latin content market and prominent producers from Netflix, Atena 3, Amazon, HBC, National Geographic, and Disney in his K-pop market expansion plan.
Isaac Lee, a former producer for Netflix and Disney, has been chosen to join HYBE as the chairman of the board for HYBE Latin America.
Isaac Lee himself is the founder of Exile Content and has experience as the Chief Content Officer for Univision Communications, one of the world’s largest Spanish-language content television channels, as well as a producer for Netflix and Disney.
With the inclusion of Isaac Lee, HYBE Latin America and Exile Content are expected to build a comprehensive partnership, with Isaac Lee playing a significant role as a connector.
The collaboration between HYBE and Isaac Lee will be optimized to the fullest extent to allow K-pop to enter the Latin market and form partnerships with global media companies.
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Before officially collaborating, HYBE Latin America first acquired Exile Music, a label under the Exile Content umbrella, to accelerate its presence in the Latin market.
The Latin American music market was estimated to be around 1.3 billion U.S. dollars in 2022, showing a growth rate of 26.4% compared to the previous year, in sharp contrast to the 9% increase in the global music market during the same period.
Highlighted by the sharp trajectory of the Latin market compared to the 9% increase in the global music market during the same period, HYBE became interested in entering the Latin American music market.
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This represents Bang Si Hyuk move to prove his statement about both super fans and casual fans, as mentioned in You Quiz on The Block. Although K-pop is centered around super fans, emphasizing deep experiences and intense consumption, according to Bang Si Hyuk, genres like Latin and Afrobeat can attract both types of fans.
HYBE’s efforts in the Latin music market aim to apply the strengths of Latin music to K-pop, given its potential for consumption by diverse consumers.
HYBE’s move to establish a subsidiary in Latin America appears to be Bang Si Hyuk effort to diversify his portfolio and leverage the power of Latin music to overcome limitations in K-pop expansion.
