precious
BTS’s military service plans were made public by HYBE on the same day that the firm informed its shareholders that it would still be possible for it to develop even with BTS in the military.
The BTS members will perform their military service according to schedule, as was previously announced. While some members will continue their separate activities through the first half of 2023, HYBE and the members hope to resume their operations as seven members by 2025.
In the shareholder letter, HYBE stated that BTS’ conversion to military duty was not an unexpected development. Every effort has been made to establish corporate-wide policies and procedures to allay any market concerns brought on by the disclosure of military service plans.
In the past, HYBE has come under fire for placing an undue amount of reliance on BTS’s initiatives and accomplishments in order to gauge the company’s overall effectiveness. The corporation claims in the new statement that even without the presence of BTS members, its established multi-label system and creative fusion of music and technology will provide a solid foundation for further growth.
“Nine labels are producing varied music and entertainment under our multi-label system based on independent rights. Thanks to this multi-label strategy, we were able to create a lineup that features international artists like Seventeen, TXT, ENHYPEN, LE SSERAFIM, NewJeans, Zico, fromis 9, Justin Bieber, and Ariana Grande,” the statement continues.
“Excluding BTS, the sales of HYBE Labels artists have increased by more than three times a year on average during the last three years. In addition, 35-40% of the total HYBE sales for label artists, excluding BTS, are anticipated. By launching more than four new teams in Korea, Japan, and the US in 2023, we have also created a plan for enhancing our influence in the global music business, it added. “We made the decision to take advantage of the BTS military service implementation plan announcement as a chance to clear up any confusion. By implementing the mid- to long-term plans we have already set one at a time, we want to eliminate this uncertainty and the associated market worries.
Big Hit Music, Source Music, Pledis Entertainment, Belift Lab, KOZ Entertainment, and Ador are among the labels under the umbrella of HYBE Labels.
