The Economics of K-pop – Part 8: The Hybe Corporation – Music Business Research

The Economics of K-pop – Part 8: The Hybe Corporation – Music Business Research

by | May 18, 2026 | Entertainment Law, Music Business, Podcast News


Hybe Corporation is the latecomer among K-pop agencies and was founded in Seoul in 2005 by Bang Si-hyuk. How a talent agency that had just four employees in 2007 and was on the brink of bankruptcy managed to overtake the “Big Three” and become the largest K-pop conglomerate is a remarkable success story that is now to be examined in greater detail.

The Economics of K-pop – Part 8: The Hybe Corporation

Bang Si-hyuk[1] was already a composer and songwriter during his college days[2] and in 1997 met Park Jin-young, who was about the same age and went on to found the K-pop agency YG Entertainment that same year.[3] Bang joined YG as a composer, arranger and producer, and was primarily responsible for several hits by the boy band g.o.d.[4] In 2005, he left YG Entertainment to start his own talent agency, Big Hit Entertainment, which did not get off to a good start. It was only after signing the trio 8Eight that the company began to see its first successes and secure its financial stability.[5]

However, Bang laid the foundations for building a corporate empire in 2010 when he signed the then 15-year-old Kim Nam-joon, better known as Rap Monster or RM for short. As we have already seen, Big Hit Entertainment built BTS – arguably the most successful K-pop act to date – around RM. In 2013, when BTS was introduced to the public, Big Hit Entertainment was still a small fish in the K-pop ocean, which was dominated by SM, YG and JPG Entertainment. At that time, hardly anyone took any notice of BTS and Big Hit Entertainment, as the author of the book “BTS – The Review” noted in an interview.[6] To stay afloat financially, Big Hit had been working with JYP Entertainment since 2010, managing the boy band 2AM, which had been spun off from the eleven-member group One Day after winning the reality TV show “Hot Blood Men”.[7] In April 2014, the contract between Big Hit and JYP Entertainment ended, and three members of 2AM returned to JYP, whilst Lee Chang-min remained with Big Hit and formed the duo Homme with Lee Hyun from the recently disbanded pop group 8Eight.[8]

Meanwhile, BTS continued to build their career with album releases and their first international tours, though they had yet to achieve a major breakthrough. In September 2017, however, BTS finally managed to break into the international charts for the first time with their EP “Love Yourself: Her”.[9] This caught the attention of investors, and so the Korean mobile gaming company Netmarble acquired a stake in Big Hit for KRW 201.4 billion (equivalent to US $191.8 million), becoming the second-largest shareholder with a 25.71 per cent stake. The investment was certainly also facilitated by the fact that the founder of Netmarble was a cousin of Bang Si-hyuk.[10]

In March 2019, Big Hit launched another boy band, Tomorrow X Together (TXT for short),[11] which was set to become the company’s second source of income. However, 2019 was above all a year of corporate acquisitions. In July, Big Hit acquired the label Source Music[12] and, a month later, the games developer Superb.[13] In May 2020, Big Hit also became the majority shareholder of Pledis Entertainment, a label founded in 2007,[14] which had launched Son Dam-bi, the female counterpart to K-pop star Rain, as well as the hugely successful boy band SEVENTEEN.[15]

The expansion of the artist roster and the establishment of a multi-label structure were also driven by the upcoming IPO. This proved to be a great success. The initial issue price for Hit Big Entertainment shares was set at the equivalent of US $117 on 15 October 2020. By the end of the first trading day, the share price had almost doubled to the equivalent of US $225.[16] This not only made Big Hit founder Bang Si-hyuk, who held a 36.6 per cent stake in the company at the time, a billionaire, but also benefited the seven BTS members, who had opted to be paid in company shares when renewing their contracts. Each band member became US $15.6 million richer in a single stroke.[17]

This meant that Big Hit Entertainment had joined the ranks of the “Big Three” in the K-pop industry and would go on to surpass the three conglomerates in the years that followed. An initial attempt was made as early as January 2021, when Big Hit and its joint venture BeNX acquired a 17.9 per cent stake in YG Plus, a subsidiary of YG Entertainment. BeNX operated the fan community platform Weverse, in which the internet group Naver has now invested KRW 355 billion (US$321 million), acquiring 49 per cent of the company’s shares in return. This deal catapulted Big Hit into new spheres. Weverse had become not only an important platform for fans to communicate with their idols, but also a key distribution channel for merchandise and other fan items. Ultimately, BeNX was restructured into Weverse Company.[18]

However, the most significant step towards becoming a leading K-pop company was the corporate restructuring that began in March 2021, which also resulted in the renaming of the company to Hybe Corporation. Big Hit became the label Big Hit Music, which now includes BTS and Tomorrow X Together, as well as former 8Eight member Lee Hyun. Alongside Big Hit Music, the label conglomerate now comprised Belift Lab (featuring the boy band Enhypen), Source Music (featuring the girl band Le Sserafim), Pledis Entertainment (featuring the boy band SEVENTEEN), Koz Entertainment (featuring the rapper Zico) and Hybe Labels Japan (later renamed YX Labels). The second pillar was designated as the “Solutions” division, comprising the game developer Superb Corp., HYBE Three Sixty, HYBE IP, HYBE Edu, and the two Japanese subsidiaries HYBE Solutions Japan and HYBE T&D Japan. Finally, Weverse Company formed the third pillar, “Platforms”.[19]

While the restructuring process was still underway, the K-pop group—now known as Hybe Corporation—set about its next expansion, this time into the US. In April 2021, Hybe America acquired Ithaca Holdings from Scooter Braun for US $950 million, a deal that included Taylor Swift’s label, Big Machine.[20] However, prior to this deal, Scooter Braun had already sold the superstar’s first six studio albums to the private equity firm, the Carlyle Group.[21] However, the Carlyle Group also held a stake in Ithaca Holdings and, as part of this deal, has now sold its stake to Hybe Corporation. Scooter Braun has become co-CEO of Hybe America[22] and Scott Borchetta remained CEO of Big Machine Label Group until February 2026.[23] A US $100 million capital increase carried out at Hybe America at the end of March 2026 shows that revenue fell by 59 per cent between 2022 and 2024, from KRW 70.4 billion to KRW 28.8 billion (equivalent to US$19 million). Although losses fell by 76 per cent to KRW 18.3 billion (US$12 million) over the same period, they remain well into the red.[24] These figures show that expanding into foreign markets, and particularly into the US, involves high costs and risks.

Nevertheless, following the group’s restructuring into Hybe Corporation in 2022, things have settled down. The company’s founder, Bang Si-hyuk, stepped down from his role as CEO to join the supervisory board, leaving the day-to-day running of the business to a younger management duo.[25]

In February 2023, Hybe then launched its big move. Following a dispute among SM Entertainment’s top management, Hybe acquired the 14.8 per cent stake that SM founder Lee So-man had put up for sale.[26] This triggered a bidding war for SM Entertainment, as the entertainment and media group Kakao also wanted to acquire a stake in SM. Ultimately, however, Hybe withdrew from the hostile takeover and sold half of its stake to Kakao, retaining just 8.81 per cent in its rival.[27] This stake was eventually sold to the Chinese tech giant Tencent in May 2025.[28] With this deal – even though it ultimately failed – Hybe demonstrated that it had not only risen to join the “Big Three”, but was even capable of taking over one of its competitors. As a result, Hybe had become the leading K-pop corporation.

This was further underlined by the fact that Hybe not only had offices in Japan and the US, but had also expanded its operations to China, Latin America and India. Hybe Latin America was established following the acquisition of Exile Content’s music division in November 2023, with Spanish-speaking offices opening in Mexico City, Los Angeles and Miami.[29] The establishment of a branch in China followed with the founding of Hybe China in April 2025[30] and five months later, Hybe India Entertainment was launched in Mumbai.[31]

Hybe had thus become an internationally active group that had outperformed its South Korean competitors, a fact also reflected in its financial figures (fig. 5.8). Even in the year of its IPO, Hybe was clearly in first place with consolidated group revenue of KRW 796 billion, well ahead of SM Entertainment (KRW 580 billion). The breathtaking revenue growth over the next two years – up 174 per cent to KRW 2.2 trillion – widened the gap with its competitors even further. It was not until 2024 that revenue growth slowed to 3.6 per cent, though this still represented more than double the revenue of its nearest competitor, SM Entertainment, which stood at KRW 990 billion.

Figure 5.8: Hybe Corporation’s revenue, cost and profit trends, 2020-2024

Source: After https://hybecorp.com/eng/ir/finance/income (Accessed 27 Feb 2026)

As cost of sales rose at roughly the same rate as revenue between 2020 and 2023, Hybe was able to double its operating profit during this period. The fact that the result was not better was primarily due to marketing and overhead costs, which more than tripled. As this trend continued into 2024, operating profit fell by almost 40 per cent to KRW 184 billion that year. This is also reflected in the net profit, which grew by 111 per cent to KRW 183 billion between 2020 and 2023, but turned negative in 2024 due to a heavily negative extraordinary result of KRW 3 billion. Overall, Hybe has also felt the effects of the downturn in the K-pop market, but thanks to BTS‘s comeback in 2026, it can hope to return to a path of growth and profit. However, the legal troubles facing Hybe’s founder, Bang Si-hyuk, could prove to be a major problem. Since July 2025, investigations have been underway against him and three other employees regarding unauthorised insider trading before Hybe’s IPO. The bombshell came in April 2026, when an arrest warrant was issued and Bang was barred from leaving South Korea, preventing him from attending BTS‘s opening concert in the US. This financial scandal could still cast a long shadow over Hybe’s success story.

Endnotes

[1] Kang, Haeryun. 2020. ‘Hitman’ Bang Si-hyuk, The Brand-New Billionaire Behind BTS. NPR, 18 November. https://www.npr.org/2020/11/18/935848354/hitman-bang-si-hyuk-the-brand-new-billionaire-behind-bts. Accessed 26 Feb 2026

[2] Kang, Haeryun. 2020. ‘Hitman’ Bang Si-hyuk

[3] Han, Eun-hwa. 2016. Independence is key to K-pop success

[4] Bruner, Raisa. 2019. The Mastermind Behind BTS

[5] Yoon, Sung-yeol. 2014. 8Eight to temporarily disband after seven years… ‘Pursuing individual music activities’. Star News, 21. Dezember. https://m.entertain.naver.com/home/article/108/0002369958. Translated with DeepL. Accessed 26 Feb 2026

[6] Kang, Haeryun. 2020. ‘Hitman’ Bang Si-hyuk

[7] KoreAm. 2010. Cover Story: 2PM

[8] Lee Min-ji. 2014. 2AM’s Jo Kwon, Im Seulong, and Jung Jin Woon Return to JYP Entertainment. Newsen, 9 April. https://web.archive.org/web/20160312112024/http://mwave.interest.me/enewsworld/en/article/63193/2am-changes-agencies. Accessed 26 Feb 2026

[9] Wikipedia. 2026. Love Yourself: Her

[10] Ha, Sun-young. 2018. Cousins unite as Netmarble buys stake in Big Hit. Korea JoongAng Daily, 6 April. https://koreajoongangdaily.joins.com/2018/04/06/industry/Cousins-unite-as-Netmarble-buys-stake-in-Big-Hit/3046607.html. Accessed 26 Feb 2026

[11] Kelley, Caitlin. 2019. BTS’s Label Reveals TOMORROW X TOGETHER Will Debut March 4. Forbes, 6 February. https://www.forbes.com/sites/caitlinkelley/2019/02/06/bts-bighit-tomorrow-x-together-txt-debut/. Accessed 27 Feb 2026

[12] Kelley, Caitlin. 2019. Big Hit Entertainment, BTS’s Label, Acquires Source Music. Forbes, 28 July. https://www.forbes.com/sites/caitlinkelley/2019/07/28/btss-label-big-hit-entertainment-acquired-source-music/. Accessed 27 Feb 2026

[13] Kim, Eun-ae. 2019. Big Hit acquires music game company Superb. Bang Si-hyuk: ‘It will bring positive value’. Osen, 19. August. https://m.entertain.naver.com/now/article/109/0004070079. Translated with DeepL. Accessed 27 Feb 2026

[14] Herman, Tamar. 2020. BTS’s Agency Big Hit Becomes Majority Shareholder Of K-Pop Company Pledis, Home To Seventeen & NU’EST. Forbes, 24 May. https://www.forbes.com/sites/tamarherman/2020/05/24/btss-agency-big-hit-becomes-majority-shareholder-of-k-pop-company-pledis-home-to-seventeen–nuest/. Accessed 27 Feb 2026

[15] Kim, Jung-wook. 2007. “Do you want to hear my name, my name is Son Dam-bi, and you want to hear my story about ‘Damn’?” Edaily, 25 June. https://www.edaily.co.kr/news/read?newsId=02086086583165328&mediaCodeNo=257. Translated with DeepL. Accessed 27 Feb 2026

[16] Stassen, Murray. 2020. Big Hit CEO Bang Si-hyuk now worth comfortably more than $2bn as BTS firm’s IPO takes flight in Korea. Music Business Worldwide, 15 October. https://www.musicbusinessworldwide.com/big-hit-ceo-bang-si-hyuk-now-worth-comfortably-more-than-2bn-as-bts-firms-ipo-takes-flight-in-korea/. Accessed 27 Feb 2026

[17] Ibid.

[18] Yoon, So-yeon. 2021. Big Hit, Naver and YG join forces in a big K-pop stock swap. Korea JoongAng Daily, 27 January. https://koreajoongangdaily.joins.com/2021/01/27/business/industry/Big-Hit-Entertainment-beNX-YG-Plus/20210127192300544.html. Accessed 27 Feb 2026

[19] Stassen, Murray. 2021. BTS label Big Hit Entertainment officially rebrands as HYBE. Music Business Worldwide, 19 March. https://www.musicbusinessworldwide.com/bts-label-big-hit-entertainment-officially-rebrands-as-hybe/. Accessed 27 Feb 2026

[20] Halperin, Shirley und Patrick Frater. 2021. BTS Label Owner HYBE Merges With Scooter Braun’s Ithaca Holdings for $1 Billion. Variety, 2 April. https://variety.com/2021/digital/news/hybe-merges-ithaca-holdings-scooter-braun-bts-1234943092/. Accessed 27 Feb 2026

[21] Halperin, Shirley. 2020. Scooter Braun Sells Taylor Swift’s Big Machine Masters for Big Payday. Variety, 16 November. https://variety.com/2020/music/news/scooter-braun-sells-taylor-swift-big-machine-masters-1234832080/. Accessed 27 Feb 2026

[22] Ingham, Tim. 2021. Scooter Braun sells Ithaca Holdings to HYBE, formerly known as Big Hit Entertainment, for $1 billion. Music Business Worldwide, 2 April. https://www.musicbusinessworldwide.com/scooter-braun-sells-ithaca-holdings-to-hybe-formerly-big-hit-entertainment/. Accessed 27 Feb 2026

[23] Stassen, Murray. 2026. Scott Borchetta exits HYBE AMERICA. Music Business Worldwide, 12 February. https://www.musicbusinessworldwide.com/scott-borchetta-exits-hybe-america/. Accessed 27 Feb 2026

[24] Stassen, Murray. 2026. HYBE to inject $100M into US subsidiary, HYBE America. Music Business Worldwide, 1 April. https://www.musicbusinessworldwide.com/hybe-the-home-of-bts-injects-100m-into-us-subsidiary-hybe-america12/. Accessed 02 Apr 2026

[25] Stassen, Murray. 2021. Bang Si-hyuk steps down as CEO of HYBE, formerly known as Big Hit Entertainment. Music Business Worldwide, 1 July. https://www.musicbusinessworldwide.com/bang-si-hyuk-steps-down-as-ceo-of-hybe/. Accessed 27 Feb 2026

[26] Hong, Yoo. 2023. SM founder Lee Soo-man joins hands with Hybe to counter SM’s Kakao partnership. The Korea Herald, 10 February. https://www.koreaherald.com/article/3059457. Accessed 27 Feb 2026

[27] Yim, Hyunsu. 2023. K-pop takeover battle loser HYBE to sell $437 mln stake in SM. Reuters, 24 March. https://www.reuters.com/markets/deals/south-koreas-hybe-sell-its-stake-sm-entertainment-2023-03-24/. Accessed 27 Feb 2026

[28] Stassen, Murray. 2025. HYBE is selling its entire stake in K-Pop rival SM Entertainment to Tencent Music for nearly $180m. Music Business Worldwide, 27 May. https://www.musicbusinessworldwide.com/hybe-to-sell-entire-stake-in-k-pop-rival-sm-entertainment-to-tencent-music-for-nearly-180m/. Accessed 27 Feb 2026

[29] The Straits Times. 2023. K-pop giant Hybe buys its first Latin music company. 13 November. https://www.straitstimes.com/life/entertainment/k-pop-giant-hybe-buys-its-first-latin-music-company. Accessed 27 Feb 2026

[30] Yoon, So-yeon. 2025. HYBE China opens in Beijing as K-pop powerhouse aims to boost presence in local scene. Korea JoongAng Daily, 29 May. https://koreajoongangdaily.joins.com/news/2025-05-29/business/industry/HYBE-China-opens-in-Beijing-as-Kpop-powerhouse-aims-to-boost-presence-in-local-scene/2318504. Accessed 27 Feb 2026

[31] Agarwal, Bhavna. 2025. BTS’ company HYBE officially launches Indian subsidiary HYBE India. India Today, 23 September. https://www.indiatoday.in/entertainment/music/story/bts-company-hybe-officially-launches-indian-subsidiary-hybe-india-2791696-2025-09-23. Accessed 27 Feb 2026

Stanning BTS Podcast from the ARIRANG Tour in Tampa during BTS’s Concert Magic

Stanning BTS Podcast from the ARIRANG Tour in Tampa during BTS’s Concert Magic

by | May 11, 2026 | Entertainment Law, Music Business, Podcast News

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IPRMENTLAW Weekly Highlights (April 27- Might 3, 2026)

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by | May 3, 2026 | Entertainment Law, Music Business, Podcast News


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The Madras Excessive Court docket granted an pressing advert interim injunction in favour of Aamir Khan Productions to restrain web service suppliers and cable operators from any unauthorised broadcast or dissemination of the movie Ek Din forward of its launch, recognising that pre-release piracy might trigger “irreversible harm” to the movie’s industrial worth. Whereas acknowledging the broad scope of such anti-piracy aid and its potential influence on intermediaries, the Court docket balanced pursuits by directing the producer to indemnify affected events, and ordered that the injunction would proceed till the following listening to date in June 2026.

Delhi Excessive Court docket Rejects Plagiarism Claims in ‘Golden Stag’ Dispute, Ends 15-Yr Authorized Battle

The Delhi Excessive Court docket dismissed copyright infringement allegations by creator Shivsundari Bose in opposition to David Davidar, holding that there was no proof to show that his novel The Home of the Blue Mangoes plagiarised her manuscript Golden Stag. The Court docket famous that similarities arising from a shared theme or setting don’t represent plagiarism and located that the variations between the 2 works outweighed any alleged overlap. It additionally noticed that Bose didn’t substantiate key claims, together with proof of submission of her manuscript to the writer, whereas concurrently rejecting Davidar’s defamation declare in opposition to her, concluding that her communications had been made in good religion thereby bringing an finish to a long-running dispute with no aid granted to both aspect.

The Economics of Okay-pop – Half 5: SM Leisure – Music Enterprise Analysis

The Economics of Okay-pop – Half 5: SM Leisure – Music Enterprise Analysis

by | Apr 26, 2026 | Entertainment Law, Music Business, Podcast News


We now have already regarded on the 4 main Okay-pop companies within the earlier weblog posts. Three of them – the so-called “Large Three” – have been based within the mid-Nineteen Nineties. Large Hit Leisure adopted in 2005 and rose to grow to be the market chief due to BTS. Within the subsequent 4 weblog posts, we’ll now look behind the scenes at these companies to realize a greater understanding of the financial system behind Okay-pop. Partly 5 we begin with SM Leisure.

The Economics of Okay-pop – Half 5: SM Leisure

The financial rise of SM Leisure

SM Leisure and its founder Lee Soo-man are the true innovators behind the Okay-pop manufacturing system. SM Leisure solid youngsters modelled on the US boy and woman teams of the Nineteen Nineties, skilled them extensively by means of a rigorous, multi-year trainee programme, and positioned them in the marketplace as a particular model. This idea proved to be an enormous industrial success. As early as 2000, SM Leisure was in a position to go public in South Korea and has been listed on the KOSDAQ know-how index ever since.[1] With contemporary capital, SM was in a position to start its growth within the Southeast Asian area. As early as January 2001, a three way partnership was established with the Japanese indie label Avex Trax, which not solely noticed the primary Okay-pop solo artist, BoA, marketed on the Japanese market, but in addition led to the founding of SM Leisure Japan, the corporate’s first abroad department, through which the Japanese TV manufacturing firm Yoshimoto Kogyo Holdings Co. additionally held a stake.[2]

The beginning of the second technology of Okay-pop artists in 2003 was additionally formed by SM Leisure with acts such because the boy band SHINee and the woman teams Ladies’ Technology and f(x).[3] Essentially the most vital facet of the second technology of Okay-pop was its growth into neighbouring Asian international locations. SM Leisure was already energetic in Japan, and in 2008 China was to comply with swimsuit with the launch of the boy band Tremendous Junior-M, a Mandarin-speaking sub-group of the Korean group Tremendous Junior, who made their debut look on the Chinese language Music Awards in April 2008, performing the music “U” from their debut album “Me”.[4] This established Chinese language-language Okay-pop in China and paved the way in which for additional productions.

This idea of splitting a supergroup into Korean- and Chinese language-speaking sub-groups was additionally utilized in 2012 to the 12-member boy band EXO, which was positioned as EXO-Okay (Okay stands for Korean) and EXO-M (M stands for Mandarin) on the Korean and Chinese language markets, respectively, and have been promoted individually.[5] This progressive advertising idea, developed by SM founder Lee Soo-man, was additionally an enormous industrial success and was copied by different Okay-pop firms.[6]

In 2016, SM Leisure broke new floor with the creation of the boy band NCT, an acronym for Neo Tradition Know-how. The fundamental thought was to create a super-group with an infinite variety of members, which may very well be divided into sub-groups as required and tailored to the wants of various markets. Particularly, NCT U[7] was launched to the general public in April, NCT 127[8] in July, and NCT Dream[9] in August, every with their respective debut releases. The goal of this new technique was to tailor the completely different boy bands to market situations and thus higher attain followers. SM Leisure founder Lee Soo-man developed this new technique himself and offered it to the general public in January 2016 throughout a presentation in Seoul entitled “SMTOWN: New Tradition Know-how 2016”.[10]

New technique and energy struggles behind the scenes

This mirrored SM Leisure’s new strategic route. The corporate was to be energetic not solely in Okay-pop manufacturing, but in addition in all areas of worth creation surrounding the popular culture phenomenon. On 3 February 2023, a video entitled “SM 3.0: Producing Technique Multi ‘Manufacturing Centre/Label’ System” was revealed on YouTube, through which the 2 new CEOs, Lee Sung-soo and Tak Younger-jun, dressed correctly in fits and ties and seated at a desk in entrance of an uncovered brick wall, introduced with a bow that the earlier music manufacturing system, which had been totally tailor-made to SM founder Lee Soo-man, was to get replaced by a brand new system that includes numerous manufacturing groups, some working in-house and others introduced in from exterior.[11] Nonetheless, this multi-production centre, which the 2 CEOs offered, was only one cornerstone of the brand new technique. As well as, additional in-house labels have been to be established and collaboration with exterior labels strengthened internationally. Central to the plan, nevertheless, was the institution of the corporate’s personal music publishing arm, which was meant to bundle music rights extra successfully and monetise them extra efficiently.[12]

Nonetheless, SM Leisure’s strategic reorientation will also be interpreted as a direct assault on Lee Soo-man, who, regardless of stepping down from the board, sought to retain inventive management inside the group in his function as government producer. Though the 2 CEOs highlighted the SM founder’s achievements within the video, the brand new “SM 3.0” technique subtly sidelined him from the inventive manufacturing processes and in the end from the corporate itself.

Lee Soo-man‘s response got here rapidly. On 6 February 2023, simply 5 days after the YouTube video was launched, it was introduced that Hybe Company, SM Leisure’s foremost rival, had acquired a 14.8 per cent stake within the firm for the equal of US $334 million.[13] This primary step in the direction of a hostile takeover had solely been attainable as a result of Lee Soo-man had bought a big portion of his stake in SM to Hybe.[14] Nonetheless, two days earlier, in settlement with SM, South Korea’s largest leisure group, Kakao, had acquired a 9.04 per cent stake in SM for US $172.8 million, thereby turning into the corporate’s second-largest shareholder.[15] Simply someday later, Lee Soo-man filed an injunction in opposition to SM Leisure over the difficulty of latest shares and convertible bonds in favour of Kakao, stating that the deal had been concluded with out his consent as the most important shareholder and was due to this fact “unlawful”.[16]

Hybe’s acquisition triggered a bidding battle that might decide the destiny of SM Leisure. Initially, SM and Kakao have been at a drawback as a result of, on 3 March 2023, a court docket had issued an injunction in opposition to the deal between Kakao and SM.[17] Kakao then went on the offensive and made a proposal to shareholders to buy 35 per cent of the corporate’s shares for US $966 million, thereby rising its stake to 39.87 per cent.[18] Surprisingly, on 24 March 2023, Hybe withdrew from the bidding battle, arguing that it didn’t wish to harm shareholder worth, and introduced its intention to promote its stake in SM to Kakao.[19] On 28 March 2023, Kakao fulfilled its announcement and bought 35 per cent of SM’s shares. Hybe then bought half of its stake in SM to Kakao, retaining an 8.81 per cent stake within the firm,[20] which have been ultimately bought to the Chinese language leisure group Tencent on 30 Might 2025 for round US $180 million.[21] This made Tencent the second influential co-owner of the Okay-pop group, following the e-commerce large Alibaba, which had already acquired a 4 per cent minority stake in SM Leisure in February 2016.[22]

The reason for why Hybe withdrew from the bidding battle is straightforward: by means of this manoeuvre, SM founder Lee Soo-man had secured his reinstatement as head of the A&R division at SM Leisure, thereby regaining inventive management over the manufacturing course of.[23] The 2 younger CEOs who had staged the revolt, nevertheless, have been changed by the chief monetary officer, Jang Cheol-hyuk,[24] which was now tasked with implementing the “SM 3.0” technique. As a primary step, Kreation Music Rights was established in August 2023 as an in-house music publishing division.[25] The day earlier than, a brand new abroad department – SMKEA – was additionally established within the US in collaboration with Kakao.[26] The Okay-pop group thus continued the worldwide growth it had been pursuing for years, which, along with branches in Japan, China and Singapore, now additionally included a department in North America.

The enterprise efficiency of SM Leisure

An evaluation of SM Leisure’s organisational construction reveals that the group will not be a conventional main music label primarily based on the Western mannequin, however reasonably an built-in leisure conglomerate that developed from a Okay-pop artist company. The 2021 annual report signifies that SM Leisure had 37 affiliated firms, six of which have been listed on the inventory alternate. As well as, SM Leisure held shares in an extra 19 firms,[27] numerous content material manufacturing firms (TV, radio, theatre, software program, print, digital actuality, and many others.), in addition to branding and promoting companies, an architectural agency and a property developer, and a enterprise capital agency; it even operates a sequence of comfort shops to monetise the manufacturers of the Okay-pop stars beneath contract. SM Leisure thus recognised the worth of built-in advertising of all sorts of rights at an early stage and can also be represented internationally with branches in Japan, South-East Asia, the USA and Sweden.

Determine 1: Income, value and revenue traits at SM Leisure Group, 2014-2024

Supply: After SM Leisure Enterprise Stories 2019-2021 (translated with DeepL) and SM Leisure quarterly stories 2021-2024 (in English)

SM Leisure’s progress in recent times can also be mirrored within the group’s income efficiency. As proven in fig. 1, there was a pointy rise in income in 2018, primarily because of the acquisition of stakes in several firms, which subsequently led to the formation of the SM Life Design Group. The combination of SM Tradition & Content material Co. Ltd. into the group’s constructions, which was accomplished on the finish of 2017, has additionally boosted turnover.[28] The non permanent decline in gross sales in 2020 was because of the impression of the COVID-19 pandemic, which precipitated revenues from the live performance section specifically to plummet. This made the following rise in gross sales all of the extra dramatic. The live performance enterprise recovered in 2022, however contributed solely KRW 23 billion to whole income of KRW 851 billion. It was not till 2023 and 2024 that the live performance division regained momentum, with income of KRW 77 billion and KRW 123 billion respectively. A pointy improve of 155 per cent between 2021 and 2024 was recorded within the merchandising and licensing enterprise, which in 2024 contributed KRW 169 billion extra to whole income than the live performance section.

Nonetheless, speedy progress and diversification into different sectors have additionally led to a rise in expenditure (see fig. 5.4). Between 2017 and 2024, whole expenditure grew by 155 per cent from KRW 354 billion to KRW 902 billion, primarily as a result of rising value of gross sales, which in 2024 have been 174 per cent larger than in 2021. Advertising and marketing and overhead prices have additionally doubled throughout this era. The primary value drivers listed here are personnel bills. Between 2019 and 2024 alone, the variety of staff in full-time equivalents rose from 493 to 723.[29]

This additionally had an impression on revenue efficiency (see fig. 1). Though revenue from working actions rose to KRW 114 billion in 2023 following a decline within the coronavirus yr of 2020, however in 2024 there was a 23 per cent decline in earnings, which pushed internet revenue all the way down to virtually zero, primarily as a result of losses at related firms, notably at SM Tradition & Content material Co.[30]

This highlights the vulnerability of SM Leisure, which has grown quickly in recent times and is struggling to combine the acquired firms and investments into the group construction. The “SM 3.0” technique talked about earlier is meant to assist with this, with all enterprise divisions being oriented in the direction of the creation of cultural values. The goal is to create a unifying framework for the very various enterprise divisions. As advantageous as SM Leisure’s broad vary of choices is, integrating them is equally troublesome. The corporate’s future success will due to this fact rely closely on whether or not it succeeds in higher integrating the varied elements of the enterprise and focusing them on a standard aim.

Endnotes

[1] Yang, Hong-mo. 2000. Garosu.com and 4 different firms start buying and selling on KOSDAQ on the 27th. Naver Information, 25 April. https://n.information.naver.com/mnews/article/015/0000210471?sid=101. Translated with DeepL. Accessed 28 Jan 2026

[2] Gil, Deok. 2001. SM Leisure “Concentrating on the World Music Album and Music Video Market”. Naver Information, 7 March. https://n.information.naver.com/mnews/article/015/0000345241?sid=102. Translated with DeepL. Accessed 28 Jan 2026

[3] See for instance Atkin. Okay-Pop. p 28

[4] Garcia, Cathy Rose A. 2008. Tremendous Junior-M Debuts in China. The Korea Occasions, 8 April. https://www.koreatimes.co.kr/way of life/people-events/20080408/super-junior-m-debuts-in-china. Accessed 28 Jan 2026

[5] Seabrook, John. 2012. Manufacturing unit Ladies. The New Yorker, 1 October. https://www.newyorker.com/journal/2012/10/08/factory-girls-2. Accessed 28 Jan 2026

[6] Ibid.

[7] Bahk, Eun-ji. 2016. SM’s new Okay-pop band NCT U to debut this week. The Korea Occasions, 4 April. https://www.koreatimes.co.kr/leisure/shows-dramas/20160404/sms-new-k-pop-band-nct-u-to-debut-this-week. Accessed 28 Jan 2026

[8] Ang, Estee. 2016. (UPDATE) #NCT127: SM Leisure Unveils Members Of New NCT Sub-Unit. Hybe, 4 July. https://hype.my/nct127-sm-entertainment-unveils-members-of-new-nct-sub-unit/. Accessed 28 Jan 2026

[9] Moon Wan-sik. 2016. NCT DREAM to debut their first single “Chewing Gum” on “M Countdown” on the 25th. Star Information, 19 August. https://m.entertain.naver.com/now/article/108/0002548916. Translated with DeepL. Accessed 28 Jan 2026

[10] Jung, Min-kyung. 2016. SM Leisure’s subsequent boy band to have ‘limitless’ members. The Korea Herald, 27 January. https://www.kpopherald.com/article/834265. Accessed 28 Jan 2026

[11] SMTown. 2023. SM 3.0: Producing Technique – Multi ‘Manufacturing Middle/Label’ System. YouTube, 3 February. https://www.youtube.com/watch?v=n4WSs3ebprw&checklist=PL_ndMPzmGNt3v3RUs1K20LOyG8oec472d. Accessed 30 Jan 2026

[12] Ibid.

[13] Stassen, Murray. 2023. HYBE has now spent $600m+ in a single week, because it buys 14.8% stake in Okay-Pop rival SM Leisure for $334m. Music Enterprise Worldwide, 10 February. https://www.musicbusinessworldwide.com/hybe-acquires-14-8-stake-in-k-pop-rival-sm-entertainment-for-334m1/. Accessed 30 Jan 2026

[14] Ibid.

[15] Dalugdug, Mandy, 2023. South Korea’s Kakao buys 9.05% stake in Okay-Pop large SM Leisure value $172.8m. Music Enterprise Worldwide, 7 February. https://www.musicbusinessworldwide.com/south-koreas-kakao-buys-9-05-stake-in-k-pop-giant-sm-entertainment-worth-172-8m/. Accessed 30 Jan 2026

[16] Herold Muse. 2023. Lee Soo-man threatens authorized motion in opposition to SM Leisure: ‘Kakao’s acquisition of SM shares is illegal’ (official assertion). 7 February. https://www.heraldmuse.com/article/3056777. Translated with DeepL. Accessed 30 Jan 2026

[17] Dalugdug, Mandy, 2023. In victory for HYBE, SM Leisure ends Kakao deal as court docket blocks agency from issuing new shares. Music Enterprise Worldwide, 6 March. https://www.musicbusinessworldwide.com/in-victory-for-hybe-sm-entertainment-ends-kakao-deal-as-court-blocks-firm-from-issuing-new-shares/. Accessed 30 Jan 2026

[18] Dalugdug, Mandy. 2023. HYBE’s SM Leisure takeover plan falls quick, Kakao launches $960m provide for controlling stake. Music Enterprise Worldwide, 7 March. https://www.musicbusinessworldwide.com/hybes-sm-entertainment-takeover-plan-falls-short-now-kakao-launches-960m-offer-for-controlling-stake/. Accessed 30 Jan 2026

[19] Ingham, Tim. 2023. HYBE pulls out of bid to accumulate 40% stake in SM Leisure: ‘The market has been exhibiting indicators of overheating as a result of our competitors with Kakao.’ Music Enterprise Worldwide, 7 March. https://www.musicbusinessworldwide.com/hybes-sm-entertainment-takeover-plan-falls-short-now-kakao-launches-960m-offer-for-controlling-stake/. Accessed 30 Jan 2026

[20] Yim, Hyunsu. 2023. Kakao’s stake in Okay-pop company SM climbs to 40%, HYBE retains 8.8%. Reuters, 28 March. https://www.reuters.com/enterprise/media-telecom/kakao-reaches-40-stake-k-pop-agency-sm-hybe-keeps-88-2023-03-28/. Accessed 30 Jan 2026

[21] Stassen, Murray. 2025. HYBE is promoting its complete stake in Okay-Pop rival SM Leisure to Tencent Music for almost $180m. Music Enterprise Worldwide, 27 Might. https://www.musicbusinessworldwide.com/hybe-to-sell-entire-stake-in-k-pop-rival-sm-entertainment-to-tencent-music-for-nearly-180m/. Accessed 30 Jan 2026

[22] Kang, John. 2016. Why Alibaba Purchased $30M Stake In Okay-Pop Large SM Leisure, Residence To EXO And Ladies’ Technology. Forbes, 11 February. https://www.forbes.com/websites/johnkang/2016/02/11/why-alibaba-bought-30m-stake-in-k-pop-giant-sm-entertainment-home-to-exo-and-girls-generation/#7e130efda556. Accessed 30 Jan 2026

[23] Lee, Eun-young. 2023. Former SM CEO Lee Sung-soo, who pledged to step again, returns to C-level place. ChosunBiz, 14 April. https://n.information.naver.com/mnews/article/366/0000893605. Translated with DeepL. Accessed 30 Jan 2026

[24] Kwaak, Jeyrup S. 2023. SM Leisure Appoints New CEO & Board as Okay-Pop Large Seems to be to the Future. Billboard, 31 March. https://www.billboard.com/professional/k-pop-label-sm-entertainment-appoints-new-ceo-board/. Accessed 30 Jan 2026

[25] Dalugdug, Mandy. 2023. SM Leisure to launch music publishing subsidiary, Kreation Music Rights. Music Enterprise Worldwide, 10 August. https://www.musicbusinessworldwide.com/sm-entertainment-to-launch-music-publishing-subsidiary-kreation-music-rights/. Accessed 30 Jan 2026

[26] Schneider, Marc. 2023. SM Leisure and Kakao Launch Joint Division in North America. Billboard, 1 August. https://www.billboard.com/professional/sm-entertainment-kakao-north-america-launch-partnership/. Accessed 30 Jan 2026

[27] SM Leisure. 2022. SM Leisure Enterprise Report 2021. pp 328-332 (translated with DeepL)

[28] SM Leisure. 2022. SM Leisure Enterprise Report 2021., p 14 (translated with DeepL)

[29] SM Leisure. 2022. SM Leisure Sustainability Report 2021. p 52 and SM Leisure. 2025. SM Leisure Sustainability Report 2024. p 90

[30] See quarterly stories of SM Leisure for 2024

Thȩ radįo features Jason Mȩwes and Jay & Silent Bob on Five Points, as wȩll as keeρ conflicts and arranging.

Thȩ radįo features Jason Mȩwes and Jay & Silent Bob on Five Points, as wȩll as keeρ conflicts and arranging.

by | Apr 19, 2026 | Entertainment Law, Music Business, Podcast News

Apple Podcasts, Spotify, Amazon Podcasts, anḑ other programs αre available to talk ⱱia.

Jason Mewes ‘ return to the scene of a convenience store shop has a certain kind of full-circle writing, but this time he’s having a discussion system disguised as a YouTube set rather than slinging smoking in Clerks. Kyle Meredith, the artist and humorous, was busy running his stand-up show” Diary of α Maȵchild,” woɾking on projects witⱨ Kevin Smith, and launching a neω shσw called Five Points, wheɾe viewers can tɾavel ƫhrough the aiȿles anḑ let ɱemories do the talking. It’ȿ α blenḑ of transformation and tribute, αnd it’s very similar to a career that’s ƀeen built on impulse, timing, anḑ a willingness to try something tσ ƙeep thȩ lights on. Talk in the apps above or wherever you can find them.

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Mewes is the first to acknowledge that the survival of this industry is not always straightforward. He laughs at the irony of a 30-year job built almost wholly on word-of-mouth and friends,” I really never got a work from an audition. ” Ⱨe ⱨas sinçe beçome more įndependent, whether that means writing for television shows, podcasts, or participating in jobs like Fiⱱe Points. It’s trulყ difficult to keep thȩ momentum going because, unlike Rσbert De Niro or Clinƫ Eastwood, you’ɾe not really ǥetting work nonstop. Otherwise, he has embraced the hurry, figuring out how to make money by displaying up, saying sure, and trying to figure things out.

Five Points uses a comfort store as a story cause, thanks to that same feisty power. Mewes says it’s different from asking α liȿt of iȿsues to someone else. No one has ever questioned a person if they ever consumed elephant almonds or whatever because of this. The end result įs a serįes thαt αvoids the typical press-cycle conversation and travȩls tσ a more intimate, yet unintended place. He goes on to say,” I think it actually has brought out some great stories… maybe they’ve never discussed this in any other appointment in the last 20 years. ” lt’s quiçk ƫo take, easy to follow, and unexpectedly revealing, which might be why it worƙs.

There are also bigger jobs, particularly those inⱱolving Kevin Șmith, his Iong-term homosexual parƫner. He makȩs fun of scheduling time with his companion, but he Iooks ƒorward ƫo “anotheɾ drama with Kevin. ” We’re wanting to picture another Jay & Bob, knock on wood. It’s called Store Wars: Jay & Silent Bob. We have half the money, and Kevin has the text. That is expected to occur in the middle of the time.

ln ƫhe most recent event, Jasoȵ Mewes can be heard talking about Kevin Sɱith, Five Items, and ɱore. Follow Kyle Meredith With… σn your preferred αudio aρp, and subscribe to the Consequence Podcast Network to liȿten to all the newest ȩpisodes.

IPRMENTLAW WEEKLY HIGHLIGHTS (APRIL 6-12, 2025)

IPRMENTLAW WEEKLY HIGHLIGHTS (APRIL 6-12, 2025)

by | Apr 12, 2026 | Entertainment Law, Music Business, Podcast News


Kartik Aaryan seeks safety of persona rights towards unauthorised use

Kartik Aaryan has approached the Bombay Excessive Courtroom in search of safety of his persona rights towards alleged unauthorised industrial exploitation within the digital house. He has instituted a go well with towards a number of Indian and worldwide e-commerce and social media platforms, together with unidentified “John Doe” events, alleging misuse of his identification.

The plea contends that his title, picture and likeness are getting used with out consent throughout merchandise, commercials and different on-line content material, amounting to a violation of his publicity and privateness rights. He has accordingly sought a everlasting injunction restraining the defendants from utilizing his images, movies, voice or some other private attributes for industrial functions, together with by rising applied sciences reminiscent of AI-generated content material and deepfake

Delhi Excessive Courtroom Seeks Responses From MEITY and Google in 4PM Information Channel Blocking Case

The Delhi Excessive Courtroom issued notices to the Ministry of Electronics and Data Expertise (MEITY) and Google in a petition filed by the 4 PM information platform difficult the blockage of its YouTube channel. Justice Purushaindra Kumar Kaurav issued the discover and requested the federal government and the search big to file their responses. The petition was introduced by the YouTube channel 4PM Information and its editor-in-chief, Sanjay Sharma. The candidates say their channel had greater than 8.4 million subscribers and had been ranked on the high for the previous three years. They allege that in March 2026 their channel and 26 movies had been blocked after Google acted on a authorized request from the federal government. The petitioners say neither Google nor MEITY supplied any formal order or clarification. In accordance with the plea, the blocking was performed with out prior discover and requests for the underlying paperwork had been refused on grounds of “confidentiality.”

Dhurandhar 2” faces authorized problem over alleged unauthorised use of “Oye Oye

Proceedings have reportedly been initiated by Trimurti Movies towards filmmaker Aditya Dhar’s manufacturing home in relation to the alleged unauthorised use of the enduring “Oye Oye” observe (from the movie Tridev) in Dhurandhar 2. The dispute centres on the movie’s observe “Rang De Lal (Oye Oye)”, which is alleged to have integrated and considerably reproduced distinctive components of the unique tune, together with its hook line, composition and musical association, with out securing requisite permissions from the rights holders.

Bombay Excessive Courtroom grants interim aid restraining script copying allegations towards “Dhurandhar 2”

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NCDRC stays warrant towards Salman Khan in deceptive commercial dispute

The Nationwide Client Disputes Redressal Fee has stayed the execution of a warrant issued towards Salman Khan in reference to a deceptive commercial dispute involving Rajshree Pan Masala. The allegations relate to claims made within the commercials reportedly suggesting the presence of premium elements reminiscent of saffron in a low-cost product, that are alleged to be deceptive and able to influencing client behaviour.

MeitY conducts stakeholder consultations on proposed amendments to IT Guidelines, 2021

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Amazon expands Counterfeit Crimes unit operations to India

Amazon has expanded its Counterfeit Crimes Unit operations to India as a part of its broader efforts to fight the proliferation of faux items on its platform. The transfer displays rising emphasis on proactive, technology-driven enforcement mechanisms by intermediaries to deal with trademark infringement and defend model homeowners. It additionally alerts a shift in direction of better non-public enforcement complementing statutory cures, significantly within the e-commerce ecosystem.

Kunal Kamra challenges Sahyog Portal framework earlier than Bombay Excessive Courtroom over potential unchecked takedown powers

Kunal Kamra has approached the Bombay Excessive Courtroom difficult facets of the federal government’s Sahyog portal framework, contending that it could allow content material takedown requests with out satisfactory judicial oversight. The plea raises considerations concerning the opportunity of arbitrary censorship and the chilling impact such mechanisms could have on free speech. The petition particularly alleges that the portal unlawfully empowers quite a few Central and State authorities officers to difficulty takedown or blocking instructions with out adhering to due course of necessities reminiscent of prior discover, a possibility of listening to, and reasoned orders. It’s additional contended that affected customers should not supplied any treatment towards such actions, leading to unchecked govt management over on-line content material.

Bombay Excessive Courtroom permits “Kaithi” vs “Bholaa” go well with to proceed in Mumbai

The Bombay Excessive Courtroom has held that it has jurisdiction to listen to the go well with filed by Dream Warrior Photos, the producers of Kaithi towards the makers of Bholaa, together with Ajay Devgn’s manufacturing home and Reliance Leisure. The Courtroom rejected objections that the dispute must be confined to Chennai courts and permitted the proceedings to proceed in Mumbai

Kerala Excessive Courtroom rejects plea to restrain movie linked to Venjaramoodu case

The Kerala Excessive Courtroom has dismissed a plea filed by the daddy of an accused within the Venjaramoodu mass homicide case in search of to restrain the discharge and promotion of the movie Kaalam Paranja Kadha, which is allegedly impressed by the incident.

In his petition, the petitioner particularly pleaded that the discharge of the movie—whereas the legal trial remains to be pending. would prejudice the accused’s proper to a good trial and create a “media trial” atmosphere. It was additional contended that the portrayal of occasions carefully resembling the incident may stigmatise the accused and irreparably hurt the repute of the household. The Courtroom, nonetheless, declined to grant aid, noting that the movie had acquired certification and gave the impression to be a fictionalised account with disclaimers and altered particulars. It held that speculative apprehensions concerning prejudice to trial or reputational hurt had been inadequate to justify a pre-release restraint on a artistic work.