Will BTS renew their contracts soon or not? Bang Si Hyuk answers!
Chairman Bang Si Hyuk of HYBE, who is called the ‘father of BTS’ spoke at the Kwanhun Forum held at the Seoul Press Center recently, many questions asked gained attention, among them was a question about where HYBE is headed as well as the contract renewals of the BTS members which will be up in 2024.
Q. Then, what is HYBE’s future expansion strategy?
A. Our current strategy is to connect top-tier labels and management companies by genre, and maximize the network effect to go ‘multiply’ rather than ‘add’. We are planning to bring producers, that is, management companies with creators into the company. Right now we are looking at (for acquisition) top-tier labels in the Latin market.
Among them, are those who align with our philosophy and are interested in future innovation. We have plans to acquire companies that ask for help with our infrastructure. At the same time, I am looking at one or two labels that have hot producers in the US. Through this, our first goal is to become a presence that cannot be ignored in the American music market. We are planning to grow into a company with a very strong presence in the United States.
Q. Will they continue with HYBE when they return as a whole after serving in the military?
A. You talked about renewing your contract, but as you well know, contract renewals for groups like BTS have a huge social impact, so I am cautious. In the case of BTS, the contract period has been disclosed for transparency, and there is still some left. We’ll talk about it during that period, and I think it will be polite to artists and fans.
In October 2018, BTS and their agency, now known as HYBE, renewed their agreement.
A seven-year deal with Big Hit Entertainment (now HYBE) was signed by the group’s members in 2013.
They decided to renew their contract early, ensuring that they would continue their successful career with the company for several more years. The contracts will expire in the coming years, some reports suggest they’ll expire in 2024 and other suggest they’ll expire in 2025.
What do you think of this?
I’m glad you addressed the issue of what year the contract will end for them. I’ve been asking around since last year whether it was 2024 or 2025. I too found conflicting information as to exactly which year it would be. In 2018 the contract was addressed a year prior to it expiring 2019. Addressing the contract a year early is their practice. But was it actually signed in 2018 or signed in 2018 to begin 2019 ? I think this is where some of the confusion, along with different articles giving various dates, begin. But again, I’m glad I’m not the only one that was confused.
BTS is not signed with HYBE. BTS’ agency is BigHit Ent. TXT is also signed with BigHit. HYBE did not come into existence until close to 7 years after BTS debut. HYBE only exists because of the huge success of BTS. It’s important to state accurate information. Thank you.
I am so glad BTS is going to be stronger than ever in 2025. This is going to be an awesome year that year. I was so lucky to see them in Vegas back in 2022 and it was really amazing. I want to meet them someday they are my heroes that I look up to and they are just amazing. I know that they will be back like their song says the best moment is yet to come Thankfully they have their contract. They are going to renew soon and I’m so excited I can’t wait to see what happens to them. I hope they can perform as a group again.