HYBE, led by Chairman Bang Si-hyuk, is making a full-fledged entry into the Latin American music market through the establishment of a local subsidiary. This is to expand its influence in Latin America, one of the fastest-growing music markets in the world.
HYBE announced on the 13th of November that it will establish a Mexican-based subsidiary called “HYBE Latin America.” It will serve as a foothold for the entry of HYBE Labels artists into the Latin market and the development of new artists and content.
HYBE Latin America plans to simultaneously pursue artist management and rookie discovery and nurturing businesses. To this end, they will recruit top-level producers and establish a T&D (Training & Development) and A&R (Artist & Repertoire) system optimized for the local market. In the medium to long term, they are also considering incorporating the proven business methodologies of K-pop into the Latin genre.
Isaac Lee, known as an authority in the Latin content market, will join as the chairman of the board of HYBE Latin America. Isaac Lee previously served as the founder of Exile Content, a television channel known as the world’s largest Spanish-language content channel, and the Chief Content Officer of Univision Communications and Televisa, the top content provider for television. He also has experience as a producer of movies and documentaries that aired on platforms such as Netflix, Antena3, Amazon, HBO, National Geographic, and Disney.
With Isaac Lee’s joining, HYBE Latin America and Exile Content have established an all-round partnership.
Before its launch, HYBE Latin America acquired Exile Music, a subsidiary of Exile Content. This is a preparatory move to enhance its presence in the Latin market. Exile Music has been involved in businesses such as recording and music publishing, artist management, and concert planning.
As of last year, the Latin American album and music market was estimated to be worth $1.3 billion (approximately 1.7 trillion won). HYBE stated, “This is a growth of 26.4% compared to the previous year. Considering that the global album and music market grew by 9% during the same period, we can gauge the rapid growth of the Latin market.”
Chairman Bang and HYBE seem to be attempting to apply the advantages of Latin music to K-pop through the establishment of HYBE Latin America.
Source: (A)
