K-Pop's Hybe, behind BTS, acquires Latin music label

HYBE

13/11/2023 24:55

SEOUL, Nov 13 (Reuters) - South Korea's largest music
label Hybe Co, behind K-Pop supergroup BTS, said on Monday it
acquired the music label of Spanish-language media company Exile
Content in its first major foray into the Latin music market.  
    Hybe said it acquired Exile Music, is setting up a Latin
America unit for artist management and talent discovery, and
considering incorporating the K-pop business methodology
typified by lengthy, competitive artist training and development
to the Latin genre in the long-term. 
    A spokesperson for Hybe declined to give the financial terms
of the acquisition. 
    Hybe is looking to tap into the rapid growth of the
estimated $1.3 billion Latin music market, as it reported a
year-on-year growth of 26.4% in 2022 compared to a 9% growth in
the global music market according to its statement. 
    K-Pop's biggest global success, BTS, is on temporary break
as a group while its members serve out mandatory military
service in South Korea. 
    Despite BTS' absence, analysts said K-Pop artists' overall
sales volume increased in 2023 compared to the previous year as
more bands gained a broader international following. 

 (Reporting by Joyce Lee; 
Editing by Sandra Maler)
 ((joyce.lee@tr.com;))