Bang Shi Hyuk or Bang PD who introduced the global sensation, BTS has stepped down from his position as the company’s CEO on July 1st 2021. Immediately after knowing this fans started to agonize over Bang PD’s decision so read on to know more.
Earlier in March 2021 ,Big Hit Entertainment started managing its own activities by changing the title to Big Hit Music under HYBE Corporation. This move was to reach and expand their market by through company that encompasses various dimensions.
Why did Bang Shi Hyuk resign?
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Obviously Big Hit Entertainment was founded by Bang Shi Hyuk in 2005 but in reality it was one of the subsidiary divisions of HYBE Corporation. Although these subsidiaries work independently still they receive creative and strategic support from the HYBE Co. So technically speaking HYBE Co has acquired Big Hit Entertainment. Currently, he resigned from his position and now he is no longer the CEO yet he is major share holder of company.
Bang Shi Hyuk role in HYBE Corporation
It was reported that Park Ji Won who was previously worked as CEO of video game publisher, NEXON Korea and former CEO of HYBC HQ will be replacing Bang PD’s position. In spite of his resignation Bang PD will continue to work as chairman of board of directors and he would focus more on music production.
HYBE is undergoing many changes since last year and still undergoing so as to create its impact globally and involving the master strategies in order to achieve success in global market.
HYBE Japan is another independent subsidiary company that is again under the big title HYBE Corporation and designed to have its own activities. The label’s main goal is to establish itself in the Japanese market as well. Han Hyuk ROK will be serving as CEO of this label, would also take part in the auditions and planning the artist’s schedules.
Warner Bros to invest in HYBE
Warner Bros was alleged to make an investment in HYBE through video streaming platform HBO Max and it was estimated that it would invest $443 million (USD) in HYBE which enables it to hold 5.6% shares. Additionally, Warner Bros have also obtained the exclusive content rights of BTS documentaries and concerts.
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