Record label Source Music, home to girl group GFRIEND, is now a subsidiary of Big Hit Entertainment — the agency behind K-pop superstars BTS and monster rookie group TXT.
In a statement, Big Hit said that the driving force behind them acquiring the company is their “shared philosophy” when it comes to managing and promoting their artists.
“We expect this move to be a success since we know each other well,” Big Hit CEO Bang Si Hyuk noted, further citing that this partnership can now allow both firms to paint an even bigger picture for the K-pop industry.
Back in the early 2000s, the two have already teamed up in co-managing the pop ensembles GLAM and 8Eight.
According to Source Music CEO So Sung Jin, joining Big Hit is a “prime opportunity” for their label — together with their artists and trainees — to achieve the “next level of excellence.”
Sung Jin also praised the company for their “track record of creating global artists quickly and expertly.”
“We will strive to provide even more amazing content to our fans through this organic relationship with Big Hit,” the Source Music executive added.
With the merger, Big Hit furthers its goal to have a multi-label structure. Earlier this year, the company has recruited former SM Entertainment creative director Min Hee Jin and named her the company’s Chief Brand Officer as part of its intensified efforts to rebrand and diversify its array of artists and musical offerings.
However, despite the merger, the management team of Source Music will still continue to helm the label.
“The [record label] plans to retain its current management to operate with its own color and independence as a music label,” the company shared in a statement.
Source Music’s prized artist GFRIEND recently released their album “Fever Season,” debuting on the 10th spot of the Billboard World Albums chart. The six-piece was first launched in 2015.
Big Hit’s flagship act BTS, on the other hand, is currently taking up their much-needed rest after their extensive world tour. TXT, the rookie group formed by the company, meanwhile debuted earlier in March this year with their album “The Dream Chapter: Star.”
Big Hit, currently valued at $1 billion, is further reported to be acquiring a yet unnamed agency.
