Big Hit Entertainment's chief executive officer said that there can never be a second BTS.
On November 3, the agency's CEO participated in an online lecture on entertainment, media, and sports business at Harvard Business School in the United States as a special guest. Such a lecture, which was conducted online due to the ongoing COVID-19 pandemic, was part of Professor Anita Elberse's class.
Professor Elberse is considered a top authority in research focusing on the media, sports, and entertainment industries. She is also recognized for writing the case report entitled 'Big Hit Entertainment and Blockbuster Band BTS: K-Pop Goes Global,' which was released in June this year. This report is an analysis of the success factors of Big Hit and BTS.
At the suggestion of Professor Elberse, Big Hit's CEO took part in two lectures, each with 160 students. In the lecture, the professor and students exchanged various analyzes and opinions on success factors of the world-renowned BTS and the sustainability of Big Hit and the K-Pop boy group's triumph.
Students cited the terms like an artist-friendly contract, respect for artists' freedom, sufficient investment of cost and manpower, the balance of rational power between the agency and the artists, utilization of technology, and various profit models that are based on core content as the distinguishing aspects of Big Hit Entertainment.
CEO Yoon Seok Jun also shared and explained the success factors and business strategies of Big Hit Entertainment based on the experience and expertise that has helped the company. When asked a question regarding Big Hit's long-lasting sustainability of success, Yoon answered, "Because of the authenticity and identity of BTS, which cannot be duplicated, there cannot be a second BTS."
He continued, "Big Hit is focusing more on researching the method of communication that is required in the present era. Ten years from now, we are planning on continuing to show content and services that only we can provide."
The chief of the executive officer was also asked about BTS's fan club, ARMY. He said that their existence could not be found in any entertainer or athlete. "They take BTS's storyline and make content to spread the story of BTS to those that do not know them yet," he added.
Yoon Seok Jun further stated, "We created a global fan community platform, 'Weverse,' and presented a way for artists and fans to communicate more closely in a new way."
CEO Yoon is known for leading the growth of Big Hit Entertainment and BTS for the past 10 years. Over the years, he has led the branding of original content, expanded artists in direct participation-type business using IP (Intellectual Property Rights), and established the said global fan community medium. Recently, Yoon Seok Jun was selected as 'Future 25' of Rolling Stone, a common lifestyle journal in the US.
Meanwhile, boy group BTS is starting a countdown of their upcoming album 'BE,' with concept photos of the members being released one by one. 'BE' is set to be out on November 20.
For more news updates about other K-Pop news, always keep your tabs open here at Kpopstarz.
Owned by Kpopstarz
Written by Mhaliya S.
