Big Hit Entertainment to Change Its Name to HYBE Corporation

Big Hit Entertainment, home to world-famous boy group BTS, will no longer maintain its name as it will officially be changed to HYBE Corporation.

Big Hit Entertainment Announces to Change Their Company Name

On March 10, documents about the changing of Big Hit Entertainment's company name circulated online. Big Hit has since officially confirmed the rumors through a report filed to Korea's Financial Supervisory Service. And according to the report, Big Hit Entertainment will be changed to HYBE Corporation.

ALSO READ: Big Hit Entertainment Growing to be 'Top One' Agency + Is the 'Big 3' Era Over?

The change in the name of Bang Si Hyuk's company was done to mark its start as a comprehensive content label with a variety of purposes instead of being an entertainment agency only. Big Hit's founder previously said that they aim to become the leading entertainment and lifestyle platform in the world. And by removing "entertainment" in their name, they will have a new, all-inclusive image as a general content group.

Along with the announcement of the change in company name from Big Hit Entertainment to HYBE Corporation, they also revealed that they will expand their business purposes, which they will carry out in the future. HYBE will be renting practice rooms and backup spaces to their subsidiary labels and other affiliates.

ALSO READ: BTS' Agency Records 36% Increase in Revenue amid Pandemic + Group Continues Domination on Billboard Charts

The agency will also deal with music production, record production, music and record distribution, performance, and management. Moreover, HYBE Corporation will accomplish internet business, travel business, and real estate.

And since Big Hit Entertainment will be changed to HYBE Corporation, the company's website will also be modified, from "https://www.ibighit.com" to "https://www.hybe.co."

Big Hit Entertainment to Hold General Shareholder's Meeting

Furthermore, the general shareholder's meeting was also mentioned in the report filed to Korea's Financial Supervisory Service. The event will take place on March 30 at 9 p.m. KST at the Dragon City Hotel. Some of the topics that will be discussed during the general meeting are the change of the agency's name to HYBE Corporation and the appointment of Bang Si Hyuk, Big Hit Entertainment's founder, as an internal director.

Big Hit Entertainment and its Current Artists

Established in February 2005 by Bang Si Hyuk, Big Hit Entertainment has managed several groups and solo artists including 2AM (co-managed by JYP Entertainment), GLAM, Homme, K.Will, David Oh, 8eight, and Lim Jeong-hee. As of 2021, the label manages male soloist Lee Hyun and boy groups BTS and TXT.

ALSO READ: BTS' Agency Draws Flak After Committing a Major Faux Pas + Invests $3.6 Million in Supertone

Big Hit has numerous subsidiary companies, also called BigHit Labels, including Source Music, Pledis Entertainment, Belift Lab (co-managed by CJ ENM), and KOZ Entertainment. These agencies also manage popular artists including GFRIEND, SEVENTEEN, NU'EST, ENHYPEN, and more.

In February, Big Hit Entertainment saw a 44% increase in its operating profit, 19% rise in its net profit, and an impressive 36% overall increase in its revenue in 2020, in spite of the world experiencing a health crisis. In fact, their 2020 income is the highest record they have achieved. It was revealed that they generated over 715 USD billion revenue, more than 127 USD billion operating profit, and more than 77 USD billion net profit.

ALSO READ: Big Hit Entertainment Join Hands with YG PLUS and Naver

The Korean agency noted that its recent success is all thanks to the constant growth and popularity of its artists and the steady extension of their business. Some people even believe that Big Hit is growing to be the "Top One" company in the "Big 3" entertainment agencies.

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Written by Mhaliya Scott