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Big Hit Entertainment announced a new addition to his team late Sunday night (July 28th). The company, which is behind the BTS and TOMORROW X TOGETHER boys groups, has revealed that a contract for the acquisition of the Korean company Source Music, which hosts the Gfriend girls group.
"A contract for the acquisition of the shares of Source Music has recently been finalized and the company will join Big Hit as a subsidiary," Big Hit said in a statement.
This is the first step in the creation of Big Hit as a multi-label structure, the latest in a series of commercial changes made by the company in recent months.
According to Big Hit, the company seeks to "quickly expand the spectrum of its artists by recruiting a group of artists with an established fandom" and also wants Source to provide a "pool of trainees with high growth potential in the sector. ". group category of girls. "
Big Hit Entertainment recently announced that Min Hee Jin, longtime creative director of SM Entertainment, was his new creative brand manager and was preparing to start a new group of girls under Big Hit.
In the future, Source's management team should remain at the helm of the company, "in order to preserve the independence of the label and its unique colors". The company recently released GFriend's Season of fever album, facing the addiction "Fever".
The popular six-member team arrived on the K-pop scene in 2015 with their first album Glbad season and has since seen eight albums appear on the World Albums chart. Season of fever made his debut at number 10 on this chart in July.
Big Hit and Source Music have already collaborated in the past, with the two companies co-managing the 8Eight pop vocal singing group and the GLAM girl group in the early 2000s.
Big Hit founder and co-CEO Bang Si-hyuk said, "A common philosophy behind the promotion and management of artists was the main driver that brought Big Hit and Source Music closer together. Since we know each other so well, we hope that this acquisition will be a success. I am pleased that both companies can now begin to paint an even bigger picture. "
"I'm delighted that Source Music has joined Big Hit. I think it's a great opportunity to reach the next level of excellence for artists, trainees and label members, "said So Sung Jin, CEO of Source Music. "Big Hit's experience in creating fast and expert international artists provides a solid foundation for Source Music. We will strive to provide even more amazing content to our fans through this organic relationship with Big Hit. "
Big Hit is estimated at more than a billion dollars.
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