Hybe Co., Ltd.[2], commonly known as simply Hybe (stylized in all caps), is a South Korean multinational conglomerate.[3] Hybe has transformed from a traditional music entertainment company (formerly Big Hit Entertainment) into a tech-driven lifestyle platform corporation.
The company operates under three main pillars: Labels, Solutions, and Platforms, with a heavy emphasis on utilizing technology for growth.
History
2005–2021: Big Hit Entertainment Co., Ltd.
Big Hit Entertainment was founded on February 1, 2005,[4] and signed the vocal trio 8Eight in 2007.[5] In 2010, the company signed a contract with JYP Entertainment to jointly manage the boy group 2AM.[6] That year, Bang Si-hyuk signed RM as the first member of BTS and launched nationwide auditions to recruit other members for the group.[7] BTS made their debut under Big Hit on June 13, 2013.[8]
In 2012, the company signed Lim Jeong-hee,[9] and formed the girl group Glam as a collaboration with Source Music.[10] The group was active until 2014, when it was disbanded due to legal actions against one of its members Kim Da-hee. Kim was sentenced to prison after being found guilty of blackmailing actor Lee Byung-hun.[11][12][13]
Following the end of the joint contract between Big Hit and JYP in April 2014, three members of 2AM returned to JYP. Lee Chang-min remained with Big Hit to continue with his solo career and as part of the duo Homme.[6] 8Eight disbanded later that year, after Baek Chan and Joo Hee's contracts with Big Hit ended.[5]
In May 2015, Lim parted ways with the agency, following the expiration of her three-year contract,[9] and Signal Entertainment Group, a KOSDAQ-listed company specializing in artist management and television production, acquired stakes in Big Hit through a KR₩6 billion convertible bond.[14] In early 2016, Big Hit ended their stake relationship with Signal and made a full settlement of the bonds.[15][16]
In February 2018, Homme disbanded after member Changmin's contract ended. He left the company to start his own agency, while Lee Hyun continued on as a solo artist.[17] In August, Big Hit and CJ ENM released information stating plans to create a joint entertainment agency, with ownership split 52% to the latter and 48% to the former.[18][19] Filed under the name Belift Lab, the agency debuted its first boy group Enhypen in November 2020.[20] In October, BTS renewed and extended their contract with the agency for seven more years.[21] Big Hit was voted Best Investment Company of the Year at the 2018 Korea VC Awards in December.[22]
Big Hit debuted its second male group, Tomorrow X Together (TXT), in March 2019.[23] Also that month, former CBO Lenzo Yoon was appointed co-CEO alongside Bang.[24] Yoon would focus on the business components of the company, while Bang's focus would be on creative production.[25] In July 2019, the company acquired Source Music,[26] and in August, the video game firm Superb.[27] Thanks to the Weverse and Weverse Shop apps developed by its subsidiary beNX, Big Hit was named the fourth most innovative company of 2020 worldwide by Fast Company.[29]
In May 2020, Big Hit became the majority shareholder of Pledis Entertainment. The label would retain its independence; however, its artists would now receive greater financial support and global promotions.[30] The Fair Trade Commission (KFTC) approved the acquisition in October.[31] Big Hit acquired KOZ Entertainment, a record label founded by rapper Zico, the following month.[32]
In January 2021, news media reported that Big Hit and beNX had invested a combined ₩70 billion (US$63 million) in YG Plus, acquiring a 17.9% stake in the company in a merchandising and distribution deal that would see YG Plus' artists join the Weverse social media and shop platforms.[33][34][35] Naver Corporation later invested ₩354.8 billion ($321 million) in beNX, acquiring 49% of the subsidiary. In return, it transferred its V Live video streaming service to the latter for the development of a new integrated fan community platform. BeNX was eventually renamed Weverse Company.[36] The merger was approved by the KFTC in May.[37] On February 17, Big Hit and Universal Music Group (UMG) announced a strategic partnership between the two companies to collaborate on various music and technology-related endeavors.[38] At the forefront of the partnership was a joint venture between Big Hit and Geffen Records, a UMG flagship label, that will debut a global boy group through a new, Los Angeles-based label following a global audition program set to air in 2022. Big Hit would be responsible for selecting and training the artists, while UMG would be in charge of music production, global distribution, and marketing.[39] Additionally, other UMG artists were set to join Weverse, already home to Gracie Abrams, New Hope Club, and Alexander 23.[40] On February 25, Big Hit announced a ₩4 billion ($3.6 million) investment in a Korea-based AI company, Supertone, that specializes in creating hyper-realistic voices using technology.[41]
2021–present: Hybe, expansions, and investigations
Big Hit announced its rebranding into an entertainment lifestyle platform company under the name Hybe in March 2021.[42] The company underwent a complete organizational restructuring, which also saw the recording and management arm of Big Hit Entertainment spun off into an independent label named Big Hit Music under Hybe's new Labels division. The renaming was approved at a shareholders meeting on March 30.[43][44] The company relocated to its new headquarters in the Yongsan Trade Center in Yongsan District on March 22,[43][45] and the rebrand went into effect on March 31.[46] Hybe acquired Scooter Braun's Ithaca Holdings and all its properties, including SB Projects and Big Machine Label Group, through its subsidiary Hybe America in April.[47][48] The corporation invested $950 million (₩1.07 trillion) into the America branch to finance the buyout;[49] $1.05 billion was paid to Ithaca shareholders and bondholders.[50] BH Odyssey Merger Sub, a newly created subsidiary of Hybe America, facilitated the acquisition, and was later dissolved after the deal's finalization.[51][52] The Carlyle Group, a minority shareholder and original investor, sold its stake in Ithaca as part of the deal. Braun joined Hybe's board, while Scott Borchetta retained his position as CEO of Big Machine Label Group.[47][53] That same month, Time named Hybe one of the "100 Most Influential Companies of 2021", under the "Pioneers" section.[54]
Japanese streaming platform Showroom announced a business and capital partnership with Hybe in May 2021 to improve its domestic services and expand access to Japanese content in South Korea, the United States, and globally.[55][56] Hybe was added to the MSCI Korea index on May 12, and the index updated on May 28.[57] Following a second organizational restructuring, Bang resigned as CEO on July 1 to return his focus to music production. He was replaced by Jiwon Park but retained his position as chairman of the board of directors.[58][59] In November, Hybe entered into an equity-based partnership with Korean fintech company Dunamu to develop a joint venture NFT business for the creation of digital assets.[60][61] It acquired a 2.6% stake in the company for ₩500 billion ($423.8 million), while Dunamu received a 5.6% stake in Hybe for ₩700 billion ($590 million).[61][62] On November 11, Hybe won a Red Dot Design Award in the Brands & Communication Design category at the 2021 Red Dot Design Awards for its new corporate identity (CI) design.[63] The establishment of a new music label, ADOR, was announced on November 12. Chief brand officer (CBO) Min Hee-jin was appointed as its president and tasked with overseeing the management of the label's first girl group, later announced as NewJeans, which debuted in July 2022.[65]
In January 2022, Hybe published a series of "original stories" featuring boy groups BTS, Enhypen, and Tomorrow X Together in collaboration with Webtoon and Wattpad as part of a planned IP expansion.[66] The BTS comic alone earned over 15 million views within two days of release, becoming the fastest title in Webtoon's history to reach that milestone.[67] In March, Fast Company named Hybe the 11th most innovative company of the year globally on its annual top-50 list[68]—ranking first in the Media category[69]—while Time included Hybe on its 100 Most Influential Companies list for a second consecutive year.[70] The company topped the "Leaders" category and was dubbed "The Pop Powerhouse" by the outlet for its acquisitions, expansion into the digital frontier, and transformative strides in the music industry during the pandemic era.[71][72] The following month, Hybe won an iF Product Design Award for "Company Branding" in the Communication category at the International Forum Design Awards held in Germany.[73] Hybe signed a multi-year deal with The Walt Disney Company Asia Pacific in July 2022 to provide content showcasing the Korean music and entertainment industries to a global market. Five programs will be available worldwide on Disney+ and other Disney streaming platforms—a 4K cinematic film of BTS' Permission to Dance on Stage concert in Los Angeles; In the Soop: Friendcation; and BTS Monuments: Beyond the Star, a docuseries of BTS' history from debut to present set to premiere in 2023. Additional content featuring other Hybe artists will also be released.[74][75]
Hybe became the largest shareholder of SM Entertainment in February 2023, after it acquired founder Lee Soo-man's 14.8% stake in the company for approximately ₩422.8 billion.[76] The company subsequently acquired Galaxia SM's 1% stake on March 3.[77] On March 12, Hybe announced that they no longer planned to own the majority stakes of SM Entertainment, said that the bidding war with Kakao could "damage shareholder value."[78] On March 24, Hybe announced that it will sell its entire stake in SM Entertainment to Kakao by accepting its tender offer launched by Kakao.[79] However, on March 28, Hybe instead sold half of its stakes in SM to Kakao, leaving it only for 8.81%.[80] On May 27, 2025, Hybe announced it would sell all of its shares in SM Entertainment to Tencent Music.[81][82]
On May 23, 2023, Hybe signed a music distribution deal with Chinese streaming platform, Tencent Music.[83]
On August 10, 2023, Hybe announced its acquisition of the remaining 51.5% stake from CJ ENM in Belift Lab, making it as a wholly owned subsidiary.[84][85]
In November 2023, Hybe confirmed the establishment of its Latin music division, Hybe Latin America, based in Mexico City, Los Angeles, and Miami.
On August 27, 2024, Min was removed from her role as president of ADOR but remained on the company's board of directors and continued producing for NewJeans. Ju Young Kim, Hybe's Chief Human Resources Officer and a member of the board, assumed the position of ADOR's president. Min objected this decision, describing her as a "grave violation of the shareholders' agreement."[86]
In December 2024, it was revealed that the Financial Supervisory Service (FSS) was investigating whether Chairman Bang Si-hyuk had entered into secret shareholder agreements with STIC Investments, Estone Equity Partners, and New Main Equity without informing other shareholders or the financial regulator. These agreements allegedly allowed him to financially benefit misleading other shareholders into believing that Hybe would not pursue an IPO.[87] On May 28, 2025, the FSS referred Bang Si-hyuk to the prosecution after concluding that the investigation met the threshold for charges.[88] The following day, searched Hybe's headquarters connection with allegations of insider trading by a former employee who allegedly used confidential information to profit from acquiring shares in YG Plus, based on prior knowledge of Hybe's planned investment in the company in January 2021.[89]
On May 28, 2025, Hybe announced the sale of Big Machine Rock to Gebbia Media,[90] followed the next day by the announcement of establishing a Chinese subsidiary.[91][92][93]
On July 1, Hybe announced plans to expand its operations into India,[94] with the subsidiary establish on September 23.[95] In the same month, one of Hybe's largest shareholders, Netmarble considered issuing approximately ₩2,500 billion ($2.5 trillion) in exchangeable bonds (EB), using part of its stake in Hybe as collateral to secure liquidity for repaying loans incurred during its acquisition of the U.S. social casino game company SpinX. While a formal underwriting agreement had not yet been signed, NH Investment & Securities emerged as the likely arranger, and NH Hedge Asset Management was reportedly forming a project fund with institutional investors to support the deal. Netmarble has previously utilized its Hybe holdings for financing, including a 2024 price return swap involving 2.6% equity and a 2023 block trade of approximately 6% of its shares.[96] However, by August, Netmarble abandoned its plan, a decision attributed to the volatility and sharp decline in Hybe's stock price caused by an "owner risk" scandal involving Hybe's founder and Chairman Bang Si‑hyuk. The funding was intended to pay down debt from Netmarble's acquisition of SpinX (approximately ₩1.6 trillion in debt), which is now reduced to mid‑₩200 billion.[97]
On August 20, Mirae Asset Securities was preparing to sell the remaining portion of Hybe convertible bonds (CBs) worth approximately 1 trillion KRW, capitalizing on the recent surge in Hybe's stock price, which had risen to around 280,000 KRW—well above the CB conversion price of 218,000 KRW. The CBs, issued in October 2024 as zero-coupon, zero-interest bonds, were initially underwritten mainly by Mirae Asset, but some remained unsold due to concerns over the deal's structure and perceived favoritism. With Hybe's stock boosted by positive market sentiment, including anticipation of BTS's return and the easing of Chinese content restrictions, Mirae Asset sees a lucrative opportunity to offload the remaining CBs at a premium, maximizing returns through both underwriting fees and capital gains.[98] The same day, Hybe subsidiary ADOR appointed Lee Do-kyung as its new president. This leadership change follows the dismissal of former president Min Hee-jin in 2024 and a period of interim leadership under Kim Joo-young, who focused on stabilizing the company and restructuring operations. With that process complete, Hybe determined that Lee—who has been at Hybe since 2019 and has experience in strategic planning and IP projects—was the right person to lead ADOR into its next phase.[99]
On December 15, Hybe announced a new global management partnership with Brandon Hixon and Colin Gayle, the co-managers of South African artist Tyla, to develop Africa-based artists for international markets.[100]
Company value and investments
Big Hit Entertainment initially operated as a private company with Bang Si-hyuk as the largest shareholder of its stock.[101] In 2018, the Korean mobile gaming company Netmarble acquired the second largest percentage of the company, paying a reported ₩201.4 billion ($191.8 million) for 25.71%.[102] In October 2018, private investment firm STIC Investments received an undisclosed share of Big Hit for an investment of roughly ₩104 billion ($93 million).[103]
In 2007, Big Hit had four employees and was near bankruptcy, but Bang was able to keep the company afloat after the local success of 8Eight's Without a Heart in 2009.[104] Over the years, its value rose in tandem with the increasing global popularity of its first boy group BTS.[105] In March 2018, Big Hit's earnings were publicized for the first time. The company reported revenue of ₩92.4 billion ($82 million) and operating profit of ₩32.5 billion ($29 million) for 2017.[106][107] Initial estimates valued Big Hit at up to ₩700 billion ($624 million) if entered into an IPO that very month, making CEO Bang the richest in the South Korean entertainment business due to his large shareholding position, and leaving him with personal ownership value of roughly ₩350 billion ($314 million).[108] By October 2018, the company was valued at more than ₩1 trillion.[107]
Big Hit's success has been attributed to its innovative management style, more like an IT company than an entertainment company, which has become the new standard in the K-pop industry; it includes a wide usage of social media to capture people's interest and transform it into sales, the creation of artist-related multimedia content, and the full use of fandom energy.[109][110] Financials published in March 2019 for 2018, showed a 132% increase in sales compared to 2017, with Big Hit making approximately ₩214.2 billion ($189.38 million). Operating profit rose 97% to ₩64.1 billion ($56.72 million), while net profit rose 105% to ₩50.2 billion ($44.41 million).[111] By June 2019, the company was valued between ₩1.28–2.22 trillion.[112] As of March 2020, its total value was roughly ₩6 trillion ($5 billion).[113] Big Hit commenced plans to go public on May 21, and applied for a pre-IPO consultation with the Korea Exchange. This is required under South Korean law before a company can file paperwork for an IPO.[114] One week later, the company filed for a preliminary review of their planned IPO.[115] On October 15, Big Hit was listed in the KOSPI index and began trading stocks.[116][117]
Per the company's 2020 annual report, its first since going public, Big Hit recorded net income of ₩86.2 billion ($77.6 million), a 19.1% increase compared to 2019's ₩72.4 billion.[118] Operating profit rose 44.3% to ₩142.4 billion, while sales increased 35.6% to ₩796.3 billion[118]—bolstered in part by album revenue and various acquisitions—with the company experiencing its best quarterly performance yet in the fourth quarter of 2020.[119] Though concert revenue decreased in the wake of the COVID-19 pandemic, merchandise, content, and fan club-related revenue increased 53%, 71%, and 66%, respectively.[119][120] In 2021, following its rebranding as Hybe, the company became the first South Korean music agency to surpass the ₩1 trillion ($838 million) benchmark in annual sales. It recorded annual revenue of ₩1.2 trillion, operating profit of ₩190.3 billion, and net income of ₩141 billion ($118 million).[121][122]
Divisions and subsidiaries
Business divisions
Hybe consists of three pillars: Music, Platform, and tech-driven future growth initiatives. Under each division are wholly or partially owned subsidiaries of its parent corporation.[123][124] As of 2026, the company has 85 subsidiaries in total.[1]
Music
This is the entertainment and music production division. Prior to the rebranding, it was known as Big Hit Labels. Subsidiaries within the division operate independently of Hybe but receive support for creative activities.[43]
- Big Hit Music
- Lee Hyun
- BTS
- RM
- Agust D
- J-Hope
- Jin
- Jimin
- Jung Kook
- V
- Tomorrow X Together
- Cortis
- Source Music[125][126]
- Le Sserafim
- Belift Lab
- Enhypen
- Illit
- Pledis Entertainment[128][129]
- Seventeen
- BSS
Tech-driven future growth initiatives
The "tech-driven future growth initiatives" division is made up of specialized business units for video content, IP, learning, and games. Secondary and tertiary businesses are created based on the creative output of each label.[123] In May 2021, Hybe Edu signed a business agreement with the International Korean Language Education Foundation (IKLEF) to develop Korean-language textbooks for distribution to overseas elementary and secondary schools through the Ministry of Education beginning in 2022. Various other online and offline content will also be created using BTS IP in response to an increasing demand for Korean-language education in foreign countries.[131] In July 2021, it was announced that Hybe Solutions subsidiaries Hybe 360 and Hybe IP had been merged into Hybe.[132] On June 22, 2022, Cake Corporation announced that Hybe Edu had been bought by them on June 1, but would continue to carry out the activities of the latter.[133] On July 1, 2025, Hybe IM was renamed to Drimage.[134]
- Hybe 360
- Hybe IPX
- Hybe Brand Synergy
- Hybe NEB
- Drimage (formerly Superb and Hybe IM)
- Hybe Media Studio
- Supertone
- Scooter Braun Projects
- Solid Foundation Management
- Big Machine Music
Platform
This is the technology division. It manages the social networking and entertainment platform Weverse, which serves as a hub for connecting and expanding all of Hybe's contents and services.[123] In May 2021, Weverse Company invested in US startup Fave, an F2F platform for fandoms, as part of its plans to strengthen business opportunities in that territory.[135]
- Weverse Company
- Weverse
Music
This is the entertainment and music production division. Prior to the rebranding, it was known as Big Hit Labels. Subsidiaries within the division operate independently of Hybe but receive support for creative activities.[43]
- Big Hit Music
- Lee Hyun
- BTS
- RM
- Agust D
- J-Hope
- Jin
- Jimin
- Jung Kook
- V
- Tomorrow X Together
- Cortis
- Source Music[125][126]
- Le Sserafim
- Belift Lab
- Enhypen
- Illit
- Pledis Entertainment[128][129]
- Seventeen
- BSS
Tech-driven future growth initiatives
The "tech-driven future growth initiatives" division is made up of specialized business units for video content, IP, learning, and games. Secondary and tertiary businesses are created based on the creative output of each label.[123] In May 2021, Hybe Edu signed a business agreement with the International Korean Language Education Foundation (IKLEF) to develop Korean-language textbooks for distribution to overseas elementary and secondary schools through the Ministry of Education beginning in 2022. Various other online and offline content will also be created using BTS IP in response to an increasing demand for Korean-language education in foreign countries.[131] In July 2021, it was announced that Hybe Solutions subsidiaries Hybe 360 and Hybe IP had been merged into Hybe.[132] On June 22, 2022, Cake Corporation announced that Hybe Edu had been bought by them on June 1, but would continue to carry out the activities of the latter.[133] On July 1, 2025, Hybe IM was renamed to Drimage.[134]
- Hybe 360
- Hybe IPX
- Hybe Brand Synergy
- Hybe NEB
- Drimage (formerly Superb and Hybe IM)
- Hybe Media Studio
- Supertone
- Scooter Braun Projects
- Solid Foundation Management
- Big Machine Music
Platform
This is the technology division. It manages the social networking and entertainment platform Weverse, which serves as a hub for connecting and expanding all of Hybe's contents and services.[123] In May 2021, Weverse Company invested in US startup Fave, an F2F platform for fandoms, as part of its plans to strengthen business opportunities in that territory.[135]
- Weverse Company
- Weverse
Hybe America
Prior to the rebrand, the subsidiary was known as Big Hit America. Following the rebranding, Hybe bought over all ₩1.7 trillion ($1.5 billion) of Big Hit America's shares, making it a wholly owned subsidiary under the corporation, and it became Hybe America.[51] This was in preparation for Hybe's acquisition of Ithaca Holdings through Hybe America. BH Odyssey Merger Sub was created as a subsidiary of Hybe America to facilitate its buyout of Ithaca. Once finalized, Ithaca would become a subsidiary of Hybe America, and BH Odyssey would be dissolved.[51][47] The merger is assumed to have been completed in the first quarter of 2021 per quarterly earning reports published on May 14.[136]
In July 2021, Yoon and Braun were appointed co-CEOs of Hybe America, and jointly managed US operations. Yoon was responsible for "the localization of Hybe's K-pop business model in the US" and "oversee[ing] the training, production and marketing process through which new talent is discovered" while Braun focused "on solidifying Hybe's presence in the US music industry" and "cementing [the company's] competitiveness in the stateside market." Chief Strategy Officer (CSO) Jaesang Lee, who led the Ithaca acquisition, was made Chief Operations Officer (COO).[137][59] Plans for the launch of a new global girl group in collaboration with Geffen were announced on November 4; auditions closed on November 28.[138][139] Braun became the sole CEO in January 2023,[140] subsequently leading the acquisition of the American entertainment company QC Media Holdings in February.[141] In July 2025, Braun transitioned out of his role as CEO of Hybe America. Isaac Lee, Chairman of Hybe Latin America, took Braun's place.[142]
- Hybe x Geffen Records
- Katseye
- Ithaca Holdings
- Ithaca Label Holdings
- Atlas Music Publishing
- Big Machine Label Group
- Nashville Harbor Records & Entertainment
- Big Machine Records
- The Valory Music Co.
- Big Machine Music
- Big Machine Radio
- Big Machine/John Varvatos Records
- Mythos Studios
- SB Projects
- SB Management
- Schoolboy Entertainment
- Schoolboy Records (with Universal Music Group)
- Sheba Publishing
- Silent Labs
- SB Music RBMG
- QC Media Holdings
- Quality Control Music
- Solid Foundation Management
- Quality Films
- QC Sports
Hybe Japan
Following Hybe's second leadership restructuring in July 2021, its Japanese subsidiaries, Hybe Solutions Japan and Hybe T&D Japan, were integrated to form a regional headquarters, Hybe Japan. The Japanese branch operates as an independent entity under CEO and former Hybe Solutions Japan CEO Hyunrock Han.[143] It oversees music production, music publishing, music copyright management, artist management, and talent scouting and development,[144] as well as facilitates the entry of other Hybe artists into the Japanese market.[58] Hybe Labels Japan debuted its first boy group, &Team, in December 2022.[145] A collaboration with Hiroomi Tosaka of J Soul Brothers, announced in 2021,[146] resulted in the creation of the girl group Moonchild, which debuted in 2023;[147] Hybe Labels Japan co-produces the group with LDH Japan.[148] In 2025, Hybe Labels Japan rebranded as YX Labels.[149] In January 2026, Hybe Japan launched a new label, JCONIC, with the aim of creating icons of the era from Japan.
Labels
Solutions
- Hybe Solutions Japan
- Hybe T&D Japan
Hybe Latin America
In November 2023, Hybe announced the creation of its Latin music division, Hybe Latin America, with offices in Mexico City, Los Angeles, and Miami. J.H. Kah, former vice president of YG Entertainment, was appointed as CEO, after the company confirmed the acquisition of Exile Content.[153] In March 2024, Fernando Grediaga, previously an executive at EMI-Universal Music México, became general manager of Hybe Latin America.[154] The leadership team also includes Isaac Lee as chairman and Juan S. Arenas as COO.[155]
In June 2024, Exile Music was rebranded as Zarpazo and relocated to Miami, while its podcast service was renamed Ajá Podcasts.[156] The establishment of new label Docemil Music was also announced.[157]
Hybe Latin America will operate the Docemil and Zarpazo brands, with the aim of combining Hybe's K-pop development model with local strategies to target markets in Mexico and the U.S. Hispanic community.[158] The division manages artists including Morat and Daddy Yankee and operates a touring agency for acts such as Quevedo and Cypress Hill.[155][159]
Its projects include Santos Bravos, a reality show to form the Latin boy band Santos Bravos,[160] and Pase a la Fama, a competition in partnership with Telemundo to select members of a Regional Mexican band.[161] Additionally, the division launched the Hybe Experience, an interactive exhibition in Mexico City.[162]
Hybe China
Hybe China was established on April 2, 2025.[163]
Hybe India
On September 23, 2025, Hybe established Hybe India Entertainment, based in Mumbai.[164][165] The company aims to develop local talent through auditions and training programs, connecting artists born in India to global audiences. Hybe described Mumbai as "a cultural and entertainment hub that encompasses the Bollywood film industry, contemporary art, and diverse performing arts", unveiling the slogan "Where Indian voices become global stories." Through its activities in India, the subsidiary is also expected to contribute to the growing I-pop scene, a developing segment of the Indian music industry.[166]
Former artists
- ADOR
- Danielle
- Naeco
- Yurina Hirate[167]
- Pledis Entertainment
- NU'EST
- Fromis 9
- Source Music
- GFriend
- Hybe Japan
- Moonchild
Disputes and legal actions
Dispute with Min Hee-jin
On April 22, 2024, Hybe requested for Min Hee-jin, the then-CEO of their sub-label ADOR, to step down from her position following an audit of the label amidst accusations of Min attempting to make Ador independent.[168][169] Min released a statement dismissing those claims and also accused Hybe of overlooking the similarities between NewJeans and Illit, a girl group that debuted in March 2024 under Hybe's sub-label Belift Lab. In her statement, she accused Hybe and Belift of refusing to acknowledge the claims of Illit plagiarizing NewJeans' image from music to style, with the former's debut causing confusion amongst fans online.[170][171] The value of Hybe's shares fell by 8.03% following the news.[172] In response, Hybe submitted evidence to judicial authorities to refute the claims of plagiarism. A later court case dismissed the plagiarism claims.[173]
Hybe officially reported Min Hee-jin to the police for "breach of trust" on April 25 following evidence retrieved from the audit that she is attempting to gain management of the label. Hybe later released text messages between Min and ADOR's vice president listing a series of methods to take control of the label. Hybe has also stated that they plan to meet with the legal representatives of NewJeans' members to discuss providing them with psychological and emotional care to support them for a successful return in the future.[174][175][176] It was also announced that NewJeans, who are set to release a new single in May, will carry out activities as planned.[177]
On April 25, seven hours after the report was filed, Min held an emergency press conference to deny the accusations against her. During the conference, she shared text messages exchanged between her, Bang Si-hyuk, and Hybe's former CEO Jiwon Park, some of which included Bang mentioning groups outside of Hybe. She accused Hybe of fabricating her words and revealed that she had filed an internal report in the past because the company failed to address her concerns over their treatment of NewJeans and her as a producer, however, this was ignored by the management.[178][176][179] Issues regarding Hybe's leadership also came to light as Min accused Bang of trying to control all of Hybe's labels and removing their uniqueness. Min also stated that she's willing to talk to either Bang or Park but they never agreed.[178][176]
Hybe requested for Ador to organize a board meeting on April 30. If the board members refuse to attend, then a request would be filed in court to open a shareholders' meeting for the label. The company also refuted all of Min's claims, additionally stating that she should respond to the audit and promptly step down from her position.[176][180] Following a court case held on May 30, Min's injunction to stop Hybe from exercising their voting rights to dismiss her was accepted by the court. Meanwhile, the ruling noted that Min had sought to weaken Hybe's control over ADOR by attempting to remove NewJeans from Hybe's influence or by pressuring Hybe to sell its stake in ADOR, thereby enabling herself to take independent control of the label[181] In respect of the court's decision, Hybe did not exercise its voting rights.[182] If Hybe were to violate this and fire her, they would have to pay a compensation of .[183][184]
In July 2024, Min filed police complaints against five Hybe executives on charges of defamation and business obstruction. The police ultimately dismissed the case.[185]
On November 20, 2024, Min resigned from all her positions (including the board internal director) at both ADOR and Hybe.[186]
On January 9, 2025, Chairman Park Jung-kyu of the tech company Davolink alleged in an interview that Min had made efforts to "poach" NewJeans. He also mentioned that there had been previous discussions between him and Min regarding potential investment and the possibility of NewJeans leaving Ador to sign exclusive contracts with another company.[187]
In early 2025, Min Hee-jin continued to face scrutiny over allegations of workplace misconduct and breach of trust. In January, the Ministry of Employment and Labor dismissed initial complaints of workplace harassment against her.[188] However, in March, the Seoul Regional Employment and Labor Office issued an administrative fine against Min, determining that certain actions met the threshold for workplace harassment under South Korean labor law. Min appealed the decision.[189]
In June, new developments emerged during ongoing court proceedings between Hybe and Min. Evidence presented in court included claims that Min had a hand in crafting emails that were publicly released by the families of NewJeans (then known as NJZ), raising questions about her role in shaping public narratives.[190]
A major legal decision occurred on July 15, when the Seoul Yongsan Police Station cleared Min of all breach of trust allegations that had been filed by Hybe in April 2024. Authorities concluded there was insufficient evidence to pursue criminal charges.[191]
Following the decision, Hybe announced its intent to appeal, stating that it had uncovered new evidence and legal grounds to challenge the police's conclusion.[192][193]
On February 12, 2026, it was reported that the court ruled in favor of Min in both her lawsuit seeking payment for shares under a put option agreement and Hybe's lawsuit seeking confirmation that the shareholder agreement was terminated. After the validity of Min's put option right is finalized, Hybe will have to pay Min ₩25.5 billion (US$17.7 million).[194]
Employee insider trading
In June 2024, South Korean prosecutors charged three employees of subsidiaries affiliated with Hybe with insider trading. The individuals were accused of selling company shares shortly before the public announcement on June 14, 2022, that members of the K-pop group BTS would be taking a hiatus. Prosecutors stated that the employees had access to non-public information about the announcement, which enabled them to sell their shares in advance and avoid financial losses estimated between US$24,000 and US$108,000,[195] which the three denied during their first hearing at trial.[196]
On July 22, 2025, the three individuals—who were no longer employed at Hybe at the time of sentencing—received suspended prison sentences ranging from six months to two years. In addition to the suspended terms, the court imposed financial penalties ranging from approximately to .[197][198]
Separately, on May 29, prosecutors from the Seoul Southern District Prosecutors Office raided the headquarters of Hybe as part of an investigation into allegations of fraudulent trading. A former Hybe executive was accused of earning approximately in profits through insider trading by purchasing shares in YG Plus after obtaining non-public information about Hybe's planned investment in the company.[199][200] Hybe stated that it was fully cooperating with authorities and reiterated its commitment to legal compliance and transparency.[201]
Leaked audit documents
On October 24, 2024, Hybe came under public scrutiny during a National Assembly audit, when Representative Min Hyung-bae of the Democratic Party questioned Hybe's Chief Operating Officer, Taeho Kim, about the company's internal practices. During the session, Min disclosed the existence of an internal company document titled Weekly Music Industry Report—a collection reportedly totaling approximately 18,000 pages. The report allegedly contained derogatory remarks, unverified rumors, and harsh commentary about various K-pop idols. Portions of the document were later leaked online, prompting widespread criticism.
In response, on October 29, Hybe CEO Jason Jaesang Lee issued a public apology. He described the report as a compilation of external opinions and reactions related to K-pop trends, intended for internal analysis by a limited number of executives. Lee acknowledged that the content was "highly inappropriate and unacceptable" and expressed regret over the harm caused. He stated that Hybe was in the process of directly contacting affected agencies to offer apologies, and he also personally apologized to the company's artists who had been criticized in the leaked material.[202][203][204]
Tax investigation
On July 29, 2025, the National Tax Service (NTS) of South Korea conducted a search and seizure operation at Hybe's headquarters in Yongsan, Seoul. This action was part of a broader investigation by the NTS's 4th Investigation Bureau into alleged tax evasion and irregular financial activities involving 27 companies. Hybe was among the businesses suspected of engaging in unfair stock practices and underreporting tax liabilities.[205]
The probe specifically focused on Hybe's 2020 initial public offering (IPO) and transactions that preceded it. Authorities are investigating claims that Hybe and its executives, including founder and chairman Bang Si-hyuk, misled investors in 2019 by publicly stating that there were no plans for a stock market listing, while secretly preparing for an IPO. The company later proceeded with the listing, and Bang is alleged to have gained hundreds of billions of won in profits through a special purpose vehicle (SPV) that acquired shares on his behalf. Prosecutors believe Bang may have received as much as 30% of the proceeds from this SPV-linked transaction.[205]
This marked the first tax raid on Hybe since June 2022, when a routine audit by the Seoul Regional Tax Office led to the imposition of a "a multi-billion-won penalty."[206] The 2025 raid, however, signaled a significant escalation, as it followed two previous legal actions within the same month: one involving insider trading by Hybe executives and another centered on IPO-related fraud allegations relating to the founder, Bang Si-hyuk. Combined, these investigations reflect mounting legal and regulatory pressure on the entertainment conglomerate.[205]
Filmography
Documentary
- Pop Star Academy: Katseye (2024) (with Interscope Films (PolyGram Entertainment) and Boardwalk Pictures)[207]
Drama
- Begins Youth (2024) (with Chorokbaem Media)
Exhibitions
- "Hybe Insight" (2021–2023) in South Korea[208]
Reality and variety
- I-Land (2020, Mnet) (with CJ ENM and Studio Take One)[209]
- &Audition – The Howling (2022, Hulu Japan & Hybe Labels YouTube Channel)[210][211]
- R U Next? (2023, JTBC) (with Belift Lab, Studio JAMM, Mushroom Company and YK Media Plus)[212]
- World Scout: The Final Piece (2025)[213]
Weverse concerts and festivals
Philanthropy
On February 13, 2023, Hybe donated ₩500 million through Save the Children to support the recovery of victims from 2023 Turkey–Syria earthquake.[219]
On April 2, 2025, Hybe donated ₩1 billion through the National trust for Cultural Heritage to help repair and restore national heritage damaged by wildfires in the Ulsan, Gyeongbuk, and Gyeongnam regions.[220]
External links
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