K-Pop’s Hybe, behind BTS, acquires Latin music label

November 13, 2023 - 9:24 AM
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Jin, Suga, V, Jungkook, RM, Jimin, and J-Hope of BTS hold their award for the Favourite Pop Song, Favourite Duo or Group and Artist of the Year awards while posing in the press room during the 2021 American Music Awards at the Microsoft Theater in Los Angeles, California, U.S., November 21, 2021. (Reuters/Aude Guerrucci)

 South Korea’s largest music label Hybe Co, behind K-Pop supergroup BTS, said on Monday it acquired the music label of Spanish-language media company Exile Content in its first major foray into the Latin music market.

Hybe said it acquired Exile Music, is setting up a Latin America unit for artist management and talent discovery, and considering incorporating the K-pop business methodology typified by lengthy, competitive artist training and development to the Latin genre in the long-term.

A spokesperson for Hybe declined to give the financial terms of the acquisition.

Hybe is looking to tap into the rapid growth of the estimated $1.3 billion Latin music market, as it reported a year-on-year growth of 26.4% in 2022 compared to a 9% growth in the global music market according to its statement.

K-Pop’s biggest global success, BTS, is on temporary break as a group while its members serve out mandatory military service in South Korea.

Despite BTS‘ absence, analysts said K-Pop artists’ overall sales volume increased in 2023 compared to the previous year as more bands gained a broader international following.

– Reporting by Joyce Lee; Editing by Sandra Maler