On July 29, 2019, Big Hit Entertainment, the company behind global phenoms BTS, announced that they acquired Source Music.
Source Music, which is the home of Gfriend, will be an independent subsidiary under Big Hit.
In a statement, Big Hit stated, “We recently completed a contract to acquire Source Music and it will be incorporated as a subsidiary of Big Hit Entertainment. Source Music will retain its existing management and maintain their label’s color and independence in music.”
Billboard reports that, according to Big Hit, the company is looking to “quickly expand the spectrum of its artists by securing a group of artists with an already-established fandom” and also is looking to Source to provide a “pool of trainees with high growth potential in the girl group category.”
Big Hit’s acquisition of Source Music is not surprising as the two companies have worked together in the past on two now-disbanded groups 8Eight and GLAM.
Bang Si-hyuk, co-CEO and founder of Bit Hit Entertainment, said, “A shared philosophy behind artist promotion and management was the main driver that brought Big Hit and Source Music together. Since we know each other so well, we expect the acquisition to be a success. I’m pleased that both companies can now begin painting an even bigger picture.”
“I am thrilled that Source Music has joined Big Hit,” said Source Music’s CEO So Sung Jin. “I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label. Big Hit’s track record of creating global artists quickly and expertly sets 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.”
The acquisition is the first in Big Hit’s plan to follow a multi-label structure. Currently, the company is worth around $1 billion USD, and with the success of their artists and global branding, their worth is expected to increase.
—-Olivia Murray
User Review
( votes)Related Articles
Korean Rock Bands Join Forces to Release an Album
South Korea’s most prominent rock bands Crying Nut, Dickpunks, HarryBigButton, JAMBINAI, Walking After U, Bluepaprika, Animal Divers, Rock N... Read More
Asia’s hottest rising star CAELAN from INTERSECTION launches full-scale solo activity with debut single release!
CAELAN from Japanese-American mixed-culture boyband INTERSECTION will released his first solo single ‘Forever With You’ on October 8,... Read More
My Universe Makes History on the Billboard Charts
Coldplay and BTS collaboration single “My Universe” debuted on the Billboard Hot 100 songs chart at No. 1. This makes Coldplay’s second Hot 100... Read More
Dreamcatcher Brings “HALLOWEEN MIDNIGHT CIRCUS” For Their Fourth Online Concert
The seven rock goddesses of K-pop, Dreamcatcher, are back for their fourth online concert HALLOWEEN MIDNIGHT CIRCUS: DREAMCATCHER ONLINE CONCERT 2021... Read More
KiRiSaMe UNDERTAKER has just started a project covering the theme songs of SUNRISE’s anime works! Their first cover is ‘COLORS’, which is the opening theme song of “Code Geass Lelouch of the Rebellion”.
KiRiSaMe UNDERTAKER has just started a project covering the theme songs of SUNRISE’s anime works! Their first cover is ‘COLORS’, which is the... Read More
Ex-SNSD Star Jessica Jung’s Fashion Brand Embroiled in $6.8m Lawsuit Over Unpaid Loan
BLANC & ECLARE, a fashion brand founded in 2014 by Korean-American singer and actress Jessica Jung - formerly of K-pop girl group Girls'... Read More
Squid Game could become the most popular Netflix show ever
The Korean hit series “Squid Game” is currently Netflix's biggest show, and Netflix co-CEO Ted Sarandos said that it is on target to be the most... Read More
‘THE FIRST’ boyband audition winners BE:FIRST hit 15 million views on YouTube with ‘Shining One’ ahead of official debut! First major-label release also announced
Seven-member dance and vocal group BE:FIRST were born from ‘THE FIRST’, the million-dollar audition series created and funded by Japanese artist... Read More
Coldplay X BTS Drop “My Universe”
British rock band Coldplay and BTS joined forces to release "My Universe," from Coldplay's forthcoming studio album “Music of the Spheres”,... Read More
Leave a Reply