South Korea’s largest music label, Hybe Co, responsible for the K-Pop group BTS, announced on Monday (13) that it has acquired the music label of Spanish-language media company Exile Content, in its first major foray into the Latin music market.
Hybe said it has acquired Exile Music, which is setting up a Latin American unit for artist management and talent discovery, and is considering incorporating K-pop’s business methodology, characterized by long, competitive artist training and development for the Latin gender in the long run.
A Hybe spokesperson declined to disclose the financial terms of the acquisition.
Hybe is seeking to take advantage of the rapid growth of the estimated $1.3 billion Latin music market, which reported annual growth of 26.4% in 2022, compared to 9% growth in the global music market, according to your statement.
K-Pop’s biggest global success, BTS, is on temporary hiatus as a group while its members complete mandatory military service in South Korea.
Despite BTS’s absence, analysts said K-Pop artists’ overall sales volume increased in 2023 compared with the previous year as more bands gained a wider international audience.
Reporting by Joyce Lee
Source: CNN Brasil
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