Richard quest, Song by Destiny's Child

Los Angeles, March 8 K-Pop is facing a "very clear slowdown in growth". That is why HYBE, the mega company behind BTS and other globally popular acts, is eyeing expansion into the US. This was stated by HYBE chairman Bang Si-Hyuk, to CNN's Richard Quest in an interview, reports 'Variety'.HYBE is seeking to expand its holdings in the South Korean music market by acquiring a large stake in its competitor, SM.The genre, which has boomed globally over the past five years, "is not as hot in the market as you might perceive," Bang said, according to 'Variety'."Globally, it's not occupying much of the market," he added. "On the other hand, Latin music and Afrobeat are very rapidly growing. So being where we are, it is more urgent to increase the exposure. ... Looking at our export indicators and streaming growth, the slowdown in growth is very clear."Of course, Bang notes that it is possible the slowdown could be due to BTS' members facing a hiatus due to mandatory service in South Korea's military."I doubt that," he concluded, which is a reason why the company is acquiring or buying interest in "labels and management companies in America, to be able to build the infrastructure."In 2021, the company struck a $1 billion deal to acquire Ithaca Holdings, the company headed by Scooter Braun, the longtime home of Justin Bieber and Ariana Grande, and one last month to acquire the company behind hip-hop powerhouse Quality Control, which has Lil Baby, Lil Yachty, City Girls and Migos.Last month, SM CFO Cheol Hyuk Jang posted a 15-minute video called "The reason why SM is against HYBE's hostile takeover."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Richard QuestFOLLOW

Richard quest, Latest News

Entertainment :K-Pop slowing down, losing out to Latin music, Afrobeats, says the man behind BTS

Los Angeles, March 8 K-Pop is facing a "very clear slowdown in growth". That is why HYBE, the ... ...