BTS’s home company, HYBE Labels, will undergo significant management changes. HYBE’s current CEO, Park Ji Won, has resigned, and the music conglomerate has announced who its next CEO could be.
HYBE founder Bang Si Hyuk stepped down as CEO in 2021. Park Ji Won, who previously worked as the global COO of game publisher NEXON Japan and CEO of NEXON Korea, took over. HYBE then stated that Ji Won would work on “systematizing the broader organization in line with the company’s rapid growth” and oversee strategy and operations.
HYBE announces new CEO as Park Ji Won resigns
HYBE’s current CEO, Park Ji Won, stepped down on July 24, 2024. The music label stated that Ji Won would remain an employee. BTS’ home company has also revealed who the organization’s next CEO could be.
According to reports, Lee Jae Sang, the current chief strategy officer (CSO) of HYBE, will replace Park Ji Won as CEO. He will assume the new designation after receiving due approvals from shareholders.
The company stated, “Lee Jae Sang, who we have planned to appoint as CEO, is an entertainment industry expert with extensive experience in strategic planning and operations both domestically and internationally.”
Additionally, Korean media has listed all the major changes that the music conglomerate went through under Park Ji Won’s guidance. Park Ji Won helped HYBE become an IPO, change its name, and reorganize the multi-label system. He contributed to transforming the business structure of HYBE as it grew from a mid-level entertainment company to a large entertainment organization with many sub-labels.
Meanwhile, HYBE recently revealed its first-quarter revenue, which slightly declined in the first half. HYBE’s first-quarter revenue was approximately 360.9 billion won ($271.5 million), a 12.1% decrease from the year before and the lowest since its 2022 first-quarter revenue, which was around 285 billion won ($214.4 million).
However, several popular HYBE groups returned to the music scene in the summer, and fans speculate that the organization will see better revenue in the second half. HYBE has also revealed many new pieces of content for the forthcoming months.
In August, BTS’ chaotic duo, Jimin and Jungkook, will release their new Disney Plus show, Are You Sure? Rising icon Le Sserafim will also make another comeback in August of this year.
