Big Hit Leisure, the South Korean firm behind the boy-band phenomenon BTS, is increasing a strategic partnership with Common Music Group and its Geffen Information label in an formidable try to replicate the profitable Ok-pop formulation—and the social media virality that goes together with it—with an American music firm.
Firm executives, together with UMG chief Lucian Grainge and Big Hit CEO Bang Si-Hyuk, introduced the transfer Wednesday on VenewLive, a live-streaming platform launched by Big Hit final 12 months by which UMG recently turned an investor.
Lenzo Yoon, Big Hit’s international enterprise CEO, described the partnership as a “fusion of cultures.” Below the association, UMG will leverage Big Hit’s expertise, notably the social networking app Weverse, whereas Big Hit positive aspects a deeper international footprint with an American music powerhouse whose roster contains everybody from Nirvana to Olivia Rodrigo.
The businesses are launching a Los Angeles-based label as a part of the deal and have introduced that the search is on for the next Ok-pop sensation, with auditions to start in 2022. The newly found boy band will debut in the United States, a primary for a Ok-pop group.
Based in 2005, Big Hit debuted on the Korea Change in October, one among the largest IPOs there in years.