South Korea’s largest music label Hybe Co, behind Ok-Pop supergroup BTS, stated on Monday it acquired the music label of Spanish-language media firm Exile Content in its first main foray into the Latin music market.
Hybe stated it acquired Exile Music, is organising a Latin America unit for artist administration and expertise discovery, and contemplating incorporating the Ok-pop enterprise methodology typified by prolonged, aggressive artist coaching and growth to the Latin style within the long-term.
A spokesperson for Hybe declined to provide the monetary phrases of the acquisition.
Hybe is trying to faucet into the speedy progress of the estimated $1.3 billion Latin music market, because it reported a year-on-year progress of 26.4 per cent in 2022 in comparison with a 9 per cent progress within the international music market in keeping with its assertion.
Ok-Pop’s largest international success, BTS, is on momentary break as a bunch whereas its members serve out necessary navy service in South Korea.
Despite BTS’ absence, analysts stated Ok-Pop artists’ total gross sales quantity elevated in 2023 in comparison with the earlier yr as extra bands gained a broader worldwide following.
