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BTS' debut has been the catalyst to HYBE Corporation's rising to significance in the Korean entertainment industry. In a recent guest appearance on October 25, 2023, Bang Si-hyuk appeared on the tvN conversation program You Quiz on the Block with J.Y. Park—the founder of JYP Entertainment.
During the show, HYBE's chairman, Bang Si-hyuk, went on record to say that before the boyband's debut, the company—then known as Big Hit Entertainment—was deep in debt. According to the HYBE chairman, they owed over ₩10 billion (US$7.4 million) at the time.
He further confessed that he was fortunate to have BTS debut on time, and due to the boys, the company rose to extreme prominence.
"We were seriously on the verge of closing down the business. But I managed to make BTS debut right before it went bankrupt. I had no idea that BTS would become this big."—Bang Si-hyuk
Subsequently, Bang Si-hyuk expressed his immense happiness that BTS extended their contract with HYBE for a second time. He admitted that, to be completely truthful, he hadn't felt this content in a very long time.
The businessman stated that worldwide popular artists such as BTS could have signed with many agencies. Still, the septet's choice to remain with HYBE showed they were a successful management company.
"It was the happiest period in more than 20 years": Bang Si-hyuk admits BTS' contract renewal made him happy
Bang Si-hyuk clarified that the decision by the seven members of the most influential music group in the world, BTS, to extend their contract with HYBE for a second time was the greatest moment of his life in the previous two decades. The group renewed its contract with HYBE on September 20, 2023.
"So when BTS said they trust Hyung(me) and go one more time, I think it was the happiest period in more than 20 years since I really chose the job of management for two weeks from that week. This is what stress-free days are like."—Bang Si-hyuk
On September 20, 2023, the group and BigHit Music announced the renewal of their contracts under HYBE for a second time, much to the excitement of the label's global fan base. According to estimates, each member would need to make a down payment of $15.65 million (₩ 21 billion) for the contract renewal.
According to Kim Hye-young, a researcher at Daol Investment & Securities Co. Ltd., the International Business Times claimed that the contract renewal was valued at millions of dollars. Forbes also stated in 2020 that the combined earnings of the group's seven members were $50 million.
Before Bang Si-hyuk, the former CEO of HYBE, took the firm public in October 2020, this amount had climbed to an astounding $150 million (₩ 200 billion).
HYBE's chairman, Bang Si-hyuk, used to be a producer at Park Jin-young's company, JYP Entertainment, and they co-managed it as co-CEOs. Big Hit Entertainment was established on February 1, 2005, and the first K-Pop group that the company signed was 8Eight in 2007.
Furthermore, in an interview conducted at Bloomberg Screentime in Los Angeles on October 13, 2023, Bang Si-hyuk disclosed that a 10-year celebration project for the group's HYYH: The Most Beautiful Moment in Life series is in the works.
The Most Beautiful Moment of Life Pt.1, The Most Beautiful Moment of Life Pt.2, and The Most Beautiful Moment of Life: Young Forever are the three albums that make up the Hwa Yang Yeon Hwa trilogy, also known as The Most Beautiful Moment of My Life.
The trilogy series addresses the fears, difficulties, and roadblocks that adults encounter. With uncertainty surrounding the future, adults find themselves torn between holding onto unfulfilled dreams or anticipating fanciful possibilities.
In other news, Jungkook is scheduled to release his debut solo album, GOLDEN, on November 3, 2023. His full itinerary can be found on the schedule posted by the official X (formerly Twitter) handle of Bighit Music.
