Seoul: South Korean K-pop giant Hybe announced plans to establish a new subsidiary in India during the second half of this year, as part of its ongoing efforts to enhance the global reach of K-pop. This strategic move is aimed at furthering Hybe's influence in one of the world's largest music markets.
According to Yonhap News Agency, Hybe has already expanded its presence to the United States, South America, Japan, and China. The company is targeting a launch date for the Indian unit in September or October and is currently conducting local market research and undertaking necessary procedures to establish the corporate entity. Hybe, known for managing globally renowned acts like BTS and Seventeen, emphasized the significance of this expansion in a recent statement.
The establishment of the Indian subsidiary aligns with Chairman Bang Si-hyuk's "multi-home, multi-genre" strategy. This approach seeks to apply the core principles of the K-pop business model to different music markets by accommodating local cultures and consumer preferences. Bang is personally overseeing this strategy, recognizing its importance in maintaining K-pop's long-term viability amidst the competitive global music scene.
India, home to over 1.4 billion people, presents a vast and dynamic music market. Hybe's move to set up operations there underscores the company's commitment to tapping into new markets and adapting its successful K-pop model to a broader audience.