Bloomberg's Lucas Shaw and Sohee Kim talk about Bang Si-Hyuk, South Korea's successful music mogul known for building a K-pop empire. They discuss his plans to expand globally with a new act based in the US. The podcast explores the rise of BTS, their global impact, and the formation of a US-based international girl band. It also highlights the importance of building a fan base for musicians and the potential for replicating the K-pop mogul's success in the US market.
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Quick takeaways
Bang Si-Hyuk, the music mogul behind BTS, is partnering with Universal Music Group to create a new global girl band.
BTS's success was built upon a meticulous training and development process, unique music style, and open communication with fans.
Deep dives
The Rise of BTS and Bong's Success
Bong Shihuk, the man behind the success of BTS, has partnered with Universal Music Group to create a new global girl band. His previous work with BTS helped bring K-pop to the masses and paved the way for other Korean groups to gain international popularity. Bong's career started with his band winning a national song contest in 1994. After leaving JYP Entertainment, he founded his own company, Big Hit Entertainment, which eventually became HIB. BTS's success was not immediate, but their music and open communication with fans helped them build a loyal following globally.
Creating BTS: Training and Development
BTS was formed through a meticulous training and development process. Initially, Big Hit Entertainment tried to create a hip-hop group, but after finding a demo tape from a performer named Rap Monster, they shifted towards forming a pop boy band. The group went through extensive auditions and training to ultimately become the seven-member group known as BTS. Their debut was not an instant success, but their unique music style and open communication with fans allowed them to gradually gain popularity.
Expanding HIB's Vision: Debut Dream Academy
To diversify his company and envision the future beyond BTS, Bong went public, acquired a US music label called Ithaca Holdings, and sought partnerships with Universal Music Group. He is now working on creating a global girl band through the Debut Dream Academy. The auditions for the 12-country girl group have received over 120,000 applications, with training and fan engagement steps incorporated to cultivate a fan base even before the group's official debut. Bong's plan is to replicate this model in different markets worldwide and build a successful career for the new girl band.
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Bloomberg’s Lucas Shaw and Sohee Kim join this episode to talk about Bang Si-Hyuk, South Korea’s enormously successful music mogul. The billionaire has built a K-pop empire with bands like BTS and New Jeans, and he’s now looking to expand on that model with a new, global act based in the US.