The head of K-pop boy group BTS' label Bang Si-hyuk shared how much his company HYBE Labels was financially struggling before BTS made their debut.
On November 1 episode of tvN's television show 'You Quiz on the Block', Bang Si-hyuk and JYP Entertainment's head producer J.Y. Park made a guest appearance.
After a short talk with J.Y. Park, the two hosts Yu Jae Seok and Cho Sae-ho turned to Bang Si-hyuk.
As they were going over some facts about him, they wowed at the fact that Bang Si-hyuk currently has a net worth that Forbes (an American business magazine) estimates at 3.9 trillion won (approximately 2.9 billion dollars).
Then, they went on to say, "BTS really helped your company get to where it is now, didn't they?"
Bang Si-hyuk answered, "Yeah, to be honest, I had no idea that BTS would become this big. Before BTS' debut, my company had over 10 billion won (approximately 7.4 million dollars) debt. We were pretty much drowning in debt back then."
"We were seriously on the verge of closing down the business. But I managed to make BTS debut right before it went bankrupt. 'The Most Beautiful Moment in Life: Part 1' received great love, and that was when I got the feeling that BTS would succeed. A little while after that, 'FIRE' literally went on 'fire'."
"Following 'FIRE', I just let our faith take us to places where we had to be. Some say that I made all this happen for BTS, but that's totally an overstatement. It would be wrong for me to think and say that."; he said, demonstrating his humbleness.
After that, Bang Si-hyuk recalled renewing contract with BTS for the second time, "I was unbelievably happy. Honestly, I don't think I've been that happy in a long while."
He explained why he was that happy, "I mean... There are tons of agencies that a globally-popular act like BTS can sign with. But they chose to stay with us instead. How amazing is that? It also proved that we did well as a management agency."
He resumed, "When the members of BTS came to me and said, 'Hyung, we believe in you. Let's give it another try.' About two weeks after hearing their words, I was jumping around in joy. It had been over 20 years since I'd been in management. And those two weeks were the happiest weeks of my life after I entered this field."
BTS debuted under HYBE Labels (Big Hit Music) in June 2013; all seven members of BTS renewed their first contract with the agency in 2018, then another one about two months ago.
(Credit= tvN You Quiz on the Block, 'bangtan.official' Facebook)
Bang Si-hyuk Describes the Time When HYBE Was Drowning in Billion-Won Debt Before BTS' Debut
By Lee Narin | Nov 2, 2023