FILE PHOTO: K-pop boy band BTS’ goods are seen on display at a cafe in Seoul, South Korea, June 15, 2022. REUTERS/Kim Hong-Ji/File Photo
SEOUL — South Korea’s largest music label Hybe Co, behind K-Pop supergroup BTS, said on Monday it acquired the music label of Spanish-language media company Exile Content in its first major foray into the Latin music market.
Hybe said it acquired Exile Music, is setting up a Latin America unit for artist management and talent discovery, and considering incorporating the K-pop business methodology typified by lengthy, competitive artist training and development to the Latin genre in the long-term.
A spokesperson for Hybe declined to give the financial terms of the acquisition.
Hybe is looking to tap into the rapid growth of the estimated $1.3 billion Latin music market, as it reported a year-on-year growth of 26.4% in 2022 compared to a 9% growth in the global music market according to its statement.
K-Pop’s biggest global success, BTS, is on temporary break as a group while its members serve out mandatory military service in South Korea.
Despite BTS’ absence, analysts said K-Pop artists’ overall sales volume increased in 2023 compared to the previous year as more bands gained a broader international following.