Bang Si-hyuk, known as «Hitman» Bang was born on August 9, 1972 from parents as innovative as himself.
His mother, Choi Myeong Ja, graduated in English literature from Seoul National University at a time when women had little access to education. Bang Geuk Yoon, Bang Si Hyuk’s father, was President of a labor rights governmental organization. Bang Si Hyuk is a book lover since childhood. As a child, he read texts that exceeded his reading level by several years.
«He had an incredible ability to focus,» says his father.
His parents already imagined him as a lawyer. He was brilliant student but bad at sports so his father gave him a guitar to open up to others. This is where his passion for music comes from. At first reluctant, his parents bowed to his talent and determination. In the middle of the 90’s, he started to compose and put together a band. In the early 2000s, his band topped the charts, hence the nickname «Hitman». Bang also worked as a composer for JYP Entertainment, one of the three major Korean historical agencies.
In 2005, Bang left JYP Entertainment and decided to start his own record label Big Hit Entertainment, now renamed Hybe. He continued to write, compose and produce. Success of his record label is strongly linked to the seven-member boy band, BTS which Bang started and has recorded five #1 albums on the U.S. Billboard 200. Bang co-wrote six songs on their album Wings, released in October 2016.
The seven-year-old group is currently breaking sales and popularity records around the world, despite their mostly Korean-sung songs and a K-Pop world that has long been mocked in the West.
Their hit song «Black Swan» has topped the iTunes charts in 103 countries, breaking the 102-country record previously held by Adele and her « Hello ».
In June 2018, Bang was named as one of the international leaders in music by U.S. magazine Variety. In 2020, he was chosen by Billboard, the U.S. industry magazine, as one of the top leaders in global independent music industry.
More than a lyricist, composer and producer, Bang is also a shrewd strategist.
In 2020, he succeed the biggest South Korea IPO in three years. This operation made him a billionaire. During this process, Bang offered to each BTS member 68 000 shares of the company. At midday, each singer was in charge of a $20M prize.
Bang, through this record IPO, has raised $840M to fund new projects that will ensure its success beyond BTS - which currently generates 87.7% of its revenues. If most of BTS’s major concerts have been cancelled since the beginning of the year due to the Coronavirus, their album sales have jumped by 80% in the first half of 2021. And this thanks to an original digital strategy: Weverse platform creation allowing fans to be with their idols at all times. Concerts, albums, clips and backstage, marketing strategy around the group is finely thought.
After this success, the entrepreneur did not stop there and continued in May 2021, with the acquisition of Ithaca Holdings, which manages Justin Bieber and Ariana Grande, for more than $1bn. Bang has also forged a strategic tie-up with rival YG Entertainment, which manages the girls band BLACKPINK. The latter will join Weverse with its fan base. With addition of major pop musicians, Hybe has not only expanded its portfolio, but has reduced its dependence on BTS.
Hybe is now valued at $9bn, more than four times the combined market capitalization of the three other major South Korean entertainment agencies JYP, SM and YG that launched the K-Pop wave worldwide.
Bang Si - Hyuk is single and lives in Seoul. He is Hybe majority shareholder (31%). In 2021, Bang Si-hyuk stepped down as CEO of agency-label Hybe. Bang will retain his role as Chairman of the Board of Directors and will continue his responsibilities in music production.
«We are going to make BTS icons, on par with the Rolling Stones or Metallica».
IN A FEW FIGURES
- Headquarters at Seoul, South Korea Revenue 2022: $1.6bn
- Revenue 2021: $1bn
- Net Result 2021: $220M
- Capitalization: $6.5 bn
- 630 employees
HYBE AND K-POP WORLDWIDE
- HYBE 1st agency in Korea
- BTS dominate the current K-pop world BTS song 1st in 103 countries
- 3.6bn in annual economic benefits from BTS in Korea
- 162,000 concert tickets sold in France in 2 hours (Stade de France)
At 49, Bang Si-Hyuk is Hybe founder and chairman, a major South Korean K-pop record company. His fortune is estimated at $2.9bn.