variety.com
06.03.2023 / 17:55
K-Pop Is Looking at a ‘Very Clear Slowdown in Growth,’ Says Chairman of BTS Managers HYBE
Jem Aswad Senior Music Editor K-Pop is facing a “very clear slowdown in growth” that has inspired his company’s expansion efforts in the U.S., Bang Si-Hyuk, chairman of HYBE, the company behind bands including BTS and other acts, told CNN’s Richard Quest in an interview published Sunday, as HYBE seeks to expand its holdings in the South Korean music market by acquiring a large stake in competitor SM. The genre, which has boomed globally over the past five years, “is not as hot in the market as you might perceive,” Bang said. “Globally, it’s not occupying much of the market. On the other hand, Latin music and Afrobeat are very rapidly growing. So being where we are, it is more urgent to increase the exposure. … Looking at our export indicators and streaming growth, the slowdown in growth is very clear.”