JAKARTA - HYBE, a South Korean-based entertainment company known as the power behind the BTS K-Pop superstar, has taken its first step into the Latin music market by acquiring an Exile Music record label last year.
By acquiring Exile Music, HYBE also launched Mexico-based Latin music division HYBE Latin America.
The company has also announced that Fernando Grediaga, a music industry veteran, has been appointed General Manager for the newly formed HYBE Latin America.
Prior to joining HYBE, Fernando Grediaga occupied leadership positions at Universal Music Group and EMI Music. He led Universal Music Mexico's marketing team as Marketing Director, after serving as Marketing Director of Latino & Anglo at EMI Music Mexico.
His expertise involves various aspects of the entertainment industry, including intellectual property rights, legal issues, and investments involving various cultures and markets around the world, HYBE said.
"Fernando is a great addition to HYBE LATIN AMERICA, and we are excited to work with him and look forward to developing this business further based on his extensive experience in the industry," said Kah Jong-hyun, CEO of HYBE Latin America, citing Music Business Worldwide, Wednesday, March 13.
On the other hand, Fernando Grediaga welcomed his involvement in HYBE Latin America. He hopes to be able to provide equal opportunities for artists who are developing.
"I am very pleased to join HYBE LATIN AMERICA, and hope to contribute to forming a company that encourages transnational talent and vision, providing equal opportunities for artists who are developing and established in this region," Fernando said.
For information, HYBE was previously known as Big Hit Entertainment, which later changed its name in March 2021.
HYBE has a comprehensive multi-label system that includes BIGHIT MUSIC, BELIFT LAB, SOURCE MUSIC, PLEDIS Entertainment, KOZ ENTERTAINMENT, ADOR, HYBE LABELS JAPAN, NAECO, and HYBE AMERICA, which manages affiliates including Big Machine Label Group and QC Music.
In addition to labels, HYBE has also established a business that includes concert production, video content creations, gaming, story development, and retail businesses.
Meanwhile, expansion to Mexico comes as HYBE continues to raise capital to expand its portfolio, including in Latin America.
Last year, Bloomberg reported that HYBE raised around $380 million to fund acquisitions in the United States and expand its business outside of K-pop.
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