HYBE's Bang Si-hyeok speaks out: "It has been lonely and difficult, but for the sake of fans pursuing happiness"

*This content was translated by AI.

On the 16th, Bang Si-hyeok, Chairman of HYBE, and Lucian Grainge, Chairman and CEO of Universal Music Group (UMG), engaged in a 90-minute dialogue during an internal town hall held at HYBE's Yongsan headquarters, sharing insights on the music business with employees.

This town hall dialogue took place after Grainge visited Korea to meet with Chairman Bang. UMG is the world's largest music company, accounting for more than 30% of the global recorded music market, and has established partnerships with HYBE, now the world's fourth-largest music company, across various areas including record distribution and the establishment of joint ventures.

The two leaders openly discussed their experiences, from the moment they first became captivated by music in their teenage years to the challenges faced in the music industry as consumption patterns shifted with technological advancements, as well as their philosophies on the business. Approximately 200 employees present at the venue, along with staff from overseas offices in Japan, the United States, Latin America, India, and other regions, listened via online live broadcast to the leaders' decision-making experiences and personal reflections on music, hearing their voices vividly.

As the two explained their respective management philosophies, they both cited music as the starting point. Grainge stated, "No matter what responsibility you take on, without music, there is nothing," and emphasized, "My management philosophy is to work surrounded by good music and good people." Chairman Bang added, "I believe companies must address societal discomforts in line with the essence of their business," and continued, "The way we address this is by being lonely and facing difficulties, yet satisfying fans' emotions through music and giving them strength in their lives. We must become a company that, while staying true to our essence, can show fans the reasons for living through music."

Upon hearing Chairman Bang's response, Grainge remarked, "Chairman Bang, as a composer and producer, has created a truly special and creative culture as an entrepreneur," and added, "I hope everyone understands that what he has created and achieved with responsibility and passion, following missions he considers important, is not ordinary." He further said, "What we do is create culture," and urged, "I hope those of you working in the music industry also realize that what we do is truly beautiful," drawing applause from the audience.

When asked why they consider each other the best partners, Chairman Bang replied, "I always discuss with Chairman Grainge how to advance the music industry, and I feel a sense of shared purpose. I admire his journey of boldly proposing new solutions whenever numerous external changes have arisen." He continued, "While many leaders work for their companies, Chairman Grainge has done his utmost to ensure the entire music industry moves forward. He is a leader who created an environment where those of us in the music industry can earn a living, and I have learned much from his intelligence that made such things possible," expressing deep admiration.

Grainge emphasized, "We have had many discussions about what UMG and HYBE can do for each other, and these conversations are based on strategy, not transactions." He further evaluated Chairman Bang as "someone who thinks strategically rather than transactionally, and this is the reason we have been able to work together as partners for so long," adding, "I believe his ability to combine strategy with emotion and intuition made the achievements he has accomplished possible."

Finally, in response to the moderator's question about what music means to each of them, the two defined music as "life" itself. Grainge said, "Music is like oxygen to me," and described, "When I'm struggling or feeling down, turning up my favorite music makes everything melt away." Chairman Bang stated, "Music is life itself and the reason I live," and added, "Even when life is difficult, it is the only driving force that allows us to accept it."

As the conversation concluded, the two conveyed messages of encouragement to employees working in the music industry. Grainge advised, "It is important to keep moving forward without stopping by your own will," and added, "While it is important to consider what people think, we should not take it too sensitively." Chairman Bang said, "Since we approach music as work, there may be times when we forget what we are doing. I hope this session today provided an opportunity to step back and feel the value of the work we do—music." He concluded the dialogue by expressing gratitude: "I thank Chairman Grainge for traveling all the way to Seoul for this meeting."

HYBE and UMG have maintained close cooperation since signing a partnership agreement in 2017 for the distribution of BTS's Japanese records. In 2021, the two companies established a strategic partnership, promoting the integration of UMG artists into Weverse and the establishment of a HYBE-Geffen Records joint venture. In 2024, they signed a partnership agreement that included global distribution contracts for records under HYBE Music Group labels and support for artists' North American promotions, further expanding the scope of their collaboration.

Meanwhile, Chairman Lucian Grainge is a living history of the music industry, having begun his career as an A&R in the UK in the late 1970s and spent over 40 years transforming the industry's paradigm by working with artists ranging from Queen, ABBA, and Elton John to Taylor Swift and Billie Eilish. Chairman Bang Si-hyeok started as a lyricist, composer, and producer, founded Big Hit Entertainment in 2005, nurtured multiple artists including BTS into global stars, and built HYBE into the world's fourth-largest music and entertainment company.

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*This content was translated by AI.