BigHit acquires Source Music
K-pop girl group GFriend, Girl Friend in Korean, will be able to share the competitive edge of superstar BTS because the latter’s label BigHit Entertainment recently acquired Source Music, home of the former.
BigHit, which is valued over $1 billion thanks to the global popularity of BTS, took over Source Music late last month. The two have cooperated for the past several years by co-managing a couple of groups.
As BigHit founder Bang Si-hyuk becomes the eventual boss of GFriend, watchers expect that the charismatic artist many enable the six-member girl group to duplicate the success of BTS in the global scene.
“A shared philosophy behind artist promotion and management was the main driver that brought BigHit and Source Music together,” Bang said.
“Since we know each other so well, we expect the acquisition to be a success. I’m pleased that both companies can now begin painting an even bigger picture.”
Source Music CEO So Sung-jin also expressed his excitement.
“I am thrilled that Source Music has joined BigHit. I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label,” he said.
“BigHit’s track record of creating global artists quickly and expertly sets a solid foundation for Source Music. We will strive to provide even more amazing content to our fans through this organic relationship with BigHit.”
However, BigHit said that Source Music’s management team will remain at the helm to maintain the label’s independence and unique colors.
Source Music, which was established in 2009, debuted GFriend in 2015. Despite being a group managed by a small-sized label, the group instantly garnered momentum by winning several female rookie awards in its debut year.
BigHit, which was founded in 2005, formed BTS in 2013. Back then, BigHit was a small-sized agency, but BTS has become a global megastar.