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Business News Deals Labels & Publishers
Big Hit Entertainment acquires Source Music
By Chris Cooke | Published on Tuesday 30 July 2019
South Korean music firm Big Hit Entertainment, now best known as home to BTS, is – perhaps unsurprisingly given the ongoing success of its most famous signings – in an acquisitive mood. Having just confirmed the purchase of one rival K-pop maker, rumour has it another deal is set to be announced very soon.
The confirmed deal is the purchase of Source Music, currently home to K-pop outfit GFriend. Big Hit and Source Music have a history working together on artist projects and, I’m sure you will all agree, definitely definitely definitely share a common philosophy.
Well, that’s what Big Hit big boss Bang Si-Hyuk reckons. “A shared philosophy behind artist promotion and management was the main driver that brought Big Hit and Source Music together”, he said of the deal. “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”.
Over at Source Music, CEO So Sung Jin added that the deal was “a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label. Big Hit’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 Big Hit”.
So that’s all lovely. We await confirmation of the other rumoured deal, with is said to be in its final stages and will likely bring another successful boy band to the Big Hit roster.
