Big Hit Entertainment (CEO Bang Si-hyuk, Yoon Seok-joon, and Lee Ha-ha) has acquired Source Music (CEO So Sung-jin), which is the agency of girl group G-friend. On July 29, Big Hit announced that it will recently complete a contract to acquire a stake in Source Music and incorporate it into a subsidiary of Big Hit, adding that it plans to retain its existing management to maintain the color and independence of the label.
Big Hit, which is seeking to expand its label and reorganize its structure by business area, has strengthened its multi-label structure through this acquisition. In particular, Big Hit has already secured artists with fandom and high potential trainees in a short period of time in the girl group category, expanding its artist spectrum.
Source Music will be able to strengthen its content and upgrade its corporate operations with the help of Big Hit's creative capabilities and granular support organization in the future, and its artists are expected to grow through Big Hit's global network and platform know-how.
"I'm happy to have Source Music join the Big Hit label," said CEO So Sung-jin. "I think it's an opportunity in many ways for all of our artists, trainees, and members," he said. "In particular, the ability of Big Hit to quickly create a global artist is expected to provide a strong backdrop for Source Music. We will repay our fans with better content through our organic relationship with Big Hit," he said. "The similar philosophy of 'Big Hit' and 'Source Music' is to foster and manage artists,"
Bang said. "As we know the West, we expect the acquisition to be successful. I'm happy to be able to paint a bigger picture for both companies," he said.