The CEO of Big Hit Entertainment stated that there can't be a second BTS.
Yoon Seok Joon, the CEO of Big Hit Entertainment, made the remark on November 2nd during an online lecture on "Entertainment, Media and Sports Business" at Harvard Business School.
This lecture was a class taught by professor Anita Elberse, who is considered to be an expert on media, sports, and entertainment industry research. Professor Elberse used the case report titled "Big Hit Entertainment and Blockbuster Band BTS: K-Pop Goes Global" as a textbook for her class.
CEO Yoon Seok Joon had already met with 160 students twice after a suggestion from professor Elberse. She explained the success factors and business strategies of Big Hit Entertainment based on her experience and expertise.
When asked about the sustainability of Big Hit's success, CEO Yoon replied, "There can be no second BTS because the authenticity and identity of BTS cannot be replicated."
He also replied, "Big Hit Entertainment is focusing more on studying the ways of communication needed in this era. We will continue to introduce contents and services that only we can provide by looking ten years into the future."
Professor Elberse and her students were able to exchange various opinions on BTS's success and Big Hit's artist development system with CEO Yoon Seok Joon. The students cited artist-friendly contract terms, artist autonomy, and various profit models based on key content as the distinction of Big Hit Entertainment.
The students pointed out that BTS's fandom 'ARMY' creates their own content and spread it to the people who don't know about BTS. They stated that their fandom is an aspect that cannot be found in any entertainment or sports industry.