| K-pop behemoth BTS performs during the “2021 New Year's Eve Live” event held virtually on Thursday. Courtesy of Big Hit Labels |
By Dong Sun-hwa
Following the phenomenal success of K-pop boy band BTS, its record label Big Hit Entertainment has also been catapulted to international fame for its creation and management of the megastar group. Chairman Bang Si-hyuk, who established the company in 2005 and launched BTS in 2013, was recently named on the Variety 500, the U.S. magazine's index of the 500 most influential business leaders who shaped the global media industry in 2020.
But BTS' global domination has left Bang with a challenge ― how would he prove that Big Hit can live on without BTS in the future? The seven-piece act is still hitting high notes, but Big Hit's heavy reliance on the band in terms of revenue has frequently been picked as the company's biggest vulnerability. In fact, BTS accounted for about 70 percent of Big Hit's total revenue in 2020, according to Hyundai Motor Securities, a financial investment company.
For portfolio diversification, in 2020, Big Hit purchased shares of Pledis Entertainment ― home to boy bands SEVENTEEN and NU'EST ― and in 2019, acquired Source Music, which houses GFriend. In the same year, it founded Belift Lab with entertainment giant CJ ENM, a joint venture that represents K-pop rookie group ENHYPEN, formed on Mnet's audition program “I-LAND.” This was how Big Hit Labels was made.
The next step for Big Hit was to hold the “2021 New Year's Eve Live” online concert on New Year's Eve under the theme “We've connected,” drawing the labels' singers together to show off the company's new brand value and create a sense of unity among the groups and the fans.
Collaborations
| From left are ENHYPEN's Heeseung, NU'EST's Baekho, singer-producer Bumzu, GFriend's Yuju and TXT's Taehyun who performed Shin Hae-chul's 1991 hit “To You” during the “2021 New Year's Eve Live” online show. Courtesy of Big Hit Labels |
The most conspicuous moment during the 180-minute show was when the singers collaborated to perform the songs of Shin Hae-chul (1968-2014) to pay tribute to the iconic star of the 1990s.
The performances kicked off with BTS rapper Suga's introduction.
“Now, we will meet with our past,” Suga said. He had just returned from a break following shoulder surgery.
GFriend's Yuju, NU'EST's Baekho, TXT's Taehyun, ENHYPEN's Heeseung and singer-producer Bumzu rocked the stage with Shin's 1991 hit “To You.” A realistic hologram of Shin appeared in the background and led the performance, in which the quintet boasted their singing prowess with their harmonious voices. They were accompanied by a group of traditional music performers, who added a unique Korean flavor to the song.
NU'EST's Ren, TXT's Huening Kai and ENHYPEN's Jay also enthralled viewers with “What Do You Really Want” (1999). Korean classical musician Jang Seo-yoon added her voice to the gig, blending traditional and modern sounds.
“Some people did not quite understand why Big Hit Labels suddenly decided to pay tribute to Shin, given that none of its bands have a special connection to the late singer,” Lee Gyu-tag, a professor of cultural anthropology at George Mason University Korea, told The Korea Times Thursday. “I think Big Hit did so to have a distinctive concept for the concert that could bring all the singers together.”
Lee added, “Or maybe Bang has been inspired by Shin not only for his musical feats but also for his voice for social justice. Shin valued self-reflection like BTS does.”
Riveting performances
| K-pop boy band TXT performs on the stage for the show. Courtesy of Big Hit Labels |
There were a plethora of other eye-catching performances ― ENHYPEN's “Let Me In (20 CUBE),” TXT's “Puma,” Bumzu's “Beautiful,” Lee Hyun's “The Best Of Mine,” GFriend's “Mago,” NU'EST's “Drive” and BTS' “MIC Drop” were among them. With the help of augmented reality (AR) and colorful stage settings, the singers delivered both a festive and sentimental mood to viewers around the globe.
BTS, in particular, commanded the stage with five other songs including “Dynamite,” “Best Of Me,” “Make It Right,” “Boy With Luv” and “Life Goes On.” The septet's collaborators Steve Aoki, Lauv and Halsey virtually joined the gig.
By the end of the concert, the members expressed gratitude to their followers, wishing them a Happy New Year and disclosing hopes to see them face-to-face.
“In 2020, I mused on a lot about what happiness is,” member Jungkook said. “In my case, I am happy when I am on stage and able to see our fans. As always, in 2021, I will strive to seize opportunities to meet you.”
Leader RM said: “2020 is gone and the moment we have been waiting for will soon come. Please stay with us.”
Prospect
| Members of K-pop girl group GFriend perform on the show. Courtesy of Big Hit Labels |
But not everyone was fond of the concert, with some fans venting their discontent to Big Hit for its message of “unity and family,” accusing the company of “overselling” the name of BTS to provide marketing for its other singers.
To express their dissatisfaction, they even sent Thursday a truck to the concert venue ― KINTEX in Goyang, Gyeonggi Province ― with a message that read, “We are fans of BTS, not Big Hit.”
“All groups under Big Hit's roof are originally from different sublabels and they do not have any family ties,” a fan wrote on an internet community. “Big Hit brought them together for its own benefit, but it should not force the fans to unite and support all the singers.”
Another commented: “The ticket price ― which is between 39,500 ($36) and 59,500 ― is also too high for a label concert.”
Nevertheless, Big Hit said it would hold a label concert every year.
“For K-pop labels, brand identity plays a central role because it helps promote rookie singers more easily and creates synergy,” Professor Lee said.
“Girl band aespa, for instance, generated buzz immediately after its debut in November thanks to its company SM Entertainment's solid fanbase. This is why Big Hit is striving to achieve greater brand value ― although some followers do not welcome events like label concerts, the company is likely to continue organizing them for the future. It will keep emphasizing the need for unity among the bands and their fans to rev up its presence in the music industry.”