BTS’s Boss Debuts On Korea’s Wealth Ranking Over K-Pop Bonanza

This story is part of Forbes’ coverage of Korea’s Richest 2021. See the full list here.

Thanks to a much-anticipated IPO, the mastermind behind one of the world’s most popular boy bands debuts on the list as K-pop’s first billionaire. Since taking Big Hit Entertainment public in October, founder Bang Shi-hyuk, 48, has seen the company’s value soar to the tune of $8 billion.

Now worth an estimated $2.7 billion, Bang heads the country’s most valuable entertainment agency (which recently changed its name to Hybe), easily trumping local incumbents JYP, SM and YG, previously known as the Big Three.

Starting as an underdog, Bang launched Big Hit in 2005 and in 2010 signed on the seven members of BTS, who were then mostly in their teens. After a rocky start, the group eventually found fame through music that explored societal issues, such as bullying, and engaging with fans on social media. The band has since scored five No. 1 albums on the Billboard 200, the first K-pop group to do so in the U.S.

To expand its footprint overseas, in May, Hybe purchased Scooter Braun’s Ithaca Holdings, which represents singers Ariana Grande and Justin Bieber, for $1.05 billion.

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