It’s official! BTS’ agency Big Hit Entertainment will acquire Source Music, the company with popular girl group GFRIEND!
Earlier today, rumors had circulated that Big Hit Entertainment was in talks with Source Music, but nothing was official yet!
Well, now Big Hit has confirmed the move with an official statement sent out to press!
Read the full press release from Big Hit below:
Big Hit Entertainment (referred to as “Big Hit”) will acquire Source Music, the label behind girl group “GFRIEND”.
Big Hit announced today that “A contract for the acquisition of Source Music’s shares has recently been finalized and the company will join Big Hit as a subsidiary” adding that “Source Music’s management team will remain at the helm in order to maintain the label’s independence and unique colors.”
The acquisition has moved Big Hit a step closer to a multi-label structure, aligned with the company’s plans for label expansion and restructuring of business areas. With the acquisition, Big Hit has managed to quickly expand the spectrum of its artists by securing a group of artists with an already-established fandom as well as a pool of trainees with high growth potential in the girl group category.
Source Music is expected to strengthen its content and bolster its business operations with the backing of Big Hit’s creative capabilities and specialized support organization, as well as achieve further growth for the label’s artists by leveraging Big Hit’s global network and platform know-how.
“I am thrilled that Source Music has joined Big Hit. I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label,” said Source Music’s Chief Executive Officer (CEO) So Sung Jin. “Big Hit’s track record of creating global artists quickly and expertly sets a solid foundation for Source Music,” he said, adding that “we will strive to provide even more amazing content to our fans through this organic relationship with Big Hit.”
Big Hit’s CEO Bang Si-Hyuk said, “A shared philosophy behind artist promotion and management was the main driver that brought Big Hit and Source Music together. 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.” he said.
Founded in 2009 by CEO So Sung Jin, Source Music is an entertainment company behind the hit girl group “GFRIEND”. Source Music and Big Hit have worked together in the past to launch a girl group, and have continued a close collaborative relationship in artist management and production.
Some might not know that BTS and GFRIEND have collaborated in the past on a song for SMART, back in 2016. Though the song is a touch corny, it’s still cute, and it will certainly be interesting to see what plans Big Hit has for GFRIEND in the future!
