Lee Jae-sang, CEO of HYBE, presented a blueprint that the global youth generation can build a "cultural and economic virtuous cycle model" across the world by expanding the K-pop methodology.
The CEO stated accordingly at an opening encouragement speech of the International Forum, We the Youth (IFWY) final conference held on the afternoon of the 27th at Baeknam Academic Information Center, Hanyang University in Seoul. At the event, the CEO mentioned IFWY's slogan, "Connect for Change," and introduced HYBE's growth strategy as a leading K-culture corporation that connects people through music and constantly pursues change and growth.
The CEO emphasized to about 400 attendees, including 150 youth participants selected from six regions across five continents, that HYBE's "multi-home, multi-genre" strategy is a "cultural and economic virtuous cycle model" that can promote co-growth between HYBE and global localities.
The CEO said HYBE is "a company that started from one person's dream and has become a global entertainment corporation standing shoulder to shoulder with the world's leading music companies," and said, "This growth was not achieved by HYBE alone but is the result of proving global expansion potential on the foundation of K-culture built by past generations."
He went on to say that the dream HYBE is nurturing today is to localize K-pop's unique success know-how through a multi-home, multi-genre strategy. He explained that this could lead to growing local music industries worldwide, increasing sustainability, and contributing to economic and industrial revitalization.
HYBE's multi-home, multi-genre strategy involves introducing K-pop's unique production system to each region while developing businesses that reflect regional and cultural characteristics and nurturing local artists. Under this strategy, HYBE has established subsidiaries in Japan, the United States and Latin America to expand local influence, and this year plans to establish new subsidiaries in China and India to begin business expansion.
The CEO emphasized, "HYBE's growth will contribute to the global market, and the growth of 'multi-home' worldwide will in turn become the foundation for HYBE's growth to build a 'cultural and economic virtuous cycle model,'" and concluded his encouragement speech by presenting a vision hoping the youth generation will create cultural success models together.
Meanwhile, IFWY is a global youth forum co-hosted by the United Nations Research Institute for Social Development, Munhwa Broadcasting Corporation (MBC), Hanyang University and Eunpyeong District that, under the slogan "Connect for Change," is a platform where young people worldwide propose agendas and derive implementation strategies.
[Photo] HYBE
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