Lenzo Yoon will depart South Korea-based leisure large HYBE on the finish of 2024.
That is in line with studies printed by Korean media Have a good time abilities each day industrial paper, together with Report The chief’s contract accommodates a non-compete clause that expires on the finish of 2024.
The chief most lately served as co-CEO of HYBE America, a task he held with Scooter Braun till January 2023, when the latter grew to become HYBE America’s sole CEO.
Lenzo Yoon has been a key government at HYBE since becoming a member of the corporate as head of strategic planning in 2010, when the corporate was nonetheless referred to as Massive Hit Leisure.
Braun has not held an official position with the corporate since become Early final yr, he served as sole CEO of HYBE America.
When Braun joined HYBE Sell In April 2021, his firm Ithaca Holdings acquired the Ok-pop large for $1.05 billion. .
February 2023, Braun lead HYBE acquires Atlanta rap large QC Media Holdings or quality controlIt’s the hometown of artists similar to Lil Child, Migos, Lil Yachty and Metropolis Women.
Yoon is credited with conceiving the huge in-house fan content material inside HYBE’s enterprise, a key issue within the rise of the corporate’s flagship Ok-pop group BTS.
Superfan content material continues to be a key a part of the corporate’s technique.
HYBE runs the Weverse Tremendous Fan App, which lately Attract investment from universal music group As a part of an expanded long-term settlement with HYBE.
Weverse has grow to be a serious success story for HYBE, pushed by content material delivered to followers by the app, similar to music movies, trailers, motion pictures and dwell streams. it’s Quote Yoon considered this as a key think about HYBE’s means to develop income throughout the pandemic in 2020.
The app continues to develop with artists from SM Leisure and Common Music Group, most lately UMG celebrity Ariana Grande comfirmed Be part of Weverse. In response to Weavers, 90% of 130 artists As of April, it at the moment has report labels signed on its platform different Examine transfer.
HYBE Chairman Bang Shi Hyuk Massive Hit has beforehand been referred to as “Content powerhouse”. Yin explained In a speech for SXSW On-line in March 2021, it was defined why the corporate initially determined to give attention to its content material technique.
Yoon mentioned: “When BTS was making ready to debut, the world was turning into digital. We centered on the chances of latest media, and we knew that new media would grow to be a extra essential a part of followers’ lives.
“We thought that on this new setting, content material could be extra essential than channel branding. We began creating our personal content material.
“This content material grew to become the hyperlink between our artists and followers. Now they love this world in lots of kinds, from quick movies, selection exhibits, documentaries, actuality exhibits and extra.
Yoon’s LinkedIn profile states that he “predicted [of] inside content material.
Yoon was promoted to HYBE Chief Industrial Officer in 2018 (eight years after becoming a member of the corporate) and was later named HYBE Chief Industrial Officer. Promoted to Co-CEO beside Bang Shi Hyuk 2019.
He assumed the position of worldwide CEO in Might 2020, previous to the corporate’s founding stock market debut in Korea.
Bang Shi Hyuk Step down He resigned as HYBE CEO in July 2021 as a part of a serious management shake-up on the firm and continues to function Chairman of the Board of Administrators.
Park Ji-won was subsequently appointed as HYBE’s CEO and has since overseen HYBE’s general administration methods and operations.
HYBE confirmed on the time that Lenzo Yoon and Scooter Braun would function co-CEOs for HYBE’s U.S. operations, and mentioned in a press release that its plans would contain “totally transplanting the Ok-pop enterprise mannequin to the U.S. market.”
In November 2021, HYBE and universal music groupGeffen declare A three way partnership referred to as HYBE x Geffen World Woman Group Audition. By means of the three way partnership, the 2 corporations seek for new woman group expertise world wide. The ultimate six members of the group have been named KATSEYE; disclose November.
HYBE’s First quarter 2024 revenue arrive 360.92 billion gained ($271.57 million Calculated on the common alternate charge within the first quarter), a 12.1 year-on-year In response to the corporate’s newest monetary report launched on Thursday (Might 2), the corporate’s inventory worth fell.
HYBE has not but responded to MBW’s request for touch upon studies of Lenzo Yoon’s departure.world music enterprise
