HYBE Hurt: 2024 Has Been a Rough Year for the K-pop Powerhouse

The year has been a rough one for HYBE Corporation, the powerhouse agency behind ENHYPEN, BoyNextDoor, TOMORROW X TOGETHER and other superstars from K-pop.

The South Korean entertainment giant, formed by Bang Si-hyuk in 2005 as Big Hit Entertainment business, is recognised as one of the “Big Four” K-pop agencies, all of which are publicly listed.

According to company forecasts, annual revenue should surpass 2 trillion won ($1.45 billion) for the second consecutive year. In 2023, HYBE’s revenue came in at $1.66 billion, with almost two-thirds of that sum generated from outside of South Korea.

As the corporation enters its 20th year, The Music Network breaks down three of the hot HYBE talking points.

ACT ONE: Min Hee Jin

Wind back the clock five years to when Min Hee Jin, known for shaping top such K-pop groups as Girls’ Generation, Red Velvet, EXO, and SHINee, joined HYBE.

The industry legend came on board in 2019 to lead its rebranding from Big Hit Entertainment to HYBE Corporation.

Later, she became CEO of ADOR, where she created and debuted new girl group NewJeans in 2022. With hit singles like “Attention,” “Hype Boy,” and “Cookie,” NewJeans quickly rose to fame, debuting after HYBE’s other girl group, LE SSERAFIM.

Earlier this year, HYBE launched an internal investigation into ADOR and asked its then-CEO Min to step down. It was later confirmed that the investigation was launched over claims that the company was trying to become independent.

She was ultimately removed as CEO in August but remained an internal director over NewJeans’ production, a decision reportedly made “unilaterally” by HYBE.

This sparked a legal and media dispute, during which Min Hee Jin accused groups like ILLIT and LE SSERAFIM of copying NewJeans’ style, leading to tensions within HYBE.

HYBE reported Min to the police. It was around this time that she held her infamous teary-eyed press conference.

Following her departure, NewJeans’ members posted a video alleging mistreatment by HYBE and calling for Min Hee Jin’s reinstatement as CEO.

This incident spurred a workplace bullying probe, with accusations that Vietnamese-Australian member Hanni was ignored by other groups at the direction of their manager.

Current ADOR CEO Kim Joo-young vowed to take such cases more seriously moving forward.

HYBE’s reputation took a hit and the situation appeared likely to worsen as the case—and additional allegations—prompted a national audit of the company, initiating the next phase of HYBE’s PR nightmare.

ACT TWO: HYBE Audit

ACT THREE: industry response

During their audit, HYBE’s CEO Lee Jae Sang released an official statement to “acknowledge all the mistakes and take full responsibility” for the devastation and hurt that was caused by the contents of the internal report.

The controversial document was said to be sent out to all higher-up executives — including rapper and producer Zico, CEO and founder of KOZ Entertainment. Zico took to Instagram to strongly deny ever reading the weekly trend report. “I have never seen the document in question, nor have I ever opened the email itself,” he wrote. “I only found out that I was added as a recipient through today’s report.”

The response generating the most traction with netizens is an Instagram post by Seventeen member Seungkwan, in which he discusses treating idols more as human beings, and less as commodities.

Min Hee Jin officially parted ways with Ador and HYBE in November of this year. In response, Ador released a statement reaffirming their commitment to NewJeans and their continued development as a group. “It is regrettable that Min unilaterally notified us of her resignation,” reads the presser. “ADOR will continue to provide our fullest support to NewJeans to help them grow and thrive even further.”