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BTS and GFriend (Picture from Soompi)
BTS and GFriend (Picture from Soompi)

KUALA LUMPUR: Big Hit Entertainment, which is home to international K-Pop sensation BTS and its little brother group TXT, has officially confirmed the acquisition of Source Music.

According to Soompi, Big Hit had announced today that it had, “recently signed a contract to acquire equity in Source Music.”

A statement by the successful company that manages BTS read: “We plan to have Source Music’s current executives remain with the agency, in order to maintain the unique colour and independence of the label.”

Big Hit founder Bang Shi Hyuk also said: “Big Hit and Source Music ended up merging because we shared similar philosophies about the development and management of our artistes.”

He added: “Because the two companies know each other very well, I expect that this acquisition will be successful. I’m delighted that both sides will now be able to paint an even bigger picture.”

Source Music founder So Sung Jin also expressed delight that the company had now become a part of Big Hit. He said: “I think that in many ways, this is an opportunity for all of our agency’s artistes, trainees and employees to jump forward.”

He added that Big Hit’s ability and experience in creating a global artiste quickly would serve as a solid foundation for Source Music.

“I’m looking forward to it. Through our organic relationship with Big Hit, we will repay the fans with even better content in the future,” he said.

Source Music was originally founded by So Sung Jin in 2009. It is best known for the famous K-Pop girl group GFriend.

Since Big Hit has no female artistes in its current stable, industry insiders have seen the acquisition as a strategy to strengthen and develop its potential reach, since Source Music has a popular group and many female trainees under its wing.

It was also reported that Korean media outlet, Newsen, had revealed that Big Hit was currently in discussion to acquire another agency as well aside from Source Music.

The name of the agency was not disclosed but the report revealed that the company was home to several famous K-Pop groups.

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