Right here’s why the billionaire’s internet value noticed a $1.4 billion USD decline.
Koreaboo
Bang Si Hyuk, the founding father of Large Hit Leisure (now BIGHIT MUSIC) and the mastermind behind HYBE Lables, has skilled a major drop in his internet value on South Korea’s 2023 wealthy checklist. The checklist, put collectively by Forbes, sees Michael Lee (MBK Companions founder) and Jay Y. Lee (Samsung Electronics chairman) on the high, whereas the HYBE chairman is ranked at #16 this 12 months.
In 2022, Bang was ranked #12 on the checklist with a internet value of $3.3 billion USD, however this 12 months he has fallen right down to #16 with a internet value of $1.9 billion USD.
Nonetheless, Bang’s loss in internet value appears to be a development amongst most South Korean billionaires. Forbes even opens their checklist with an evidence for this decline in internet value, claiming it’s as a result of falling inventory market and weakening Korean received. In accordance with the media big, this development has impacted the mixed wealth of all tycoons on the 2023 Forbes checklist of Korea’s 50 richest. Their wealth fell by 18% to $106 billion USD from $130 billion USD the earlier 12 months.
Whereas South Korea’s financial system grew by 2.6% in 2022, the nation’s inventory market was one of many worst performers in Asia over the previous 12 months. The benchmark Kospi index fell by 9% as a consequence of rising rates of interest and a stoop in demand for tech items, which account for a 3rd of the nation’s complete exports.
Regardless of this setback in internet value, Bang Si Hyuk’s legacy within the music trade stays unmatched. Beneath his steering, BTS has turn out to be a worldwide phenomenon, breaking information and profitable quite a few awards. In 2022, the boy group grew to become the primary Korean act to carry out on the Grammy Awards, and their album “Butter” went on to high charts all over the world.
Bang Si Hyuk’s success with BTS has additionally introduced consideration to different K-Pop artists and led to a rise in international curiosity in Korean music. The corporate’s success ultimately led to a merger with and creation of HYBE Company, making it one of many largest leisure firms on the earth.
Bang lately sat with Billboard to carry an interview the place he revealed his ideas in the course of the notorious SM Leisure acquisition try, the way forward for K-Pop, in addition to the current development of woman group success and the potential influence AI could have on the trade.
Share This Submit
