Big Hit Entertainment, the South Korean music company that is home to superstars BTS, is in the process of changing its name to HYBE Corporation, a company spokesperson confirmed to Billboard.
The news was first reported by Variety, which writes that Big Hit, run by chairman and CEO Bang Si-hyuk, has registered the new name with Korean company regulatory authorities. The name change has yet to be approved by shareholders, and will be addressed at an upcoming general shareholders meeting on March 30.
The spokesperson did not provide additional information or reasoning for the shift, saying that further details will be shared in forthcoming press releases. Big Hit, which went public on the South Korean stock exchange in October, improved revenue 36% to $716.7 million in 2020, according to its annual earnings report released last month, driven by physical album sales.
While the company is also home to popular acts like TOMORROW X TOGETHER and Lee Hyun, it has long relied chiefly on BTS for most of its revenue. But it is making moves to diversify its artist roster. It bought a stake in K-pop rival YG Entertainment in January, and the next month announced a Universal Music Group joint venture to create a K-pop-focused label with Geffen Records, as well as a music competition show on U.S. television to discover a new K-pop boy band.