Lenzo Yoon is leaving South Korea-headquartered leisure big HYBE on the finish of 2024.
That’s in line with a report printed in South Korea’s Maeil Kyungjae enterprise paper, which reviews that the exec’s contract incorporates a non-compete clause that expires on the finish of 2024. The report provides that Yoon will depart the corporate ‘instantly thereafter’.
The exec most just lately held the title of Co-CEO of HYBE America, a task he shared with Scooter Braun till January 2023, when the latter exec turned sole CEO of HYBE America.
Lenzo Yoon has been a key exec at HYBE since he joined the corporate in 2010 as Head of Strategic Planning, and when it was referred to as Large Hit Leisure.
He has not held an official title on the firm since Braun turned sole CEO of HYBE America in the beginning of final 12 months.
Braun joined HYBE when he bought his firm Ithaca Holdings to the Ok-Pop big for $1.05 billion in April 2021. He just lately stepped other than artist administration after 23 years to give attention to his household and his position as CEO of HYBE America.
In February 2023, Braun led HYBE’s acquisition of Atlanta rap powerhouse QC Media Holdings or High quality Management, dwelling to acts equivalent to Lil Child, Migos, Lil Yachty and Metropolis Women.
Yoon is credited with conceiving the huge in-house fan content material facet of HYBE’s enterprise which was a key issue behind the rise of the corporate’s flagship Ok-Pop act, BTS.
Superfan content material continues to type a key a part of the corporate’s technique.
HYBE runs the Weverse superfan app, which just lately attracted funding from Common Music Group as a part of an expanded long-term settlement with HYBE.
Weverse, pushed by the content material made accessible to followers by way of the app like music movies, teasers, motion pictures and reside streams, has been a significant success story for HYBE. It was cited by Yoon in 2020 as a key issue behind HYBE’s potential to develop its revenues in the course of the pandemic.
The app has since expanded with the addition of artists from SM Leisure and Common Music Group, with UMG-affiliated famous person Ariana Grande just lately confirmed to be becoming a member of Weverse. In keeping with Weverse, 90% of the 130 artists presently on its platform as of April are signed to labels different than HYBE.
HYBE Chairman Bang Si-hyuk has beforehand referred to Large Hit as a “content material powerhouse”. Yoon defined throughout a speech delivered in March 2021 for SXSW On-line why the corporate initially determined to focus closely on its content material technique.
Mentioned Yoon: “When BTS was on the point of debut, the world was changing into digital. We targeted on the chances of recent media, which we knew would turn into an even bigger a part of our followers’ lives.
“We thought that on this new setting content material will likely be extra essential than the model of the channel. We began to create our personal content material.
“This content material turned the hyperlink connecting our artists with our followers. Now they cherished the world over in lots of types, from quick clips, selection exhibits, documentaries, actuality exhibits and extra.
Yoon’s LinkedIn bio notes that he “predicted the significance [of] in-house content material.”
Yoon was promoted to Chief Enterprise Officer at HYBE in 2018 (eight years after becoming a member of the corporate), earlier than being promoted to co-CEO alongside Bang Si-hyuk in 2019.
He turned World CEO in Could 2020 forward of the corporate’s inventory market debut in South Korea.
Bang Si-hyuk stepped down from his position as CEO of HYBE in July 2021 as part of a significant management shakeup on the firm, remaining on the Board of Administrators as Chairman.
Park Ji-won was then named as CEO of HYBE and since then has overseen HYBE’s total administration technique and operations.
HYBE confirmed on the time that HYBE’s US operations can be led by Lenzo Yoon and Scooter Braun as co-CEOs, and stated in an announcement that its plan will contain “totally transplanting the Ok-pop enterprise mannequin to the US market”.
In November 2021, HYBE and Common Music Group‘s Geffen introduced a three way partnership referred to as the HYBE x Geffen World Woman Group Audition. The JV noticed the businesses launch a world expertise seek for a brand new lady group. The ultimate six members of the group, referred to as KATSEYE, have been revealed in November.
HYBE’s income for Q1 2024 reached KRW 360.92 billion (USD $271.57 million on the common trade fee for Q1), a 12.1 YoY drop, in line with the corporate’s newest earnings report, launched on Thursday (Could 2).
HYBE has not responded to MBW’s request for remark about Lenzo Yoon’s reported departure from the corporate.Music Enterprise Worldwide
