Big Hit Entertainment has acquired Source Music.
“A contract for the acquisition of Source Music’s shares has recently been finalized and the company will join Big Hit as a subsidiary,” Big Hit said in a statement.
The move is the first step of Big Hit becoming a multi-label structure, the latest in a variety of business moves that the company has made in recent months. According to Big Hit, the company is looking to “quickly expand the spectrum of its artists by securing a group of artists with an already-established fandom” and also is looking to Source to provide a “pool of trainees with high growth potential in the girl group category.” that longtime SM Entertainment creative director Min Hee Jin was it’s new creative brand officer, and is gearing up to prepare the debut of an upcoming girl group under Big Hit.
Moving forward, Source’s management team is set to remain heading the company, “in order to maintain the label’s independence and unique colors.” The company most recently released GFriend’sThe popular six-member team arrived on the K-pop scene in 2015 with their debut album
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