Bigbang, the first Korean act to land on our Celeb 100, pulled in $44 million this year, offering a window into the campy K-Pop genre—and a blueprint for making money on music anywhere in the world
As record executive Joojong Joe weaved through the packed crowd at the 19,000-capacity Honda Center in Anaheim, California, there to see Korean boy band Bigbang, he spotted a young Russian woman crying. She couldn’t explain why. Confident that she wasn’t in any actual distress, he moved on.
“It’s like the Backstreet Boys back in the day,” Joe says with a shrug. “A lot of people cry.” Even, it turns out, a Russian obsessed with five androgynous Korean boys. Such is the reach of the hottest global pop genre, the campy Korean variant known as K-Pop.
The top act in its niche, Bigbang took home $44 million in pretax earnings over the past year, easily more than the $33.5 million collected by today’s highest-paid American all-male arena pop group, Maroon 5. Bigbang landed the No 54 spot on our Celebrity 100 list, even topping such artist-entrepreneurs as Dr Dre (No 63, $41 million) and Jimmy Buffett (No 66, $40.5 million), though that’s more attributable to the popularity of the group’s music than the depth of its members’ business savvy.
“We made more than Maroon 5?” says front man Kwon “G-Dragon” Jiyong, 27, through a translator. “Did not know that. My mom is in charge of my earnings.” Fortunately the group’s finances are being guided by much more than a mommy manager. The real force behind Bigbang is former K-Pop idol Yang “YG” Hyun Suk and his namesake company—a $630 million publicly traded record label, talent agency and concert promoter with fingers in pies from fashion to marketing to film. The company and its founder are responsible for creating not only Bigbang but also, to a great extent, the modern K-Pop movement, which is in the midst of a transformation from regional staple to international craze.
Bu hikaye Forbes India dergisinin August 5, 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Forbes India dergisinin August 5, 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
