K-POP GAYEST MOMENTS THAT HAD ME SHOCK

 This story appears in the June 30, 2021 issue of Forbes Asia. Subscribe to Forbes Asia

South Korean K-pop band BTS held a press conference in Seoul to introduce their new single "Butter" ... [+]

 ASSOCIATED PRESS

This story is part of Forbes' coverage of Korea’s Richest 2021. 

Thanks to a much-anticipated IPO, the mastermind behind one of the world’s most popular boy bands debuts on the list as K-pop’s first billionaire. Since taking Big Hit Entertainment public in October, founder Bang Shi-hyuk, 48, has seen the company’s value soar to the tune of $8 billion. 

Now worth an estimated $2.7 billion, Bang heads the country’s most valuable entertainment agency (which recently changed its name to Hybe), easily trumping local incumbents JYP, SM and YG, previously known as the Big Three.

Starting as an underdog, Bang launched Big Hit in 2005 and in 2010 signed on the seven members of BTS, who were then mostly in their teens. After a rocky start, the group eventually found fame through music that explored societal issues, such as bullying, and engaging with fans on social media. The band has since scored five No. 1 albums on the Billboard 200, the first K-pop group to do so in the U.S.