Free Big Hit Entertainment and Blockbuster Band BTS: K-Pop Goes Global Case Study Solution | Assignment Help

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Publish Date: 2024-11-03

Harvard Case - Big Hit Entertainment and Blockbuster Band BTS: K-Pop Goes Global

"Big Hit Entertainment and Blockbuster Band BTS: K-Pop Goes Global" Harvard business case study is written by Anita Elberse, Lizzy Woodham. It deals with the challenges in the field of Marketing. The case study is 22 page(s) long and it was first published on : Jun 8, 2020

At Fern Fort University, we recommend that Big Hit Entertainment (BHE) continue its aggressive global expansion strategy, leveraging its existing strengths in digital marketing, fan engagement, and innovative content creation. We suggest a multi-pronged approach that focuses on:

  • Expanding into new markets: Targeting emerging markets with high K-Pop affinity, utilizing localized marketing strategies and partnerships.
  • Strengthening existing markets: Deepening engagement in existing markets through targeted content, exclusive experiences, and community building initiatives.
  • Diversifying revenue streams: Exploring new avenues for revenue generation beyond music, such as merchandise, licensing, and content partnerships.

2. Background

This case study focuses on Big Hit Entertainment (BHE), the South Korean entertainment company behind the global phenomenon BTS. BHE's success story is a testament to its innovative approach to K-Pop, leveraging digital platforms to connect with a global fanbase and build a strong brand identity. The case explores BHE's journey from a small startup to a global powerhouse, highlighting its strategic decisions, marketing strategies, and challenges in navigating the complex world of international business.

The main protagonists are:

  • Bang Si-hyuk: Founder and CEO of BHE, a visionary leader who spearheaded the company's growth and success.
  • BTS: The seven-member boy band that propelled BHE to global fame, known for their music, performances, and strong connection with their fans.
  • Big Hit Entertainment: The company behind BTS, responsible for managing the band, producing their music, and overseeing their global expansion.

3. Analysis of the Case Study

To analyze BHE's situation, we can utilize the following frameworks:

1. SWOT Analysis:

  • Strengths: Strong brand equity, loyal fanbase, innovative content creation, expertise in digital marketing, strong leadership, and a unique business model.
  • Weaknesses: Dependence on BTS, limited global reach compared to established Western music labels, potential cultural barriers in new markets.
  • Opportunities: Expanding into new markets, diversifying revenue streams, leveraging technology and analytics for fan engagement, and exploring new business models.
  • Threats: Increased competition from other K-Pop agencies, evolving consumer preferences, and potential cultural backlash.

2. PESTEL Analysis:

  • Political: Navigating international political relations and potential trade barriers.
  • Economic: Global economic fluctuations impacting consumer spending and market growth.
  • Social: Understanding cultural differences and adapting content to diverse audiences.
  • Technological: Leveraging technology for fan engagement, content distribution, and data analytics.
  • Environmental: Addressing environmental concerns and promoting sustainable practices.
  • Legal: Complying with international laws and regulations, particularly in intellectual property and data privacy.

3. Porter's Five Forces Analysis:

  • Threat of new entrants: High, due to the relatively low barriers to entry in the K-Pop industry.
  • Bargaining power of buyers: Moderate, as consumers have many choices but are highly engaged with specific artists.
  • Bargaining power of suppliers: Low, as BHE has established relationships with key suppliers.
  • Threat of substitutes: Moderate, as consumers can choose alternative forms of entertainment.
  • Rivalry among existing competitors: High, as the K-Pop industry is fiercely competitive with numerous agencies vying for market share.

4. Recommendations

1. Expanding into New Markets:

  • Target emerging markets: Identify countries with high K-Pop affinity, such as Latin America, Southeast Asia, and Africa, where BTS has a significant fanbase.
  • Utilize localized marketing strategies: Adapt marketing campaigns to local cultural nuances, language, and preferences.
  • Forge strategic partnerships: Collaborate with local artists, influencers, and media outlets to build brand awareness and reach new audiences.
  • Develop localized content: Create music, videos, and merchandise tailored to specific markets to resonate with local consumers.

2. Strengthening Existing Markets:

  • Deepen fan engagement: Develop exclusive content, fan club benefits, and personalized experiences to foster a sense of community and loyalty.
  • Utilize data analytics: Leverage data to understand fan preferences, behaviors, and demographics to personalize marketing efforts.
  • Expand social media presence: Engage with fans on various platforms, utilizing interactive content, live streams, and Q&A sessions.
  • Organize global fan events: Host concerts, fan meetings, and online events to create memorable experiences and strengthen fan bonds.

3. Diversifying Revenue Streams:

  • Expand merchandise offerings: Develop exclusive merchandise, collaborations with fashion brands, and limited-edition items to capitalize on fan demand.
  • Explore licensing opportunities: License BTS's image and music for use in various products, such as video games, clothing, and accessories.
  • Content partnerships: Collaborate with streaming platforms, media companies, and brands to create original content featuring BTS.
  • Develop new business models: Explore subscription services, fan engagement platforms, and other revenue-generating models.

5. Basis of Recommendations

These recommendations are based on:

  • Core competencies and consistency with mission: Leveraging BHE's strengths in digital marketing, fan engagement, and innovative content creation to drive global expansion.
  • External customers and internal clients: Catering to the needs and desires of both global and local fans while empowering artists and employees.
  • Competitors: Staying ahead of the competition by constantly innovating, adapting to market trends, and building a strong brand identity.
  • Attractiveness: The recommendations are expected to generate significant revenue growth, expand market share, and enhance brand equity.

Assumptions:

  • Continued high demand for K-Pop globally.
  • BHE's ability to adapt to cultural nuances and market trends.
  • Effective implementation of marketing strategies and partnerships.

6. Conclusion

Big Hit Entertainment is well-positioned to continue its global expansion, leveraging its existing strengths and adapting to the evolving landscape of the entertainment industry. By focusing on expanding into new markets, strengthening existing markets, and diversifying revenue streams, BHE can solidify its position as a global leader in K-Pop and entertainment.

7. Discussion

Alternatives:

  • Focusing solely on existing markets: This approach might limit growth potential and leave BHE vulnerable to market saturation.
  • Acquiring existing entertainment companies: This strategy could provide immediate access to new markets and resources but carries significant financial risks and potential cultural clashes.

Risks:

  • Cultural backlash: Misunderstanding or misrepresenting local cultures could lead to negative publicity and damage brand image.
  • Competition: Intense competition from other K-Pop agencies and Western music labels could hinder market penetration.
  • Economic downturn: Global economic instability could impact consumer spending and reduce demand for entertainment products.

Key Assumptions:

  • Continued popularity of K-Pop globally.
  • BHE's ability to navigate cultural differences and adapt its content to diverse audiences.
  • Effective implementation of marketing strategies and partnerships.

8. Next Steps

  • Market research: Conduct thorough research on target markets to identify cultural nuances, consumer preferences, and competitive landscape.
  • Develop localized marketing plans: Create tailored marketing campaigns for each target market, incorporating local languages, influencers, and media channels.
  • Forge strategic partnerships: Establish partnerships with local artists, media companies, and brands to build brand awareness and access new audiences.
  • Develop localized content: Create music, videos, and merchandise tailored to specific markets to resonate with local consumers.
  • Monitor performance: Track key performance indicators (KPIs) to measure the effectiveness of marketing campaigns and adjust strategies as needed.

By implementing these recommendations and navigating the challenges ahead, Big Hit Entertainment can continue its remarkable journey and establish itself as a global entertainment powerhouse.

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Case Description

Bang Si-Hyuk ('Hitman Bang') is the founder and co-chief executive officer of Big Hit Entertainment, the company behind BTS, a 'K-pop' band that has found unparalleled success around the globe-a remarkable feat given that most of their songs are in Korean. It is March 1, 2020. With its latest album, the band has now scored its fourth chart-topping album in the U.S. in less than two years. The band's popularity has been extremely lucrative: by some estimates, the BTS ecosystem accounts for a staggering $4.9 billion of South Korea's GDP. While K-pop has been dominated by three large companies-SM, YG, and JYP-since the mid-1990s, BTS Bang arguably has created a K-pop phenomenon that is more global than any act the 'big three' have ever overseen. And whereas K-pop is traditionally associated with long-term, exclusive contracts between companies and their acts that pay the talent relatively modestly and give them little control, Bang seeks to foster a more balanced relationship with his superstar act. Is BTS well-positioned to sustain its success? Can Big Hit replicate that success with the select few other acts in its portfolio? And what does that say about the future of K-pop, and the manner in which music companies will manage the relationships with their talent?

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