Big Hit Entertainment (hereinafter referred to as Big Hit) Global CEO Lenzo Yoon participated in SXSW Online 2021 as one of the featured speakers to share Big Hit’s past, present, and tomorrow while presenting prospects and insights on the future of the global entertainment industry.
SXSW Online 2021 uploaded the Featured Session by Lenzo Yoon on its official website on March 17 under the theme of Music’s Limitless Variations. He is the only figure from the Korean music industry to participate as a Featured Speaker.
Reminiscing about the market situation a decade ago when he first joined Big Hit, Lenzo Yoon defines the period as a point in time when the physical album continued to lose power, and media was turning digital. He said, “I thought we had no choice but to change. We found our answers in these more fundamental questions by asking ourselves: not, “What music will people like?”, but, “What does music mean to people?” and, “What’s the role of the artist?”
He also described the fans of the 2020’s as. “Those who value a sense of achievement in leading change and self-growth, confidently demanding the high level of content and services that deserves their time and effort.” Then, he emphasized, “The industry must innovate to meet these higher demands from fans.”
Lenzo Yoon also said, “Big Hit is focusing on ‘How to Enjoy’ in order to lower the entry barrier of fan experience, and present new ways and experiences of enjoying music,” introducing the Korean study package “Learn! KOREAN with BTS”, BTS character “TinyTAN”, mobile rhythm game “Rhythm Hive”, and global fan community platform “Weverse” as illustrative examples. He added, “Big Hit’s future business will be a service for the overall music-based lifestyle.”
He mentioned how Big Hit and BTS’ global success is being called ‘the new normal’ as he concluded the session by saying, “We once learned and worked hard to catch up with market leaders. Now we are walking a path untrodden. We’re not just trying to expand our successes. We believe we can create industries and technologies that no one has yet seen. The world is made of unlimited diversity. I hope there will be more ‘New Normals’ that will advance culture and life.”
Lenzo Yoon, who has helped Chairman & CEO Bang Si-Hyuk in making BTS’ global success and Big Hit’s growth possible, has led the firm’s original content branding along with the expansion of the artist indirect participation business utilizing IP (Intellectual Property) rights as well as the establishment of Weverse, a global fan community platform. He is currently focusing on industry crossovers, partnering with some of the world’s top-class companies in expanding and reproducing Big Hit businesses along with maximizing synergy at home and abroad. He recently led the launch of the digital live streaming platform VenewLive and made a strategic partnership between Universal Music Group (UMG) and Big Hit real.
The South by Southwest (SXSW) Conference & Festivals celebrate the convergence of the interactive, film, and music industries. Due to the recent surge in COVID-19 cases, this year’s event is now being held online for the first time. In addition to Lenzo Yoon, other participants of SXSW Online 2021 include James Cameron (Movie Producer & Director), Melinda Gates (Philanthropist & Co-founder of the Bill & Melinda Gates Foundation), and many more.
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