Hybe IM president Wooyong Chung, whose company has announced a new raise. Photo Credit: Hybe
Hybe’s gaming division has scored another $20.5 million in funding and touched on plans to leverage its parent’s K-pop IP moving forward.
That division, Hybe IM, disclosed the ₩30 billion tranche in a brief announcement today. According to the company, existing backer IMM Investment kicked in half the sum, which also reflects support from new investors Shinhan Venture Investment and Daesung Private Equity.
All told, Hybe IM has now raised ₩137.5 billion (currently $93.5 million) to date. And at least as described by the developer and publisher, forthcoming titles like Architect: Land of Exiles (the seemingly massive MMORPG received a trailer in November) as well as the long-in-development Arkheron are driving the continued investor interest.
But as mentioned, the BTS Island: In the SEOM Puzzle creator further intends “to expand its game business using HYBE’s K-pop artist IPs.”
Time will tell exactly what these plans entail, though BTS’ quick-approaching reunion is worth keeping in mind here. So is the overarching Hybe’s ongoing effort to diversify beyond K-pop and to capitalize on demand from diehard supporters.
On the latter front, the Weverse superfan app is still rolling out fresh features (the latest being a listening-party option). Additionally, mid-2024 saw Hybe’s Binary Korea launch a different fan-engagement platform yet, Theus.
(As an aside, Bang Jun-hyuk, the cousin of Hybe chairman Bang Si-hyuk, is the founder of South Korean mobile-gaming giant Netmarble.)
Stated differently, Hybe has a strong superfan foundation and a rather reliable means of gauging which games are likely to resonate with signed acts’ most committed followers.
In a statement, Hybe IM president Wooyong Chung drove home his business’s wider goal of emerging as “a next-generation publisher.”
“This additional funding marks a pivotal moment in strengthening HYBE IM’s global competitiveness in both game publishing and development,” the former Nexon exec communicated. “We aim to evolve beyond IP-based gaming and become a next-generation publisher delivering compelling content to gamers worldwide.”
Closer to the present, three-year-old Hybe IM indicated that it would “primarily” put the newly obtained capital towards “marketing, operations, and localization strategies.”
Bigger picture, Hybe isn’t the only K-pop mainstay working to leverage existing IP via standalone apps and games. SM Entertainment owner Kakao (and specifically Kakao Entertainment) wrapped March by bringing its Berriz fan platform to a global audience.
Available in 18 languages, Berriz features content from a variety of professionals and media (like the television program Crushology 101, to name one) – not solely K-pop talent.
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