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Source: HYBE |
[Alpha Biz= Kim Jisun] HYBE disclosed on Monday that it will merge with its Web3 subsidiary, Binary Korea.
In response to the NFT boom, HYBE established Binary Korea in 2022 as a wholly-owned subsidiary to focus on blockchain and other new business ventures. The company has been operating as a research entity exploring the use of emerging technologies in the entertainment sector. In June 2023, it launched THEUS, a fandom platform for YouTubers and streamers, in collaboration with Sandbox Network.
However, Binary Korea has struggled to achieve business success in its third year of operation. In 2023, the company generated only KRW 46,8441 in revenue while recording a net loss of KRW 4.28 billion.
The merger appears to be HYBE’s way of winding down its blockchain-related operations, aligning with its recent shift in focus toward core businesses such as artist management. In its disclosure, HYBE stated that the merger aims to “enhance management efficiency.”
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
