Source Music closing down? Many employees left?

this will explain a lot. Tbh

Something sus is happening

source music went bankrupt or sumth? O_o

Hybe cleaning up non profiting assets

Rip source music

so why did Bighit buy the company?

Something weird went down I am convinced.

Clean up maybe? Like was there anything corrupt going on with source music?

man wtf is going down over there i'm so nosy i just wanna know

Quote from pinkcerise

man wtf is going down over there i'm so nosy i just wanna know

Saaaame.

Well...didn’t they say that Bighit or Bang Pd was in contact with source music even before they bought into the company? Maybe...hybe bought the shared Source hoped that would help them recover...maybe it didn’t...dunno.

what about the ngg

Quote from SooYoung

I mean they must know for a while that none of Gfriend members will renew

so maybe they prefer to leave the ship before the ship drown without Gfriend

since Gfriend was the only source of revenue of Source

I feel like you maybe right. Maybe HYBE bought Source to try to help them but it didn't work out and then the members realized that it was not going to work out so they left as fast as they can. I mean. All of them didn't sign

Quote from crystalblues

FR. Take Nu'est with them too please gosh like is HYBE just buying out and shutting down the crappy companies who mistreat their idols? cause if so, they need to buy TS ENT.

Well that for some reason makes since but then again what about the groups/

Quote from mygsbeat

what about the ngg

i believe there are some articles about min heejin will be heading a new sub label for her soumu x bh gg. released around the time they rebrand hybe if i'm not mistaken. so they are safe

why do i feel like some news outlet will reveal what actually went down

Quote from itzysmidzy

Hybe cleaning up non profiting assets

Rip source music

Makes you wonder why did big hit even bother to buy Source.

I guess everyone makes mistakes. One more BTS comeback and they can get all the money back and more.

this doesnt make sense

BH / HYBE bought it, how could a subsi close down without permission of parent?

I hope someone can let us know what is happening

It would not be that strange if they close down the company at move assets and some employees to the parent company or some other companies like BitHit. I mean, why keep the company if they don't have any artist in it left?

Where is Dispatch when we need them?

This whole thing still feels very sus to me.

The company made losses for years now. You can't finance a company with a girlgroup that doesn't sell albums.

it's not that hard to figure out what hybe is doing. they're restructuring source music around. that's what big companies do when they grow really big and they need to run an efficient company from top to bottom.

Interesting. I think we just need to give it time to get some proper explanation from a news.

But if to speculate.

I actually always thought that bighit bought source music just cause PDs have been buddies so Bang kinda wanted to help his friend, cause let's be honest no one would want to invest in a group like gfrind, they've been declining for years, not profitable at all, plus not for the international audience at all as well by any means and the international market is where bighit's interest is, so yeah. They tried to do smth with the group till the end if a contract but it also didn't really worked out, so I just think that none of sides were actually interested in the continue of relationship. And since grfind are out, the company is basically over, they don't have any other artist, so bighit now have to do smth with Source music, cause also I think they actually needed Source Music as someone who is knowledgeable in training female trainees and female trainees were probably under their roof all the time till bighit signed that new ceo. So maybe bh need to rearrange source music somehow so the whole cooperation of new ceo and source music trainees was smoother and that's exactly what's going on. Tbh Idk of course how business process go in sk, but mayhaps it's easier from a process point to make a company to go bankrupt and to move what is needed to other company than to close the company or rebrand/rename. And employees might be leaving cause they're going to resign with new branch in hybe or maybe cause bighit isn't satisfied with a crew under source music roof and they just kick them out to hire better professionals.

Just imho of course. I think we'll find out soon what's exactly going on.

Edit: and of course it all can be just misleading information from pressed gg stans cause I see only female icons on tweets lol

If its true that would easily explain everything

This is such a confusing situation, HYBE just recently gave them a 7 million loan and gave Gfriend a new dorm + printed out new merch. God, could either HYBE or Source just do some good PR or actually communicate with Gfriend fans, it's horrible that they are blind siding them.

I don't understand why people keep saying its sus. Gfriend sales and popularity have been on the decline for years. Even before being acquired by bh, soumu wasn't making enough to sustain long term. Rumors have been going around for months that some members wouldn't renew and as a group they were probably ready to move on. They are featured in the hybe museum so some members are probably staying and pursuing a solo career.

Quote from BEG4DAWIN

Makes you wonder why did big hit even bother to buy Source.

I guess everyone makes mistakes. One more BTS comeback and they can get all the money back and more.

It is possible that Bang PD bought out SouMu to bail out the CEO. They are close friends. A loan could've been the normal route, but we don't know all the info why SouMu was in such bad shape financially. However, it's not out of ordinary companies buying toxic assets for other purposes than just make money.

Although people here may be attributing bad finances because of declining Gfriend sales, dunno if this is the whole picture. They actually were selling higher each comeback (save summer ones). Dunno what is the sales cut out to be profitable, but they were over 50K and some comebacks were close to 100K "magical number" that people here love so much. Lovelyz has less sales and it seems to be doing fine for Woolim.

The declining stage was during the pandemic and under BH, so they would have covered the losses here anyway and just slow roll content instead of going all-in. If it was that unprofitable, I think they would have cut back around Crossroad comeback. Instead BH just made them have 3 expensive looking comebacks back to back in the middle of a pandemic where they can't tour or have fansigns. I think it is more likely that SouMu CEO had other stuff behind the scenes to explain such bad finances when his company was known to have pretty good budgeting during the early years.

So probably this wasn't a business decision to make money in the first place.

That’s insane.

as long as the source x bighit gg is safe then I don't really care

Quote from reina-en

as long as the source x bighit gg is safe then I don't really care

read the room bruh

Quote from andydela

I don't understand why people keep saying its sus. Gfriend sales and popularity have been on the decline for years. Even before being acquired by bh, soumu wasn't making enough to sustain long term. Rumors have been going around for months that some members wouldn't renew and as a group they were probably ready to move on. They are featured in the hybe museum so some members are probably staying and pursuing a solo career.

What people don't understand is that their brand remains huge. When they attend to perform at festivals, appear on variety shows, etc. A group with 5 hits and 70+ music show wins is always considered a huge brand. Their digital success was slowing down but they started touring over Asia and still had the same album sales, touring brings them more than digital success. THAT doesn't lead to disbandment. That actually works fine. Oh My Girl was profitable before they hit big, lovelyz is sttill doing well for woollim. WJSN is selling only a bit more than Gfriend and they are fine. The issue here was the splurging they did once the acquisition happened.

Quote from andydela

I don't understand why people keep saying its sus. Gfriend sales and popularity have been on the decline for years. Even before being acquired by bh, soumu wasn't making enough to sustain long term. Rumors have been going around for months that some members wouldn't renew and as a group they were probably ready to move on. They are featured in the hybe museum so some members are probably staying and pursuing a solo career.

You are talking like they sold almost nothing. Gfriend was very much in demand.

What I don't understand is some of you saying BH needs another label to debut GGs. What is so hard for BH that they can't debut ggs themselves? What's so different about female trainees from male trainees that they need "experienced" people to deal with them? I just don't understand this reasoning. I hate how it's common to say it. People saying that Bighit doesn't want to have another gg because their last gg messed up, makes no sense. Do you believe in superstitions that GGs are going to have bad luck like Glam when you say stuff like that? because this generalizing based solely on gender is so stupid. Glam's case happened because some members were involved in a scandal. It had nothing to do with being girls.

Quote from minahsempoi

read the room bruh

You're all making some speculation theories when it's not even that deep, I don't need to read shit