Billboard Power 100 Party: Bang Si-Hyuk, CEO Of BTS' Music Label, Receives Visionary Award

Bang Si-hyuk, chief executive officer of BTS' music label, HYBE, received the first Clive Davis Visionary Award at Billboard's 2023 Power 100 Party Wednesday.

Sony Music Chief Creative Officer Clive Davis and record executive and talent manager Scooter Braun presented the award to Bang during the ceremony held at Goya Studios in Los Angeles.

"He's had an extraordinary ability in these few years, he's a writer, he's a composer, he's a producer and he came up with, and was really the focal point, of this new genre of music called K-pop," Davis said at the ceremony, according to Billboard.

"And the songs that he's written for that incredible hit machine, the group that has sold 30 million albums worldwide, it's really been extraordinary. So the award that is being given in my name is being presented to him and I'm so proud to be here today for this special purpose," he continued.

Davis turned the podium over to Braun, whose company Ithaca Holdings merged with HYBE in 2021 and became its headquarters in the U.S.

Braun then told the audience about how his friendship with Bang developed over a series of Zoom calls where they discussed "philosophy, family, music, culture, our dreams, what we wanted to achieve, we talked about our disappointments," more than just the proposed deal to merge their companies.

Braun also highlighted Bang's perseverance and shared a story of how the South Korean record producer came to the U.S. 15 years ago to meet with American labels but was only left waiting in the lobby.

Bang delivered a heartfelt acceptance speech in which he talked about his passion for music.

"I thought about the reason why Billboard chose me for this year's Visionary award, and I think I'm here because I look beyond my life as a producer and started a record label which ultimately let me establish a company that challenges the traditional boundaries of music and entertainment," Bang said, as per the translation provided by Billboard.

"My long journey has always been to live with music. I've always put music as a No. 1 priority and offer diverse and immersive ways for fans to enjoy music. That has been my vision all along, and that's my proudest achievement. With an undying passion for music, I hope to keep striving to push the limits of our business in a way that truly honors the name of Clive Davis," Bang added.

Bang formed Big Hit Music (formerly Big Hit Entertainment) in 2005. It was later re-branded into HYBE Corporation in March 2021. HYBE has headquarters in South Korea, U.S. and in Japan. Aside from creating songs and musical groups such as BTS and TXT, HYBE is also engaged in developing online games and metaverse products. The company also operates the global fandom app Weverse, which serves as a communication tool between artists and fans.