SM eyes US as Hybe doubles down on Asia

Two of K-pop’s two biggest players are recalibrating global strategies, with India emerging as a new frontier.

SM Entertainment and Hybe are increasingly stepping into each other’s core markets, as SM pushes deeper into the US while Hybe accelerates its expansion across Asia, particularly India.

SM has long maintained a strong foothold in Asia, especially in Japan, the world’s second-largest music market. Its early K-pop acts such as BoA, TVXQ and Shinee built massive followings there, with some members still active as solo artists and musical performers in the country.

More recently, however, SM has begun deploying its newer groups into the US market at a much earlier stage. Fifth-generation acts such as Riize and Hearts2Hearts have entered the US within just two years of debut. Riize held a North American tour in 2025, while Hearts2Hearts staged showcases in New York and Los Angeles on March 19 and 22, and performed at the Grammy Museum in Los Angeles.

An industry official said SM’s accelerated US push reflects changing market dynamics.

“In the past, agencies focused on nearby markets like Japan, China and Southeast Asia for efficiency, and saw entering the US as less cost-effective,” the official said. “But over the past four to five years, the US market has changed enough to make it worth pursuing.”

Music critic Lim Hee-yun also pointed to timing as a key factor, citing renewed global interest in K-pop.

“The US has always been the biggest market and one that SM eventually had to target, but it hasn’t been easy,” Lim said. “Now, with projects like ‘KPop Demon Hunters’ and BTS’ comeback drawing attention, this feels like the right moment.”

He added that even if breaking into the mainstream remains challenging, there is a growing demand among existing K-pop fans.

“Listeners are asking, ‘Who should I follow after BTS?’ or ‘I liked "KPop Demon Hunters" — what other groups are out there?’ SM seems to be targeting that audience,” he said.

Meanwhile, Hybe — which has built a strong presence in the US through acts such as BTS, Enhypen and Katseye — is expanding its focus toward Asia.

The company recently unveiled its “Hybe 2.0” strategy, strengthening its regional structure. In Japan, Hybe integrated its operations under Hybe Music Japan to create a streamlined system covering everything from talent discovery to management, effectively elevating the country from a key export market to a second home base.

With uncertainty still surrounding the Chinese market, Hybe has identified India as its next major target. The country’s large population and rapidly growing streaming market make it a strategic priority.

Last year, Hybe formalized plans to establish a local branch in India and build infrastructure not only for concerts, but also for talent development — recruiting local trainees and applying the K-pop training system on the ground.

As part of that effort, Hybe India recently announced a large-scale audition across major cities, offering selected participants a chance to debut after undergoing its global training and development program.

“Hybe has already established a solid foundation in the US with BTS and its collaboration with Geffen for Katseye,” Lim said. “Now it’s looking at markets like Latin America and India, where the return on effort could be even greater.”