Bang PD Receives 1 KRW As His 2024 Salary But The Truth Behind Is So Surprising

Bang Si Hyuk, who discovered the global supergroup BTS is known as a billionaire of the Kpop industry. Not only that, he is also known as the founder and manager of HYBE - the Kpop empire at the present time.

But in HYBE's recent internal plan, an announcement surprised many people that the salary of president Bang in 2024 is only 1 KRW. Many people wonder why a president of such a large corporation only deserves 1 KRW, which is less than a penny.

All fans' questions will be answered in detail in the article below:

As everyone knows, president Bang founded Big Hit Entertainment in 2005 after a long time as a music producer. Initially, Big Hit's business was so quiet that the idols only stopped by the office to play games - Bang revealed in an interview in 2017. In the first years, the company almost went bankrupt while BTS released their debut album in 2013.

However, just a few years later, Bang Si Hyuk saw his personal net worth increase rapidly along with the outstanding success of BTS. President Bang's rapid rise in wealth can be seen as a "statement" about BTS's popularity. Since then, Bang Si Hyuk was able to establish HYBE with global ambitions. It is known that Bang PD holds 34% of the company's shares and is currently taking on the role of Chairman of the Board of Directors and supervising the music production process.

At this position, many people think that Bang PD will be paid a huge salary from HYBE, but the announcement in HYBE's 2024 Compensation Plan for Internal Director is the opposite. Bang PD is reported to receive a salary of 1 KRM in 2024. The company explained that this decision was made to strengthen responsible management and emphasize the philosophy of “Pay for Performance capacity” of HYBE.

HYBE stated through its '2024 Internal Director Compensation Plan' on March 8, that "The company had determined the base salary as 1 KRW for the chairman to implement the 'Pay for Performance' compensation philosophy to strengthen the responsibility of the managing executive."

Then, there is a surprising revelation about this remuneration. One KRW was actually just a symbolic number. In fact, Chairman Bang will receive a performance bonus of 980 million KRW (~743,469 USD) according to the short-term incentive system. This was determined by the compensation committee based on the management performance and evaluation criteria for 2023. Last year, Chairman Bang was also paid a salary of 50 million KRW, along with a 300 million KRW bonus based on management performance.

Not stopping there, кσяєαn media also αѕѕessed that Bang PD's wealth will even continue to increase sharply this year and he may achieve more success. Typically, LE SSERAFIM's song "Easy", which Bang is the executive producer of, entered Billboard's main singles chart at number 99. Bang will also be in charge of producing I’LL-IT, which is set to debut as a new girl group under HYBE.

Previously, CXO кσяєα Research Institute announced the results of its survey of individual shareholders valued at more than 10 billion won among major cultural and content stocks in кσяєα in December last year. In this survey, Bang was revealed to own 13,151,394 HYBE shares and had a stock valuation of 3.774 trillion won. Bang had the largest holdings of кσяєαn cultural and content-related stock αѕѕets in the list.

In addition, HYBE is also noted for its employee treatment, which is also at the highest level in the industry. According to HYBE's business report for the first half of last year posted on the Financial Supervisory Service's electronic disclosure system, the average annual salary per staff is 63 million KRW, ranking first in the industry. It is much higher than the average salary in the industry - which is 34 million KRW.