The story of Bang PD having a huge debt when BTS debuted is a story that any fan knows very well. But it wasn't until today that the fans were able to understand the deepest situations during that darkest time of Bang PD and BTS.
During a talk show, Bang Si Hyuk honestly shared that he had intended to close the company, but in the end, there was an emotional reason why he couldn't give up on letting BTS debut. From the moment he chose to keep BTS, the close relationship between Bang PD and the group truly surpαѕѕed the business relationship or between PD and idol.
Through Bang PD's sharing, fans really admire his efforts as well as the BTS members. Perhaps that's why BTS has continuously renewed their contract with HYBE over the past 10 years:
We all know how difficult both Bang PD and BTS had to go through to get where they are today. There are stories spreading about how Bang PD used to only have a small company, less than 20 employees and a huge debt while BTS had to stay in a dormitory in a flooded basement on rainy days but the detailed debt has never been confirmed. So many people don't really know what kind of crisis years they had.
During a participation in tvN You Quiz On Block, Bang Si Hyuk had the opportunity to share for the first time about the darkest time in his life at that time. From a producer and shareholder of JYP, Bang PD started his own label - Bł₲ Ⱨł₮ Entertainment (now called HYBE). After developing his own company, things were not easy for Bang Si Hyuk. He confessed to having financial difficulties in the early days of preparation for BTS because they were so much in debt - to the point that he thought about closing his company.
However, the vice president of the company helped him realize that whether he gives up the company or lets BTS do activities for one year, he’ll be in the same situation of not being able to pay off the debt and encouraged Bang Si Hyuk to keep trying. In particular, there is one reason why Bang PD decided he couldn't give up on BTS even when he was about to go bankrupt: he really felt sorry for their talent and will.
He mentioned: "At that time, I thought we should close the company. We were preparing for BTS, and the vice president asked me, ‘Do you not have confidence?’ I responded that I have confidence in the BTS members. When he asked me why I was giving up, I said it was becase we had debts of over ₩100 billion KRW (about $74.2 million USD). The vice president said, ‘You already can’t pay off this money with your current ability. And even if you run this group for a year, you’ll still be in the same position of not being able to pay it off'. I thought about it, and I believed that continuing was the right thing to do. The seven members each had their own talent and sкιℓℓ, and I felt a sense of duty to not leave these talented kids alone."
That is also the strongest starting point for the more than a decade-long connection between HYBE - Bang PD and BTS. Later, Bang Si Hyuk also clarified that despite his expectations, BTS has been truly successful since their debut in 2013, even if it wasn't obvious to many people.
He said: "People think BTS didn’t do well initially, bu they were actually successful from the beginning. I know it sounds like a good story to say that they weren’t successful in the beginning but that they returned from the U.S. having succeeded. But that’s not it at all. They received all the rookie awards in the first year and were very successful."
When asked if he ever felt the immensity of BTS’s popularity, Bang Si Hyuk shared that he felt BTS was special when the LA Times wrote a feature about them performing at the 2014 K-CON concert in their rookie days, where they performed as one of the opening acts.
Although Bang Si Hyuk felt that getting featured in the LA Times was special, his company employees told him he was “making a fuss” and that “this was normal in K-Pop". Bang Si Hyuk eventually believed he should step down in managing and let the employees take care of the business. This was also when “Fire” came out and gained immense popularity. He continued: "At that time, after I decided to bet on BTS when I was on the brink of failure, I realized that the company was in trouble because I was managing it. Then, I completely handed over the management rights. But 2015 was a turning point for BTS. That’s when their album The Most Beautiful Moment in Life, Part 1 became a huge нιт. And I knew since then that they were different and that there had been no response like this in K-Pop."
After The Most Beautiful Moment in Life, Part 1‘s success, he knew he had to bring BTS to the U.S. to see if global fans would react to their music the same way. However, the company employees were against him, saying, “You’re interfering with management again". However, Bang Si Hyuk didn’t give up. And that’s when BTS’s нιт song “Fire” came out. He told about it: "We had a huge argument but I said I couldn’t yield this time. Then, we released “Fire,” and it exploded globally… After that, I think destiny took over. It’s arrogant to say I created the current BTS".
He added that he trained BTS for a year and a half to prepare them for global activities, which is much longer than usual in the K-Pop industry. Looking at the success and love BTS is receiving worldwide, it seems like Bang Si Hyuk made the right choice in the past. He did not give up on BTS, gave up trusting the promising young boys and now, they have given him a proud achievement, the largest HYBE empire in Kpop.
This story has given fans a clearer view of the relationship between BTS and Bang PD. It is also part of the reason for the group's long-term companionship with the founder of HYBE!
