Seoul-based entertainment tech firm aims to become 2nd to enter Indian market after Hybe
Galaxy Corp., the entertainment tech company driven by artificial intelligence that is known for managing K-pop star G-Dragon and producing Netflix series "Physical: 100," is planning to open a branch in India, though the exact date has not been announced.
According to an industry source, the company is studying the Indian market as it prepares to open its fourth overseas branch, following those in Japan, the US and Hong Kong. The company also operates a Singapore office, but it is not a legal entity.
"Galaxy Corp.'s business division is conducting market research related to entry into India and is also working on establishing an Indian subsidiary. At the end of last year, G-Dragon's team also inquired locally about concert demand and performance guarantees for the artist's solo show," the source told The Korea Herald on Tuesday.
If Galaxy Corp. launches an overseas branch in India, it will become the second Korean entertainment company to enter the market after Hybe. Industry insiders see this move as part of the company's strategy to expand overseas and demonstrate its global growth potential ahead of a planned public offering. While an exact initial public offering timeline has not been disclosed, the company is reportedly targeting early next year.
The K-pop industry's interest in India has intensified since Hybe established its local branch, Hybe India, in Mumbai in September. With Chinese restrictions on K-pop artists limiting their access to that market, India -- home to 1.46 billion people -- has emerged as a viable alternative.
Galaxy Corp. recently signed actor Song Kang-ho and TV personality Kim Jong-kook in August and September, respectively, signaling continued expansion and diversification of its talent portfolio.