South Korean singer Jung Kook (center) from the K-pop band BTS performs solo on ABC's Good Morning America at Rumsey Playfield/SummerStage on July 14, 2023, in New York. (PHOTO  / INVISION / AP)

SEOUL - South Korea's largest music label Hybe Co, behind K-Pop supergroup BTS, said on Monday it acquired the music label of Spanish-language media company Exile Content in its first major foray into the Latin music market.

Hybe said it acquired Exile Music, is setting up a Latin America unit for artist management and talent discovery, and considering incorporating the K-pop business methodology typified by lengthy, competitive artist training and development to the Latin genre in the long-term.

Hybe is looking to tap into the rapid growth of the estimated $1.3 billion Latin music market, as it reported a year-on-year growth of 26.4 percent in 2022 compared to a 9 percent growth in the global music market

A spokesperson for Hybe declined to give the financial terms of the acquisition.

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Hybe is looking to tap into the rapid growth of the estimated $1.3 billion Latin music market, as it reported a year-on-year growth of 26.4 percent in 2022 compared to a 9 percent growth in the global music market according to its statement.

K-Pop's biggest global success, BTS, is on temporary break as a group while its members serve out mandatory military service in South Korea.

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Despite BTS' absence, analysts said K-Pop artists' overall sales volume increased in 2023 compared to the previous year as more bands gained a broader international following.