MUSIC
HYBE signs exclusive distribution agreement with UMG, which is in conflict with TikTok
HYBE announced on the 27th that it signed a global exclusive distribution contract with Universal Music Group and Music Agency. Universal Music Group will exclusively distribute physical albums and digital music released by labels under HYBE to the global market for the next 10 years. Universal Music Group also decided to support promotion and marketing of HYBE Labels artists' activities in North America.
Universal Music Group signed this contract, noting that K-pop's presence is gradually strengthening in the global music market and that Hive is successfully implementing a multi-label strategy. Universal Music Group plans to further strengthen its music portfolio through its partnership with HYBE, which exerts unrivaled influence in the K-pop industry.
HYBE plans to further accelerate its global expansion strategy through collaboration with Universal Music Group. This record label distribution contract, which was concluded under conditions comparable to those of global top-tier music companies, can be applied not only to existing labels but also to labels newly incorporated under HYBE. This means that labels newly established by Hive or joining Hive in the future will also be able to utilize Universal Music Group's global infrastructure.
HYBE and Universal Music Group decided to seek synergy effects in the platform area as well. The two companies plan to discuss various ways to cooperate, including the entry of Universal Music Group artists into Weverse.
HYBE Chairman Bang Si-hyuk said, “HYBE has secured infinite growth potential through its partnership with Universal Music Group, the most iconic company in the music industry. This partnership, concluded on the premise of mutual commitment, is a partnership between artists, fans, and the music industry. “I am confident that it will have a positive impact on the overall ecosystem.”
Lucian Grange, Chairman and CEO of Universal Music Group, said, “We are pleased to collaborate with HYBE’s Chairman Bang Si-hyuk, who has presented an innovative and progressive vision to the music industry,” and added, “This partnership will serve as an opportunity for the platform field together with HYBE’s super fan platform Weverse.” “We will seek mutual growth.”
Choi Ji-ye, Ten Asia Reporter wisdomart@tenasia.co.kr
