HYBE Begins Audit of NewJeans’ Label ADOR, Asks CEO Min Hee-Jin to Step Down
NewJeans and more HYBE artists are scheduled to release new music amid the K-pop power clash.
NewJeans and more HYBE artists are scheduled to release new music amid the K-pop power clash.
The 20-company Billboard Global Music Index rose 1.9% to 1,752.24 as five stocks had double-digit gains and only three posted losses.
The deal to give UMG digital distribution rights to HYBE labels will last for 10 years.
HYBE owns 12.6% of outstanding SM Entertainment shares, up from 8.8% prior to the latest transaction.
Seventeen led the way with 15.9 million album sales in Korea, while the company’s Quality Control acquisition boosted the K-pop giant’s global streaming revenue.
The Billboard Global Music Index dropped 1.4% to 1,512.40 as stocks — music and otherwise — started the new year on a down note.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
The year saw K-pop companies making mega moves on a global scale, while the catalog market remained hot.
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