2024-05-02 08:22:30
HYBE CEO Park Ji-won promised to inspect and supplement the ‘multi-label’ issue triggered by the recent conflict between HYBE management and ADOR CEO Min Hee-jin.
CEO Park said in a corporate conference call announcing Hive’s first quarter performance on the morning of the 2nd, “Hive has encountered numerous difficulties, both large and small, while pioneering multi-labels. “We apologize for causing concern (to shareholders) during this process,” he said in an apology.
Regarding Hive’s allegations of CEO Min stealing management rights from Adore, “The suspicions were specifically confirmed through the audit process. “He is taking the necessary steps,” he explained.
He said, “I think multi-labels have gone through trial and error, overcome them, and grown. “This issue may raise questions about multi-labeling, but we will continue to make improvements by thinking about what needs to be improved for advancement,” he added.
As many people point out, one of the triggers for the Adore incident, which includes the group ‘New Jeans’, is ‘multi-label’. To put it simply, multi-label is a format in which multiple families live together under one roof. The greatest strength of multi-labels, especially those of listed companies, is that they can attempt to diversify their business through the large amount of content they mass-produce. As sales increase, the stock price rise will also gain momentum.
In the United States, the number one country in the world’s music market, this system has already been in place for a long time. The so-called world’s three largest record labels have this structure. These are Universal Music Group (UMG), Sony Music Entertainment, and Warner Music Group. Each of them owns numerous labels and exerts enormous influence on the global music market.
Currently, there are 11 Hive labels at home and abroad. Adore, founded in 2021, is the first label established on its own rather than acquired by Hive. However, the four months came as CEO Min experienced conflict with Source Music, which includes ‘Le Seraphim’, which debuted just before New Genes, and Belif Lab, which includes ‘Illit’, which recently debuted. The industry currently sees it as an essential system for the growth of the music industry.
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2024-05-02 08:22:30