2024-03-28 09:39:01
According to Hive on the 27th, Universal Music Group will exclusively distribute physical albums and digital music released by labels under Hive to the global market for the next 10 years. Universal Music Group also supports promotion and marketing of Hive 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 a partnership with Hive, which exerts great influence in the K-pop industry.
Hive 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 top global music companies, can be applied not only to existing labels but also to labels newly incorporated under Hive. Labels newly established by Hive or joining Hive in the future will also be able to utilize Universal Music Group’s global infrastructure.
Hive 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.
Hive Chairman Bang Si-hyuk said, “Hive has secured infinite growth potential through its partnership with Universal Music Group, the most iconic company in 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 delighted to collaborate with Hive’s Chairman Bang Si-hyuk, who has presented an innovative and progressive vision to the music industry,” and added, “With this partnership, we will work together with Hive’s super fan platform Weverse to expand the platform field.” “We will seek mutual growth,” he said.
Universal Music Group is the world’s largest music label and music distributor. The relationship with Hive began in 2017 through BTS’s distribution contract with the Japanese Music Agency.
Afterwards, Hive x Geffen Records, a joint label between Universal Music Group’s Geffen Records and Hive, was launched in 2021, and Hive The final six people selected through auditions are scheduled to debut as the girl group Cat’s Eye this year.
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2024-03-28 09:39:01