K-Pop Sensation BTS leaves Sony Music and signs with Universal Music Group
K-pop sensation BTS officially ditched Columbia Records from Sony Music Entertainment and signed a deal with Universal Music Group.
Hybe, Big Hit Music and BTS – which remain extremely popular, if ticket sales, revenue reports and special music releases are any indication – recently announced the change. The act of seven pieces is widely distributed Soul Card: 7 and To be Columbia-backed efforts last year, and the (arguably substantial) financial details of the UMG deal have yet to be publicly disclosed.
But the deal comes on the heels of several high-profile collaborations between the publicly traded Universal Music Group and Hybe (which was renamed Big Hit Entertainment in the first quarter of 2021). In February 2021, the companies collaborated to launch a live streaming platform called VenewLive, for example, and the development was followed soon after by an “expanded strategic partnership.”
This decidedly ambitious joint venture aimed to expand “the global reach of K-pop music and culture to the world,” the parties involved said, with UMG’s actions using direct “enhanced communications” with people. Hybe’s WeVerse fans ”. Additionally, the companies created a joint venture label in Los Angeles and presented plans to form “a new global K-pop boy group.”
As for the circumstances surrounding the search for tomorrow’s K-pop stars, BTS received a (controversial) postponement of South Korea’s 18-month compulsory military service at the end of 2020. Allowing group members to delay the ‘enlistment until their respective 30th birthday, the exemption will keep BTS intact until Jin turns 30 in December 2022.
Needless to say, it will be interesting to see how BTS and Hybe (who in April bought Ithaca Holdings from Scooter Braun for at least $ 1 billion) react and adapt to this hurdle as well as other member reshuffles that will arrive later from the army. service obligations.
Universal Music Group (UMG on Euronext Amsterdam) stock ended the day at € 25.00 per share ($ 29.13 at current exchange rate) – a small gain from the previous close – while the stock Hybe (KRX: 352820) was up more than 1.5% lower, resting at KRW 325,000 / $ 276 at market close.
Finally, Universal Music, which signed an exclusive contract with Andrea Bocelli about a week ago, is program to release its third quarter 2021 results report this Wednesday, October 27 – the same day Spotify’s third quarter performance analysis will be made public.