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HYBE

For all the value derived from social media, artists and labels have yet to generate revenue directly from their activity on Facebook, Instagram and other platforms. In contrast, Weverse, a social media and e-commerce platform owned by South Korean company HYBE, changes up the typical social media dynamic by generating direct revenue from the fandom it facilitates.
This month, in an effort to generate even more revenue from superfans, Weverse introduced a digital membership tier that offers additional perks such as ad-free viewing, video downloads for offline access, high-quality streaming and language translation. The paid digital membership is separate from the fan clubs offered on the platform and Weverse’s own direct messaging feature that allows users — for a fee — to message their favorite artists.

“Digital membership, we believe, is the very first cornerstone of the future evolution” of the music business,” Weverse CEO Joon Choi tells Billboard. He adds that in the first two weeks that digital memberships were made available on the platform, 79 artists (out of 162 active artist communities on Weverse) have given fans the option of signing up for them.

Trending on Billboard

Weverse is an anomaly in social media: a platform with a small number of high-demand musicians rather than a large number of mostly unpopular artists. Launched in 2019, Weverse had 9.7 million monthly active users (MAUs) as of Sept. 30, according to HYBE’s latest financial results, down from 10.6 million a year earlier. The platform is a Swiss Army knife of a promotional vehicle. Artists not only post media content and updates but also conduct live-streams and respond — for a fee — to fans’ direct messages, while the platform additionally sells concert live streams, music and merchandise. And HYBE’s most popular artists can rack up amazing numbers on the platform: Earlier this week, BTS member Jung Kook set a Weverse record with 20.2 million real-time views of a 2.5-hour live broadcast in which he spoke to fans during a break from his military duty.

In recent months, Weverse expanded beyond K-pop artists by welcoming such Western, English-language stars as Ariana Grande and The Kid Laroi, hinting at possibilities that have record labels salivating. Goldman Sachs analysts have estimated that improved monetization of superfans — including new digital platforms, greater emphasis on vinyl buyers and higher-priced music subscription plans — could result in $3.3 billion of incremental revenue globally by 2030. Given the potential, it wasn’t surprising to hear both Warner Music Group CEO Robert Kyncl and Universal Music Group CEO Lucian Grainge express their interest in superfan products and experiences earlier this year. In September, UMG CFO Boyd Muir said the company was in “advanced talks” with Spotify about a high-priced superfan tier — something Chinese music streaming company Tencent Music Entertainment already launched with early success.

In the early days of its membership tier, Weverse is still figuring things out. “We are pioneering this field, so we see a lot of unknowns,” says Choi. For example, he says Weverse has heard from many labels that it should bundle the digital membership tier with fan clubs already offered by artists into something like a premium membership tier (of the 162 active artist communities on Weverse, 72 currently offer fan clubs). He adds that Weverse would not make the decision independently but is discussing it with labels. “Combining them together in the future, I think it’ll be stronger than what we offer right now,” says Choi.

The rollout of the membership tier hasn’t been without controversy, though. In October, an article at The Korea Herald quoted an email from Weverse to its partner record labels in which the company said participation in the membership tier is “mandatory for all artist communities hosted on Weverse.” The article also quoted a South Korean lawmaker who called on the country’s Fair Trade Commission to investigate Weverse’s “new forms of monopolistic practices and determine whether unfair treatment is occurring against affiliated companies using the platform.” Weverse says it has not been contacted or investigated by regulators.

Choi pushes back against the assertions in The Korea Herald, saying artists on the platform are not required to offer a subscription tier, in contrast with the email quoted by the newspaper. “That’s not mandatory,” he insists. In a separate statement to Billboard, Weverse said it “aims to roll out digital membership to all communities” but that the decision “is the choice of labels and artists” and, in any event, fans will still be able to use many existing Weverse services for free. Despite Weverse playing an integral role in the marketing and promotion of K-pop artists, Choi argues it doesn’t have enough market power to make such demands: “We are not in a dominant place where we can just present the policy and dictate our policy to the artist or labels however we want.”

Weverse has also received criticism for its revenue-sharing splits with labels, with The Korea Herald additionally citing an anonymous source as saying the company proposed a “disproportionate” share of the revenue ranging from 30% to 60%, leaving the artist and label with anywhere from 40% to 70%. Choi declined to comment on the business arrangements that determine how much subscription revenue Weverse keeps but noted the platform is investing money into the subscription tier to create features valuable to artists and their fans.

The pushback encountered by Weverse foreshadows the challenges platforms and labels will face as superfan platforms proliferate and the stakeholders wrangle over how the money will be shared. Labels and publishers have spent decades trying to get more value from streaming services, and short-form video apps like TikTok necessitated new conversations about how to compensate creators for the value they bring to the platform. As Choi says, “What we’re doing is basically creating a new value by connecting the artist and super fans in the same place.” In the process, HYBE has pioneered a new model that could become standard practice for artists and labels in the music business of the future.

South Korea’s Financial Supervisory Service is investigating HYBE and its chairman, Bang Si-hyuk, over allegations he earned $285 million from the company’s 2020 initial public offering through profit-sharing deals with three large shareholders.
HYBE, then named Big Hit Entertainment, went public in 2020 after building its primary act, BTS, into global stars. The IPO raised approximately $820 million and confirmed HYBE’s arrival as a major player in the global music business. But while the IPO was a success for the company, many individuals who bought shares for well above the IPO price lost money as the price retreated in the following weeks.

Last week, The Korea Economic Daily broke the story that Bang personally pocketed about 400 billion won ($285 million) from agreements made with private shareholders STIC Investments, Estone Equity Partners and New Main Equity a few years before the IPO. Those agreements, according to the report, called for Bang to receive 30% of the shareholders’ profits from their sale of Big Hit shares following the IPO. But if Big Hit failed to go public before an agreed-upon time, Bang would have had to repurchase the shares plus interest.

Trending on Billboard

In a statement posted to HYBE’s investor relations website on Friday (Nov. 29), the company confirmed the existence of a shareholder agreement but dismissed the notion that Bang broke any securities law. “During the process of preparing for the listing, our company provided the relevant shareholder agreement to the listing underwriters, and the listing underwriters also reviewed the relevant shareholder agreement in accordance with the listing-related laws,” the statement reads. “In this regard, we have determined that our company did not violate any relevant laws during the listing process.”

A HYBE official provided more detail about the shareholder agreement in a statement to The Korean Herald. Prior to the IPO, one of HYBE’s investors requested to know the IPO timeline, which HYBE refused to share. Worried about unnamed uncertainties, the shareholder demanded a “put-back option,” or a right to sell an equity at a pre-determined price and time. But HYBE “couldn’t sustain itself under such conditions,” this person stated, and Bang “took on the risk himself” and personally agreed to the option.

South Korea’s Financial Supervisory Service was quoted in media reports as saying it’s investigating HYBE and Bang for possible violations of the country’s Capital Markets Act, including how a private equity fund acquired Big Hit shares prior to the IPO and whether Big Hit omitted information from its securities filing. The Korea Exchange stock market is also examining relevant documents for potential violations.

When Big Hit shares debuted on the Korea Exchange on Oct. 15, 2020, strong demand drove the share price from the 135,000 won ($118) IPO price to 351,000 won ($308) on its opening day. But Big Hit’s price fell 22.3% the next day and dropped another 29% over the next two weeks, leaving many individual investors with losses. (The stock rebounded over time. An investor who bought at the peak on the stock’s opening day could have sold for a profit had they waited one year.) The Korea Economic Daily article contended the drop-off was “largely driven” by the private equity fund’s “massive selloff” of Big Hit shares after the IPO.

Members of NewJeans have announced they are parting ways with their label ADOR, a subsidiary of HYBE.
In a late-night press conference on Thursday (Nov. 28), the five-member K-pop group, which formed in 2022, revealed that they are severing ties with ADOR due to allegations that the label had violated their contract.

“Once we leave ADOR, we’ll aim to proceed freely with the activities that we really desire,” member Danielle said, according to Reuters. “We really wish to be able to release new music for Bunnies, next year, as soon as possible, whenever,” she added, referencing the group’s fanbase. “We really hope that we have the opportunity to meet you guys from all around the world.”

NewJeans also stated that, after their contract termination, they may no longer be able to use their group name going forward.

In response, ADOR maintained that its agreement with NewJeans “remains in full effect.” The label urged the group to continue collaborating on upcoming projects. “We respectfully request that the group continue its collaboration with ADOR,” the statement read, according to Reuters.

Trending on Billboard

NewJeans’ announcement comes amid a months-long management dispute between HYBE and ADOR’s former CEO, Min Hee-jin, who also serves as the group’s creative director. Earlier this year, HYBE accused Hee-jin of attempting to take the company independent, a claim he denied. During Thursday’s press conference, NewJeans expressed a desire to continue working with Hee-jin.

Earlier this month, NewJeans sent a legal notice to HYBE outlining a list of demands, including the reinstatement of Min Hee-jin as CEO of ADOR. The group warned that if their demands were not met, they would terminate their contract, according to CNBC. NewJeans was previously bound by a seven-year contract with ADOR, set to expire in 2029, Rolling Stone reports.

In October, NewJeans member Hanni tearfully testified before South Korea’s parliament, alleging she had experienced workplace harassment at the company. The Seoul Regional Office of Employment and Labor announced on Nov. 20 that it had closed its investigation, concluding that Hanni could not be considered an employee under the law.

HYBE’s BigHit Music record label named current general manager Seon Jeong Shin to be the next president, following approval at a shareholders meeting and board of directors resolution on Tuesday (Nov. 26).  Shin, who was named to Billboard’s 2022 40 Under 40 list for helping develop HYBE’s artist training system, played a role in the […]

South Korean K-pop giant HYBE said its net profit basically evaporated in the third quarter and total revenue slipped 2% after after the company earned less from concerts and saw reduced music sales, according to results published on Tuesday (Nov. 5).
HYBE’s net profit for the third quarter was 1.444 billion won ($1.05 million), a figure 98.6% lower than the third quarter of 2023 when the company reported of 99,690 billion won ($72.3 million). Total revenue for the third quarter of 527.9 billion won ($382.6 million).

HYBE’s biggest release of the quarter was the debut album, SIS, from KATSEYE, a six-member girl group formed over the summer as part of The Debut: Dream Academy, which spent two weeks on the Billboard 200, the company said.

Trending on Billboard

HYBE’s direct revenue — which comes from its recorded music business, concerts, and things where artists are directly involved — fell by 15.5% to 323 billion won ($234 million). Revenue from its recorded music division declined by nearly 19% to 214.5 billion won ($155.5 million), while concert revenue fell nearly 15% to 74 billion won ($53.6 million). Revenue from ads and appearances rose by nearly 10% to 34.5 billion won ($25 million).

HYBE’s business lines that operate independently of their artists — like merchandising and sync licensing — performed much better, with revenue from artist-indirect involvement business lines rising by 32% to nearly 205 billion won ($148.5 million). Revenue from merchandise and licensing song rights rose by nearly 16% to 99 billion won ($71.9 million), contents revenue rose 64% to almost 80 billion won ($58 million) and fan club revenue rose by more than 23% to 26 billion won ($18.8 million).

The company’s operating profit margin saw significant improvement — up 4% — from the first quarter this year to 10.3% for the third quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of HYBE’s profit from its operations, fell by 16.4% to 81 billion won ($58.7 million).

HYBE has had an eventful few months. In July, the company appointed Jason Jaesang Lee as its new CEO and announced its “HYBE 2.0” growth strategy, which reorganizes the company, pushes a global expansion and focuses on tech-driven initiatives.

The company has also been embroiled in a dispute with Min Hee-jin, ex-CEO of the company’s label subsidiary ADOR — home to chart-topping girl group NewJeans — regarding HYBE’s claim that Min tried to take control of ADOR and NewJeans.

Min Hee-jin’s mission to be reappointed as CEO of NewJeans’ label ADOR just hit another hurdle. On Tuesday (Oct. 29), a South Korean court dismissed the embattled executive’s application to be reinstated in the position, according to reports from Korea JoongAng Daily and Mael Business Newspaper.
According to a source familiar with the matter, the dismissal means the court ruled in favor of HYBE and terminated the case without a judgment on its merits — essentially not conceding or accepting Min’s filing to begin with. 

Trending on Billboard

Min originally submitted her application for reappointment on Sept. 13. In it, she asked the court to order HYBE’s internal board to re-elect a “new” CEO (a.k.a. herself), arguing that she needed to be in the position in order for NewJeans to continue its activities. However, the court’s latest decision has weakened that argument, the source says. Should Min continue her push to be reinstated as CEO, she will likely need to use a different argument to have any chance of her case moving forward.

For the time being, Min is expected to stay on as an internal director of ADOR. She was replaced as CEO by Kim Ju-young, HYBE’s head HR officer, in August.

“We acknowledge and appreciate the court’s wise ruling,” a representative for HYBE tells Billboard in a statement. “In light of this decision, HYBE is dedicated to normalizing ADOR’s operations, improving our multi-label capabilities, and supporting the activities of our artists.”

The development is the latest event in Min and HYBE’s months-long power struggle over ADOR and its powerhouse act NewJeans that stretches back to April 2024. Following an internal audit of ADOR, HYBE — also home to acts like BTS, Seventeen and Le Sserafim — called for the immediate resignation of Min as CEO, accusing her of trying to hijack the label imprint as well as NewJeans. The conflict has since devolved into a tangled web of he-said-she-saids, multiple lawsuits, and ultimately, Min stepping down from her position on Aug. 27. 

Throughout the process, the members of NewJeans have become increasingly involved in the conflict, publicly sharing their support for Min during live performances and in a since-deleted 27-minute YouTube video in which they alleged mistreatment and a toxic work environment at HYBE. Most recently, NewJeans member Hanni, 20, appeared in court to testify to South Korean lawmakers about alleged workplace harassment, saying, “I came to the realization that this wasn’t just a feeling. I was honestly convinced that the company hated us.” During her testimony, she cited instances when she felt HYBE undermined the band and senior managers of the company deliberately ignored her.

While Min hasn’t yet released an official statement regarding the latest court decision, she’s gone on the record to South Korean media saying that she plans to “go all the way” in her legal pursuit to be reinstated.

Following the court’s decision, ADOR’s internal board again voted against reinstating Min on Wednesday (Oct. 30).

HYBE CEO Lee Jae-Sang has shared a public apology following a partial leak of the company’s internal “Weekly Music Industry Report,” which boasted what some have called disparaging remarks about the K-pop industry, including some young artists.
The letter stemmed from a Thursday (Oct. 24) court hearing regarding the HYBE audit carried out by the South Korean National Assembly’s Culture, Sports, and Tourism Committee. The Korea Herald reported that Democratic Party representative Min Hyung-bae revealed the weekly document during the heart. Reportedly spanning around 18,000 pages, Rep. Min noted that the document contains unverified rumors and at times harsh commentary on very young artists, including minors, with alleged statements including, “They debuted at an age when they’re at their most unattractive” and “Surprisingly, none of them are pretty.”

In response to the leak, a letter by Lee that was posted on the company’s official website on Tuesday (Oct. 29) offers an apology “to the artists, industry stakeholders, and fans” who were upset the the revelations.

Trending on Billboard

“This document was created as part of a process to retrospectively gather various reactions and public opinions on industry trends and issues,” wrote Lee, clarifying that it was shared only with “a limited number of leaders.” However, he acknowledged that it was “highly inappropriate” for the document to feature “provocative and explicit expressions directed at K-pop artists,” adding, “As the representative of the company, I acknowledge all the mistakes and take full responsibility.”

Lee added that HYBE is “reaching out to each agency individually to offer our apologies directly” and continued, “I am also sincerely extending an official apology to all the artists of HYBE Music Group who have been subjected to criticism due to the company.”

Lee further promised “to establish guidelines and strengthen internal controls to prevent such issues from occurring again” and added that the company has halted the creation of such documents. Near the end, he emphasized HYBE’s dedication to the well-being of all artists and its respect of the fans, committing to reforms aimed at contributing positively to the K-pop industry.

Read the full statement (with translations provided by Soompi) below:

As the CEO of HYBE, I extend my sincere apologies regarding the HYBE monitoring document.

Regarding our monitoring document that was highlighted during the National Assembly’s Culture, Sports, and Tourism Committee audit on October 24, I deeply apologize to the artists, industry stakeholders, and fans.

This document was created as part of a process to retrospectively gather various reactions and public opinions on industry trends and issues. Although it was intended to be shared only with a limited number of leaders to understand market and fan sentiments, the content was highly inappropriate. The document contained provocative and explicit expressions directed at K-pop artists, included personal opinions and evaluations of the author, and was preserved in written form. As the representative of the company, I acknowledge all the mistakes and take full responsibility. I am particularly sorry and distressed about the unfounded suspicions of reverse viral marketing that are not true at all, causing misunderstandings and harm to innocent artists and individuals.

I formally and respectfully apologize to the external artists mentioned in the document who have suffered damage and distress. We are also reaching out to each agency individually to offer our apologies directly. Additionally, I am also sincerely extending an official apology to all the artists of HYBE Music Group who have been subjected to criticism due to the company.

I acknowledge the lack of awareness among the leadership who received the document and, as CEO, I have immediately halted the creation of such monitoring documents. I promise to establish guidelines and strengthen internal controls to prevent such issues from occurring again.

Once again, I apologize to the artists, industry stakeholders, fans, and everyone who loves and supports K-pop for the pain caused by this incident. As the company’s representative, I commit to thorough reflection and self-examination to rectify past mistakes and prioritize the rights of all K-pop artists and respect for fans. We will do our utmost to contribute to the healthy development of the K-pop industry.

Thank you.
HYBE CEO Lee Jae-Sang

HYBE has reopened an investigation against Min Hee-jin, the former CEO of its subsidiary label ADOR, with whom the K-pop conglomerate has been in a monthslong legal battle regarding her position at the company.

On Sept. 24, HYBE confirmed to Billboard that ADOR launched an investigation into whether Min improperly interfered in the company’s initial investigation into a sexual harassment claim and violated confidentiality obligations. ADOR also began a re-investigation of an ADOR VP involved in the situation. HYBE declined to comment on how long the investigations have been underway or when they plan to share their findings. Min and a representative tell Billboard she was never formally informed of the investigation through external or internal company means.

Min is pushing back on HYBE’s handling of the case, which was initiated by its sub-label ADOR, which houses NewJeans, calling the company’s internal investigations biased due to an alleged conflict of interest with the executive who replaced her as label CEO overseeing the case.

Sources tell Billboard that the investigation involves allegations that Min had covered up an incident involving a male VP at ADOR, where a female employee reported feeling harassed and bullied during a work-related dinner.

The controversy dates back to February 2024, when the ADOR VP allegedly pressured a female employee to attend a dinner with a client, claiming it would be beneficial to have a young woman present, according to an internal report shared with Billboard. During the dinner, the VP left abruptly, leaving the employee alone with a client, creating an uncomfortable situation that the report says “seemed orchestrated.” The employee reported the incident to HYBE’s internal compliance system, citing sexual harassment and workplace bullying. While an internal HR investigation was conducted, it ultimately recommended only a stern warning for the VP, as harassment claims could not be definitively proven, with the case dismissed.

Min Hee-jin’s role in the aftermath of this complaint is what has come under scrutiny. According to the report, Min doubted the credibility of the employee’s complaint and organized an all-hands meeting with both the complainant and the accused, violating the company’s standard HR procedures. An audit of the situation added that Min had coached the VP on how to respond to the allegations.

When the Korean tabloid site Dispatch first reported the incident, Min responded to the claims with a media statement and shared information about the employee on her social media, including the employee’s salary. HYBE has said that the employee filed lawsuits for defamation and privacy violations, but a representative for Min tells Billboard she, as well as the VP, are only facing a defamation suit. The rep adds that the VP has also sued the employee for defamation and claimed damages, which had not been previously shared with the media.

At the time, Min stated that the issues stemmed from poor work performance and that the employee left the company after a salary cut. Min tells Billboard the salary information she revealed through an Instagram Story post did not identify the individual and says it was HYBE, not herself, who publicly disclosed the private parties’ identities in media statements throughout their dispute.

In a phone interview last week, Min questioned the legitimacy of HYBE’s ongoing investigations and directly addressed the appointment of Ju Young Kim, ADOR’s new CEO, who replaced her and led the initial investigation that dismissed the harassment claim. During her time as ADOR’s CEO, Min claims she was not in a position to “conceal” sexual harassment cases nor in charge of such decisions.

“The one who actually made a final decision after reviewing all the statements, all the evidence and reporting, is Kim Ju Young, who is currently the CEO of ADOR,” Min says. “She made those final decisions by herself within HR of HYBE, but then later on, she brought up this issue again and accused me with different charges to try to re-open an investigation.”

Min adds, “I have been telling HYBE, ‘If you want to do an investigation or re-investigation, you need to make it formal and official by not having any investigating done by those involved in previous cases. They could hire a third party to investigate, but instead, they’re going into another internal investigation by the same person who actually made the final decision.”

The final results of the audit are expected in the coming days.

HYBE declined to comment on whether the company has spoken with or plans to speak with NewJeans directly, but Billboard learned that the NewJeans members and their parents met ADOR’s current CEO Ju Young Kim on Sept. 24 to solidify each side’s position.

Despite the ongoing investigation, ADOR shared its decision on Sept. 25 to allow Min back to the subsidiary as an internal director and producer for NewJeans, but would not honor the request to reinstate her as its CEO. 

“The board has resolved to convene an extraordinary shareholders’ meeting to reappoint Min Hee-jin as an internal director,” ADOR said in an official statement (per The Korea Herald). “However, the board cannot accept the request for her reinstatement as CEO at this time. Min Hee-jin’s role and authority as the producer for NewJeans are fully guaranteed, and further discussions on specific terms will take place in the future.”

Min Hee-jin issued a press statement in Korea rejecting the proposal and requesting again to be reinstated as CEO.

Shares of Spotify rose 8.0% to $365.00 this week to lead all music stocks in a week the Billboard Global Music Index reached a new high and many of its largest components posted mid- to high-single digit gains. 
The Swedish music streaming giant was boosted by a report by Pivotal Research Group that increased its price target to $510 from $460 and reiterated its “buy” rating. Spotify’s intraday high of $368.29 on Thursday set a new 52-week high for the stock and was its best mark since Feb. 21, 2021.

Spotify led the 20-company Billboard Global Music Index (BGMI) to a record high 1,873.87, up 4.1% for the week, as ten of the stocks posted gains this week, nine lost value and one was unchanged. After a 4.8% drop the week ending Sept. 6 and stagnating since March, the BGMI has gained 7.4% in the last two weeks and raised its year-to-date gain to 22.2%—more than two percentage points above the gains of the Nasdaq composite (up 19.6%) and the S&P 500 (also up 19.6%). 

Trending on Billboard

Stocks generally had a good week after the U.S. Federal Reserve announced on Wednesday a rate cut of half a percentage point, the first time the central bank lowered the overnight borrowing rate since the early days of the COVID-19 pandemic. Investors had expected the Fed’s move, though, and had priced the effect of a rate cut into stock prices. Still, the Nasdaq composite climbed 1.5% to 17,948.32 and the S&P 500 rose 1.4% to 5,702.55. South Korea’s KOSPI composite index improved 0.7% to 2,736.81 and China’s Shanghai Composite Index rose 1.2% to 2,736.81. In the United Kingdom, the FTSE 100 fell 0.5% to 8,229.99.

Warner Music Group gained 4.9% to $30.44. WMG’s Atlantic Music Group laid off about 150 people Thursday as part of a restructuring plan that began in February. The week’s intraday high of $30.88 was WMG’s highest price since reaching $32.34 on July 24. The company also announced in an SEC filing this week it secured a $1.3 billion term loan that will be used to repay an existing loan and pay associated fees and expenses.

Live Nation shares also gained 4.9% to $103.65 and brought its year-to-date improvement to 10.7%. Thursday’s intraday high of $105.42 was its highest mark since April 1 and less than $2 below its 52-week high of $107.24. The concert promoter scored a win in Portland, Ore., this week after the city council upheld an August decision to allow the development of a 3,500-capacity music venue that will be operated by Live Nation. 

Two other promoters also posted gains this week. MSG Entertainment, rose 4.6% to $42.16, while CTS Eventim improved 1.2% to 87.90 euros ($98.23). Another live entertainment company, Sphere Entertainment Co., dropped 2.7% to $41.09. 

K-pop companies’ modest decline was an improvement from their consistently steep drops in recent weeks. The four South Korean companies had an average loss of 1.2% this week. HYBE fell 2.4%, JYP Entertainment dipped 1.2%, YG Entertainment slipped 0.9% and SM Entertainment lost 0.2%. After surging in previous years, the quartet has an average year-to-date loss of 40.4%. 

Universal Music Group fell 3.6% to 22.75 euros ($25.42) following its Capital Markets Day on Tuesday. Analysts generally felt UMG set reachable financial targets and presented a believable roadmap about its strategy for the next four years. The Amsterdam-listed company laid out a strategy to achieve 8% to 10% cumulative annual growth rate (CAGR) for its subscription revenue and above 7% CAGR for total revenue.

Music streamer LiveOne had the biggest decline of the week, dropping 6.1% to $1.38. That put shares of LiveOne into the red for 2024 with a 1.4% year-to-date loss.

09/12/2024

A tense war of words and a slew of lawsuits have ensued as the K-pop giant and CEO tangle for control of the popular girl group NewJeans.

09/12/2024