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Record Labels

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The music business is getting back to basics.  
In a few short years, the major labels have gone from investing in and partnering with speculative tech startups to pouring money into regionally focused music companies across Asia, Africa and Latin America. After a brief flirtation with NFTs and live-streaming businesses, anything resembling a faddish technology seems to be out of favor, judging from the deals and partnerships they’ve been making lately. Instead, the majors are targeting old-school music companies that own catalogs and develop artists — and can benefit from the majors’ global network of distribution and other services.  

In 2024 alone, the three majors — Universal Music Group, Sony Music Entertainment and Warner Music Group — have acquired or invested in 11 record labels, music catalogs and service providers in small or developing markets. The flurry of deals — there were even more in 2023 and preceding years — provides the majors with more content for their ever-increasing distribution pipeline and more international artists to take to Western markets. 

Take UMG’s run of acquisitions and investments in 2024: the remaining stake of European indie label group [PIAS], the remaining stake in the catalog of Thai music company RS Group, a majority stake in Nigerian record label Mavin Global and the outright acquisition of Outdustry, a multi-faceted company with an artist- and label-services arm that focuses on China, India and other high-growth emerging markets. Outdustry will be a division of Virgin Music Group, UMG’s fast-growing distribution and artist services company that includes distributor Ingrooves Music Group and Integral, formerly the artist services division of [PIAS]. 

Trending on Billboard

UMG, in particular, is letting the world know about its intentions. On Thursday (Oct. 31), UMG CEO Lucian Grainge dedicated much of his earnings call opening statements to the company’s efforts to expand into potentially lucrative markets that merited little attention before legal streaming services replaced digital piracy. UMG plans to make “several other investments” before the end of the year, CFO Boyd Muir said during the earnings call. In total, he said, investment spending in the second half of the year will be 350 million to 400 million euros ($380 million to $434 million).  

The focus on emerging markets and artist services is a noticeable change from a few years ago. When NFT prices soared and fans were stuck at home during the pandemic, the majors invested in blockchain, virtual reality and live-streaming startups. Today, as the majors face slowing streaming growth in mature markets and the needs of an increasing number of independent artists, they’re focused on building a global network of service providers with an eye on up-and-coming markets. 

The focus on emerging markets goes beyond acquisitions. In September, UMG launched a new company, Universal Music Group Greater Bay Area, that will be based in Shenzhen, making “the first time a major music company has established a division in China’s Greater Bay Area, the world’s most populous urban area,” the company said.  

Another development mentioned on UMG’s earnings call was GTS, a global talent services business in Latin America. In October, GTS became a standalone company separate from UMG’s record labels. “By separating from our local labels,” Grainge explained, “GTS will now be able to also offer its services to artists outside of the UMG family.” 

Grainge and Muir painted a picture of a global business determined to expand outside of the mature markets they know best and build a presence in high-growth ones. UMG’s competitors — including independent Believe — are doing the same.  

WMG has also had a busy year investing in traditional music companies.  In March, WMG purchased a stake in India’s Global Music Junction (India’s The Economic Times reported it was a 26% stake) and launched Warner Music South Asia in April. Last year, the company took a majority stake in Divo, an Indian digital media and music company. Earlier this week, CEO Robert Kyncl told The Economic Times that China and India are the company’s top markets for expansion. “We’re already doing great in India, but it can be a much bigger part of our story,” Kyncl told the paper.  

The majors continue to buy catalogs, of course. This year, Sony Music purchased Pink Floyd’s recorded music catalog (in addition to merchandising and name and likeness rights) and UMG bought a minority stake in Chord Music Partners, which holds the rights to over 60,000 songs. Expensive song catalogs give the majors rights to assets with long, productive lives. But given the enormous size of these companies, artist catalog acquisitions barely move the revenue needle. A legendary artist’s catalog might cost $200 million but generate a steady $10 million a year — a healthy sum but a pittance to a company with annual sales exceeding $12 billion.  

Rather than pour money into just catalogs, the majors are buying entire companies and building new businesses with growth potential. As Morgan Stanley analysts wrote in an investor note about UMG on Thursday (Oct. 31), earlier acquisitions have had “a negligible effect on revenue and a small impact on profit growth.” But in the future, they are likely to be a more important driver of revenue growth, and Morgan Stanley expects UMG’s financial reports will break out their impact (e.g. reported revenue vs. organic revenue).  

In buying regional music companies and building artist-services business, the majors are also taking a defensive measure. Independents such as Believe have been investing in local markets for years. In 2024 alone, Believe purchased the remaining stake in Turkish record label DMC and acquired Indian label White Hill Music’s music catalog and YouTube channel. Independent distributors such as UnitedMasters, Stem, Symphonic Distribution and Create Music Group have given artists a viable alternative to major label-owned systems. The majors are simply changing along with the market.  

In 2012, UMG acquired the recorded music assets of EMI Music and later sold some pieces to WMG to satisfy antitrust regulators. Opposition to greater consolidation in the U.S. and Europe means it was probably the last acquisition of its size in those regions. (WMG’s brief flirtation with buying Believe in April and May quickly drew opposition from French indie labels.) There’s less opposition to more gradual growth taking place elsewhere in the world, though. The majors are continuing to expand, but they’re taking many small steps, not single EMI-sized leaps — and they’re doing it through old-fashioned music businesses. 

This week, one of hip-hop’s rising stars hit a new milestone in his career: With the release of his latest album, LYFESTYLE, Yeat landed his first-ever No. 1 on the Billboard 200 with 89,000 equivalent album units, following up on the No. 2 debut of his last album, 2093, back in February.
It’s a big achievement for Yeat, who has seen his career steadily project upward, reaching the top 10 of the Billboard 200 with each of the five albums he’s released since he began working with Field Trip Recordings in 2022. This one also came with another big milestone: In its first week, LYFESTYLE, released in conjunction with Capitol, sold 60,000 units, outstripping the entire sales volume of his prior catalog to date so far (35,000) due to a combination of vinyl albums, his first-ever CD release and exclusive songs on various digital variants. And the success of the album earns Field Trip founder/CEO Zack Bia the title of Billboard’s Executive of the Week.

Here, Bia — who has also served as Drake’s tour DJ for the past two years — discusses Yeat’s commercial glow-up since they began working together, what sets this project apart and why they leaned into a sales strategy for the first time with this new album. “Ultimately, it will actually just be the next stepping stone of an achievement that allows us to jump into even bigger live show experiences and wide-reaching ventures outside of just the music,” Bia says.

Trending on Billboard

This week, Yeat scored his first career No. 1 album on the Billboard 200 with LYFESTYLE. What key decisions did you make to help make that happen?

My main role is always just to help bring his vision to life. Making sure that all the elements between the music, the visuals, the live show and the world-building as a whole are synergetic. Creating unique eras for each project that his fans can bask in. 

Over the course of his career, each of his albums has debuted higher than the previous one, with February’s release 2093 coming in at No. 2 prior to this new chart-topper. How have you worked to build his career steadily through the years?

The goal is always to elevate with every album. Learn from previous rollouts and apply and adjust to the next one. He’s so prolific and puts out music at such a high velocity it’s just about continuing to go bigger with every release but in a way that stays true to the core audience. Our goal has always been to just add to the burning core fan base and with every release this group just gets bigger and stronger.

What sets this project apart from the rest of Yeat’s catalog, and how does it help you build from here?

This project I think comes at a time where after a meteoric rise he finally decided to lean back into the “lifestyle.” Reaping the rewards of his hard work, and I think the fun he’s having translates into the music. This project is braggadocious and polished and sets him apart and into a next category after reaching No. 1. Ultimately, it will actually just be the next stepping stone of an achievement that allows us to jump into even bigger live show experiences and wide-reaching ventures outside of just the music. 

With 60,000 units, this week was Yeat’s biggest sales week of his career and outsold the entirety of the rest of his catalog to date. What was your approach to the sales aspect of this? And why go down the CD road for the first time?

I think the demand was always there, we just didn’t always cater to it. We are so precious with the music oftentimes we didn’t even have the time to make physical product on such short timelines. After putting out a massive project top of the year, there wasn’t a rush necessarily to force this one out. We could finally take our time to build product around it and lean into giving people actual things to collect: large-format vinyl to listen to and hang in their collection, or collaborative merch with designers he’s admired. Also rewarding people for buying into it, exclusive songs and different offerings that only were available to people who really paid attention and wanted to collect them. 

What is your approach to digital marketing? And how have you been able to leverage TikTok for Yeat’s singles?

Yeat is so prolific in music making but is reclusive as a human in general. The rest of the internet can do the documenting and interacting for him. We never try to spark anything on TikTok out of the blue; all we can do is let the people pick. It’s very democratic in that sense, whatever song they champion then we can go lean into [it] and try to spread it wider. 

How has the music industry evolved over the course of your career?

To echo the answer from the previous question, I believe that every era of social media has been intrinsically tied to the popular music of that era. Whether the music blew up on the platform of that time or it was big culturally and then translated back to that platform. I think in my time we’ve seen the most digitally-native fandoms yet, so learning to balance both living online but then translating it to live experiences and vice versa, real-life moments that then live online. I think in a time of virality we’ve swam the opposite way and tried to just stay true to chipping away piece by piece at growing something. But granted, this is the time of the quickest evolution in music history. When else has it been possible to make a song on your phone, upload it that night, and go viral the next day?

I would like to thank everyone on our team that works tirelessly and selflessly towards this common goal of uplifting a truly amazing artist. I know this is just a little small recognition that I received but I appreciate it and want to share my gratitude to everyone on our internal team and to [Capitol chairman/CEO] Tom March and the entire Capitol Records family. Also, new BNYX music soon.

From Oct. 4-6, the girl group 2NE1 held a concert at the Olympic Hall in Songpa-gu, Seoul — marking their first concert in nearly a decade. In attendance were YG Entertainment’s executive producer, Yang Hyun-suk, who launched the group, along with BIGBANG‘s G-Dragon, Daesung, BLACKPINK‘s Jennie, and the company’s former members Gummy and SE7EN. YG Entertainment’s newest girl group, BabyMonster, also performed a tribute to 2NE1, showcasing YG’s past, present and future all in one place. It felt like a reunion for the so-called ‘YG Family,’ who once dominated the K-pop market.
Exactly 10 years ago, in 2014, YG Entertainment was the leading force in the K-pop industry, surpassing SM and JYP Entertainment in market capitalization. However, today, YG has diminished in size compared to HYBE, SM and JYP. The company is particularly lacking in what the industry calls “killer content.” Compared to its competitors, YG has been slower to discover and nurture new talent. As 2NE1’s reunion brings YG back into the spotlight, one can’t help but wonder: will the good old ‘YG Family’ days ever return?

Trending on Billboard

The Beginnings of Major K-Hip-Hop

Producer Yang Hyun-suk was a member of Seo Taiji and Boys, often referred to as Korea’s “cultural presidents.” In 1996, he sowed the seeds of YG under the name Hyun Planning, launching groups like Jinusean and 1TYM, establishing the company as a hip-hop label. The company later changed its name to Yang Gun Planning, releasing the album YG FAMILY in 1999, and officially adopting the YG Entertainment name in 2001. In its early days, the company focused on vocalists, achieving success with artists like Gummy, Wheesung, and the four-member female vocal group Big Mama. YG Entertainment also launched several solo artists, including SE7EN and Lexy.

YG Entertainment’s journey as a K-pop management company began in 2006 with the launch of BIGBANG. Unlike previous K-pop groups, which were often seen as “projected idols” reliant on company production, BIGBANG differentiated itself by enhancing its production capabilities, with leader G-Dragon contributing to lyrics, compositions and arrangements. Before BTS emerged, BIGBANG’s popularity was so immense that it was referred to as the “BIGBANG era.” In 2009, the hip-hop-based girl group 2NE1 debuted, further solidifying YG’s status as a powerhouse in the industry.

Solo artist PSY joined the company in 2010, and his 2012 hit “Gangnam Style” peaked at No. 2 on the Billboard Hot 100. In 2014, 2NE1 became the first K-pop group to enter the Billboard 200, reaching No. 61. YG was the first K-music company to prove that K-pop could succeed on the Billboard charts.

This period marked a golden era for the YG Family. WINNER debuted in 2014, followed by iKON in 2015 and BLACKPINK in 2016. BLACKPINK broke records, becoming the first Asian female group to top both the U.S. and U.K. charts and the first female artist in the world to hold the No. 1 and No. 2 spots on the U.S. Billboard Global 200.

The Rise of BLACKPINK and the Fall of YG

In 2019, YG Entertainment faced significant challenges, beginning with the so-called “Burning Sun scandal.” A series of violent crimes, including assault, prostitution and drug-related incidents, occurred at Burning Sun, a club operated by former BIGBANG member Seungri. BIGBANG’s activities were suspended, and iKON ultimately disbanded after one member was implicated in a drug case. The fallout reached Yang Hyun-suk, forcing him to resign from all positions, and resulted in the company’s stock price plummeting.

During this turbulent time, YG Entertainment had managed to stay afloat thanks to BLACKPINK’s popularity. In 2023, they held the largest world tour ever for a K-pop girl group, BORN PINK, which attracted over 1.8 million fans. BLACKPINK also became the first Asian artist to headline the Coachella Festival in the U.S. and Hyde Park in the U.K.

But YG encountered obstacles in re-signing BLACKPINK. The members’ seven-year contracts with the company had expired, and while YG attempted to re-sign each of them individually, they struggled to retain members whose market value had skyrocketed. Four members have since started their own companies and are pursuing solo careers with different labels. (Jennie has partnered with Columbia on solo projects; Rosé with Atlantic; and LISA with RCA; Jisoo has not announced a label affiliation.) To continue as BLACKPINK, they will need to negotiate with YG.

The void left by BLACKPINK is substantial for YG. The company’s market capitalization, which soared to around $1.1 billion after BLACKPINK’s world tour, has since been halved to approximately $515 million, widening the gap between YG and its competitors HYBE, SM and JYP.

Will the YG Family Ever Smile Again?

YG Entertainment’s most pressing crisis is the slow growth of its fourth-generation boy and girl groups. TREASURE, which debuted in 2020, is gaining popularity but has yet to achieve the same level of success as SM’s NCT, JYP’s Stray Kids, or HYBE’s TOMORROW X TOGETHER and ENHYPEN. It’s difficult to consider them successors to BIGBANG.

BabyMonster, introduced in November last year to fill BLACKPINK’s void, has struggled to generate the initial buzz that BLACKPINK received. The absence of core member Ahyeon from the debut album was unfortunate, but she has since rejoined the group. BabyMonster’s first full-length album, set for release in November, is anticipated as a measure of their growth potential. The title track, “DRIP,” features G-Dragon as the composer, marking a significant gamble. Yang Hyun-suk expressed confidence, stating, “It’s a song that makes you want to dance, regardless of your age or gender. Please look forward to BabyMonster’s passionate performance.”

While finding a new group is essential, YG Entertainment’s challenge also lies in identifying a suitable successor to renowned songwriter and producer, Teddy. As the producer behind BLACKPINK’s success and a defining figure at YG, Teddy has since started his own independent label, THEBLACKLABEL, where he launched the girl group MEOVV. Consequently, Teddy, who played a pivotal role in BLACKPINK’s rise, has become a significant competitor for BabyMonster. To address this challenge, YG Entertainment is expected to bring in several high-profile producers for BabyMonster’s first full-length album, in addition to G-Dragon, who remains their “trump card.”

They must also acknowledge that hip-hop and soul music is no longer their exclusive domain in K-pop. In the days of BIGBANG, YG Entertainment was synonymous with major hip-hop and soul music in South Korea. However, with BTS taking the world by storm as hip-hop idols, as well as Stray Kids also embracing the genre, the landscape has shifted. BabyMonster should strive to avoid being seen as a pseudo-BLACKPINK. The market is now dominated by girl groups such as (G)I-DLE, LE SSERAFIM and aespa, all of which embody the “girl crush” image. BabyMonster will need to carve out its own identity to compete effectively, including facing off against MEOVV.

However, the outlook is not entirely bleak. Next year, BLACKPINK is expected to resume their “full team” activities under YG Entertainment, marking the return of the “K-Pop Queens.” As their global fan base eagerly anticipates BLACKPINK’s reunion, interest in YG Entertainment is also likely to grow.

According to the 2025 roadmap presented by Yang Hyun-suk, a number of YG Family artists will be active next year. In addition to BabyMonster, TREASURE is preparing a new album, and WINNER will be reactivated once Mino and Kang Seung-yoon are discharged from military service later this year. 2NE1, currently embarking on an Asian tour, will also release a new album next year, while AKMU, YG’s signature act which debuted in 2014, is coordinating the timing of their comeback.

The most encouraging news is that a new rookie group is in the works. Yang stated, “The tentative title ‘NEXT MONSTER’ is being developed,” adding, “We will definitely introduce a rookie group next year. Given that BabyMonster is in its first year of debut, the prospect of a boy group is very likely. If this occurs, it will mark the first new boy group in five years since TREASURE.” In other words, 2025 is anticipated to be a pivotal year for YG Entertainment, determining its direction for the next decade. If it rebounds, the company could once again become one of the “Big Four” K-pop labels. 

YG PLUS, a subsidiary of YG Entertainment that holds the top distribution share in the Korean album market, is also showing signs of recovery. While its parent company focuses on artists and content, YG PLUS specializes in entertainment infrastructure and intellectual property (IP) businesses. Due to their different business models, even if YG Entertainment faces difficulties, YG PLUS can improve its profits if the albums of other K-pop companies it distributes perform well. This indicates that YG Entertainment is expanding its platform business alongside its primary focus on producing K-pop groups.

This story is part of a series produced in partnership with Billboard Korea.

EMPIRE is officially stepping into Asia as the powerhouse independent label announces the appointment an executive with a track record of fostering crossover talent. Known for being pivotal in developing several breakout Asian acts, Jeffrey Yoo has been appointed EMPIRE’s senior vp of East Asia, the company announced on Thursday (Oct. 31). The seasoned exec […]

G-Dragon is reclaiming the spotlight on his terms.
The K-pop icon’s first single in seven years, “POWER,” drops Thursday (Oct. 31) as part of a new partnership with his Korean agency, Galaxy Corporation, and EMPIRE, the major independent record label that boasts Shaboozey on its roster.

Known for shattering K-pop conventions and cracking the Billboard charts early in K-pop’s rise as both the leader of boy band BIGBANG and as a solo artist, G-Dragon’s unmistakable confidence — “Guess who’s back/It’s your boy, GD!” — kicks off the hip-hop-infused, high-energy anthem. The comeback cut was co-written by G-Dragon alongside Tommy “TB Hits” Brown, Theron Thomas and Steven Franks.

“‘POWER’ manifests the essence of music,” G-Dragon said in a statement. “I express myself through music. This marks the beginning of a new era and I hope to inspire people who listen to my music.”

“G-Dragon is a cultural force that has laid the foundation for K-Pop’s global dominance,” added Ghazi, founder/CEO of EMPIRE. “This partnership reinforces our mission at EMPIRE to work alongside artists that will shape the future of global music.”

Trending on Billboard

G-Dragon was signed to EMPIRE by the company’s newly appointed senior vp of East Asia, Jeffrey Yoo.

The signing with the indie label marks a new freedom for the Seoul superstar following his exit from longtime record label YG Entertainment (home to BLACKPINK, TREASURE and BABYMONSTER) last year after two decades.

During his time at YG, G-Dragon led BIGBANG in becoming the first K-pop act to land a Korean-language album on the Billboard 200 in March 2012. He’s also scored three solo entries on the Billboard 200 and held a record for the most entries on the tally among K-pop soloists for years; he now shares the record with BTS‘ RM and J-Hope. While his music career has led to collaborations with the likes of Diplo, Missy Elliot, Sky Ferreira, Skrillex and M.I.A., plus a placement on the 2023’s Elvis soundtrack, G-Dragon also became an integral figure in the fashion and art world with his streetwear brand PEACEMINUSONE along with campaigns with Chanel and Nike.

Looking ahead, the K-pop king will perform at the upcoming MAMA Awards in Japan on Nov. 23, marking his first performance in nearly a decade at the influential K-pop awards show. Earlier this month, Billboard also reported that Tencent Music Entertainment Group had partnered with Galaxy Corporation for his upcoming tour.

G-Dragon

Galaxy Corporation

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).

Brazilian pop singer/songwriter Giulia Be has signed a new recording deal with Sony Music Latin Iberia. The rising Brazilian star, whose music draws from Brazil’s tropicalismo movement with influences of disco and urban music, is currently working on new material that will be released through Sony worldwide. “I am deeply grateful for this new journey […]

Virgin Music Group has announced the acquisition of Outdustry, a leader in artist and label services and rights management across China, India, and other high-growth markets.
The acquisition, disclosed on Wednesday, underscores Virgin’s commitment to expanding its influence in some of the most dynamic music regions globally. Outdustry will continue its established operations in marketing, music publishing, and label services under the Outdustry brand, while founder Ed Peto will join Virgin Music Group as senior vice president of international strategy.

Peto, based in London, will oversee Virgin’s strategic direction in China, India, and other fast-growing regions, reporting directly to Virgin Music Group co-CEOs JT Myers and Nat Pastor. He’ll collaborate closely with Michael Roe, managing director of Virgin’s operations in Africa, the Middle East, and Asia.

Trending on Billboard

“After more than fifteen years working in China, India, and other territories, Ed and his team have built unparalleled experience and relationships in some of the world’s most important growth markets,” said Myers. “Ed will be a key player as we chart our global expansion plans. We’re happy to have him and his team onboard for this exciting next step in the evolution of Virgin Music Group.”

Peto stated, “Bringing everything we’ve built at Outdustry into Virgin Music Group represents an enormous opportunity to expand our vision globally. It’s never been a more exciting time to be working in music, and I’m looking forward to working closely with the incredible team that Nat and JT have assembled to create more opportunities for independent music entrepreneurs and artists around the world.”

With a well-established footprint in Asia, Outdustry operates as a multifaceted company that includes Outdustry Songs, a publishing arm that has landed numerous hits with leading Chinese artists such as Bibi Zhou, Kun, Jolin Tsai, Chris Lee, Lu Han, Sunnee, Jane Zhang, and Pharaoh. Outdustry Records, the company’s label division, is committed to spotlighting emerging talent in the region. Both Outdustry Songs and Outdustry Records will continue to work in partnership with Universal Music Publishing Group and Virgin Music Group, respectively.

Founded in Beijing in 2008, Outdustry has been pivotal in facilitating international success for artists like Adele, Dua Lipa, Lauv, and Major Lazer in the Chinese and Indian markets. The company has also been instrumental in landmark market entries for indie heavyweights like Beggars Group and Merlin and has consulted for global brands including Spotify, PRS, and Believe in Greater China.

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

Songwriter. Musician. Singer. Producer. Creative director. Social media expert. Videographer. Editor. Marketing department. Digital department. Product manager. Data analyst. Label owner.  
These are just some of the job titles that can apply to an artist in 2024 — a whirlwind of adventure, experimentation and exhaustion. Throughout my career, I’ve been signed to a major label, indie label and recently just started my own. Maybe you’re an aspiring artist, you listen to my music or you’re simply bored and scrolling. Here’s what I’ve learnt, what I’ve loved and what I’ve struggled with. 

How I Got Here 

In 2012, I was a 17-year-old girl from a small town, equipped with a guitar and big dreams. I released my first official EP, The Apple Tree, which shot into the top 10 on the iTunes chart. The lead single, “The Apple Tree,” then became BBC Radio 1’s “Tune of The Week” and I subsequently signed a five-album record deal with Universal’s Island Records. I desperately needed the money and I also naively thought they were going to make all of my dreams come true. After battling to find my identity on their roster and trying to hone my craft as the musician I wanted to be, I released my first folk/pop album, Peroxide. It charted at No. 11 on the UK’s Official Albums Chart Top 100, missing the top 10 by a small amount of copies. After this was classed as a disappointment, I was promised another shot and they picked up the option for a sophomore album. However, after two years of making that album, it became clear that I had in fact been shelved and was later dropped — the night before a music video shoot for the first single. It was brutal and mortifying.  

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I threw myself into songwriting for others and, after having some success with that, I wrote my second album, The Sun Will Come Up, The Seasons Will Change. I had written the majority of the album before I signed to an indie label at the end of 2016, writing and recording the demos in the bedroom of my London flat share. I couldn’t afford to pay producers after being dropped, so I taught myself how to do it until I found a few passionate collaborators. I still had this gut feeling that my time as an artist wasn’t over. I felt like I had something to prove. My manager and I sent the demos around to most of the labels, including “The Best You Had,” which eventually earned us our first silver record and a spot on Taylor Swift’s playlist. However, at the time, everyone passed on the songs except a handful of indie labels. 

I met with Cooking Vinyl and although they had no one else like me on their roster — it mostly consisted of older, hugely established artists with decades of releases under their belt — I liked what they stood for. I felt like it was a place I could have full creative control and I knew they already liked the album. It was a risk for them and it was a risk for me. I released my second album through Cooking Vinyl in 2019. Overall, my indie-label experience was a very positive one and just what I needed to restore my faith in the music industry. They helped me build a long-term career and I’m forever grateful for all the work they put in to take me to the next level. I then released my third album, Älskar, on Cooking Vinyl in 2022, written mid-pandemic. This is when I felt everything start to shift. The world changed. The music industry changed. Social media changed. I changed. 

After the success of my second album and a grueling touring schedule — once being on two tours on different continents at the same time — I felt completely burnt out. Mentally, creatively and physically. It wasn’t a sustainable way of working. I felt like I had to say yes to everything in case it was my only shot. Then the pandemic hit and we were all forced to slow down. Things became increasingly online and the rise of TikTok began. Suddenly, unknown artists were having top 10 hits almost overnight, and artists that had been dropped were having their big breakthroughs. For a time, I felt like it started to give power back to the artists and fans. It was something I would’ve dreamed of when I was a teenager starting out, coming from a small village with no industry contacts or financial backing.  

However, as time went on I started to feel like it was becoming a competition for the viewer’s attention. Social media felt oversaturated with everyone trying to do the same thing, and there seemed to be an overwhelming amount of music being released. According to Luminate, an average of 103,500 tracks were added to streaming services daily in 2023. I started to miss some of my favorite artist’s albums coming out because I didn’t even hear about them.

I was encouraged to reduce my songs to 10-second clips, to try to start trends with certain lyrics, or do something that demanded the viewer’s attention within the first few seconds. But I felt like I didn’t fit into this new world. I’m not shocking. I’m not extroverted. I don’t think I’ve just written the song of the summer. Like most of my fellow musicians, I’m full of self-doubt and anxiety. I wanted something more than virality and views. 

Why I Decided to Launch a Label 

In 2023, I took some time out to write for other artists and reassess what I wanted to do. After some time away, I started to write music for myself again. I was fully independent at that point. After the pandemic and how everything had changed, I just wanted to create something that set my world alight because the rest felt so uncertain. Over the course of three months, in the mornings and evenings, I wrote my latest album, Mountain Music. It’s a folk album and completely different to anything I’ve released before. After playing the demos for my manager, Vicky Dowdall — who has managed me since the 2012 release of The Apple Tree EP — we decided to send it to some labels.  

I was unsure what a record label could offer us in 2024. My last album campaign with Cooking Vinyl felt very social media heavy. Of course, I always want to be the one running my social media, but it is a lot of work when you’re also trying to juggle the music side of things. It made me question: If it’s mostly on me to get this album out there, do I really need a label? Vicky and I have always been proactive with every album release. She and I are lucky to have relationships with passionate people who work at streaming services. Vicky has always been the one to book meetings with the likes of Spotify, Apple, Amazon, YouTube, etc. She has always been the one to do the meetings. Vicky has secured me playlists and billboards around the world for my releases and I trust her fully to get my vision across. I started to feel like the traditional support a label could offer us seemed slightly redundant in 2024. Everything now feels so social media-based, and I believe it really does have to come from the artist. People want to see behind the curtain. They want to know who they’re listening to. I thought, why not fully embrace that? 

Off the back of receiving some offers from labels, I told Vicky I’d rather start a label with her. After a decade of going from label to label, leaving large gaps between releases while we figured out the next deal, I wanted to create our own home. Momentum is so important in an artist’s career, and I’ve found that switching between labels and the lengthy waits during these contract negotiations can really affect it.  

The other thing for me was that typically, an artist manager works for 20% commission and only gets paid once the artist gets paid. The chances of the artist actually earning money from an album is slim. You have to really believe in it and be willing to initially work for free, as does your manager — but in the end, they will only receive 20%. These days it feels like so many managers are also taking on the roles that a label used to. Vicky and I were in agreement that we would start our label as co-owners. We couldn’t do it without each other. We decided to call it Apple Tree Records, as a homage to our first release together. It was a time when anything felt possible, when we were two young women in the music industry on a mission. I wanted to weave that ethos into our label and remember that feeling with every release. 

How I Launched My Label 

I’m not ashamed to say, I had absolutely no idea how to go about starting our own label. I had no idea what it would look like or what it would require. Vicky took the first step to secure a distributor who would help fund it. We went with FUGA as I loved their passionate team and how they also provided an audience service, which meant they’d help with the social media and the digital side of things. Distributors typically sign labels, not artists, so we formed our company and the rest was history.  

It was then time to decide what kind of team we needed. We initially kept it very small, with a few people consulting on marketing. Over time we started to hire services such as radio, PR, TV and more. We hired people coming from all different areas of the industry — some with decades of experience, some with much less. I think everyone can offer different perspectives which feels important, especially in an industry that is rapidly changing. We also had to find someone to help with invoices and legal contracts — the boring part that I like to pretend doesn’t exist!  

There’s definitely a lot more to setting up a label than I first thought, but it felt empowering making these choices by ourselves. I loved handpicking our team, people who were truly passionate about the project. As an artist signed to a label, sometimes the person leading your campaign will leave and then someone else will inherit you. It can work out, but it can also be detrimental if that person doesn’t click with your project. It was incredible to feel supported by a group of mostly women, as it reminded me how much times have changed since I first started out. 

The Good Parts 

I’ve loved waking up every morning thinking, “What can I do to further this project today?” 

I’ve enjoyed being part of a team, not just being the artist. Working side by side with my manager and making all the decisions together. I’ve loved having absolute free reign to do niche creative things, such as creating a microsite where listeners can visit a map, get access to exclusive content and follow along the journey while listening. Making sure every single aspect of this album campaign has been carefully thought out has been so fulfilling. From the colors and stories associated with each vinyl to the way we address my listeners in each mailer, making them feel like they’re going on a road trip to the mountains.  

I’ve received so many lovely messages from my listeners telling me they’ve really enjoyed how interactive and creative this project has been. It’s also been interesting to see where our spend has had results and where it hasn’t. It’s been a learning process about what is worth investing in and what isn’t. Every artist’s project is completely different and there’s no right answer for everyone, but I think the main thing this campaign has taught me is how important your audience is. Of course, they’ve always been the most important thing, but they now also hold the power to break you as an artist. In the past, it was the audience who bought the songs that ultimately broke an artist, but it was often the result of extensive radio play or a massive TV slot.  

These days it feels very direct. Artist to fan. I believe investing in your listeners is more important than any influencer campaign, radio play or TV show. So I’ve constantly thought: What can I do to add value to their lives? How can I help them to feel understood? How can I connect my songs to their own experiences? How can I reward them for their support? I can see my audience slowly growing and that’s more important to me than any chart position or industry win.  

The Not So Good Parts 

Artists tend to be quite sensitive and I’m definitely no exception. I found it difficult in the beginning to be comfortable with ad spend being put behind my videos on social media — especially when I received trolling for it. I guess my agenda as an artist is to always let things grow organically and hope for the best. But of course, the agenda of a label is to get you out there in front of as many people as possible and sell albums. There are financial targets and money that needs to be recouped. It’s becoming increasingly harder to even reach your own followers, so online ads do feel like a necessary evil these days. I initially found this tricky and pushed back multiple times, having lengthy chats with my team. As someone working at a label, I assume you don’t feel the mental effects of being the artist, putting yourself out there to millions of people. However, wires cross when you’re the artist and the label. What’s in the best interest of you personally and your mental wellbeing can be quite the opposite of what’s best for your album campaign and career.  

I think a lot of us artists are desperate to be seen but also terrified of it. I’ve had to try to work through this and really seize the opportunity that I’ve been given to get my music heard. It’s become easier as time has gone on. When I was on a major label things were very much filtered down to me. It’s very common for the artist not to attend or be allowed into meetings about the campaign so people can speak freely. However, when running your own label, you have to be aware of everything, good and bad. This has definitely been hard at times. I also found direct-to-consumer (D2C) a bit of a minefield, having to try and guess how much stock to order, not wanting to be left short but also not wanting to over-order. 

Touring is very tricky. I know many artists are struggling with this right now, as I don’t have the traditional major label tour support and everything is currently self-funded. Lastly, I’d say one of the most challenging things was knowing what roles we needed within the label. Whether it be a product manager, marketing, digital or just overall consulting. You can start by thinking you know what you need, but as time goes on and the campaign develops, sometimes it becomes clear you need to adapt. I’ve learnt, much like making music, that sometimes fewer people can be more, as decisions can be made quicker and communication can be more efficient. It’s also just a really difficult time to try and break as an artist; sometimes the team can be doing all they can, but you still need the stars to align. 

The Takeaway 

Releasing Mountain Music on Apple Tree Records has been a stressful, intense yet incredibly rewarding and empowering experience. In an industry that has so often sunk its teeth into young female artists, attempting to mold and manipulate them, it feels like I’m finally in a safe place where I can lock the doors and take a deep breath. Starting your own label is by no means a walk in the park. It requires a village. I couldn’t have done it on my own. I’m grateful to have shared all the big decisions with Vicky and had the support of a team around us. I’ve learnt to trust my gut instincts and to also question what’s actually just my own fear.  

Personally, I’ve felt even more pressure to deliver compared to when I was signed elsewhere. On a big label, you know you’re one of many and could be dropped at any time. But when it’s your own, you see firsthand how hard everyone is working. It’s made me want to succeed not just for Vicky and me, but for everyone else too. From my own experience, I wouldn’t advise an artist to start a label without a strong support system around them who is willing to share the workload. Starting this label has been very different from just releasing something independently through the likes of AWAL or Platoon, partly because of the length of this particular album campaign and partly because I’ve signed as a label, not an artist.  

I should also state that I’ve been in a privileged position to not rely on the advance that you get from signing to a label as an artist. I did not receive any personal income for signing as a label. It’s not something I could have financially done at the beginning of my career and I realize most new artists rely on this to sustain them for years to come, much like I did. Despite the uncertainty of everything in the industry right now, it feels comforting to know we have our little slice of home. Something I can grow over time with a person who shares my vision. It’s hard to find and I feel so lucky to have a partner to go on this journey with. I hope in time we can sign other artists and be the label I wished I’d had. 

Nina Nesbitt is a Scottish singer-songwriter who has released four albums to date. The most recent of those, Mountain Music, arrived in September via her own label, Apple Tree Records.