Restructuring into a future growth business based on music-platform-tech
Establishment of Hive Music Group APAC ··· Overseeing domestic and Japanese operations
Representative Lee Jae-sang to focus on fans’ perspective,
Lee Jae Sang, nominated president of Hive. Photo provided=Hive,
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, ‘Hive unveiled its business strategy ‘Hive 2.0,’ which aims to reorganize its existing three major business areas of label-solution-platform into a music-platform-tech-based future growth business. The plan is to expand the fandom business model globally and adapt quickly to market environment changes.’,
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, ‘On the first day, Hive stated, “To secure long-term business competitiveness, we have been preparing the Hive 2.0 strategy since last year.” They announced, “In the music sector, we will accelerate the expansion and synergy creation of Korean, American, Japanese, and Latin operations, enhance the Weverse platform business by expanding genres and improving services targeting Japan and the United States, and drive the expansion of the game business and R&D in the tech-based future business area.”‘,
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, ‘In the Asian music sector, they will solidify market-specific business strategies by applying K-pop expertise. In the United States, they will launch label services and promote local talent development. They will offer comprehensive services to artists beyond simple management and recording in the local American style. Starting with ‘Cats Eye,’ they will continuously introduce local rookies.’,
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, ‘In Japan, they have appointed Kim Young-min, former CEO of SM Entertainment, as the president of Hive Japan to focus on expanding the solution business. They will also introduce new local rookies following the success of the A-Team. Kim, a prominent figure in the entertainment industry in Japan, known for leading the activities of BoA and other SM Entertainment artists in Japan, will lead Hive Music Group APAC overseeing multi-label businesses in Korea and Japan, with Shin Young-jae from Big Hit Music as the representative. In the current Japanese market, while traditional Japanese idols are struggling, K-pop idols are filling the void, making it a competitive market for large-scale agencies to dominate globally.’,
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, ‘In Latin America, they are constructing a dedicated studio in Mexico City and developing infrastructure. They are also working on artist recruitment and cultivation.’,
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, ‘In the platform sector, Weverse’s membership service will be launched in the fourth quarter. Weverse DM will also expand its opening, and advertising will be introduced in earnest by the end of the year to secure profitability.’,
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, ‘In the tech-based future growth business sector, coordination and integration of new businesses are underway. Examples include HiveIM’s game business, Supertone’s audio technology, generative AI, and story business.’,
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, ‘This transformation of Hive is seen as laying the groundwork for another leap forward for Hive, which was designated as a listed conglomerate in April. While starting as a small to medium-sized planning agency called Big Hit Music, growing rapidly with BTS’s growth and listing, the industry believes that it has not yet fully consolidated its foundation. The plan is to improve the traditional industry’s blunt system and governance and complete the industry’s advanced and systemized development.’,
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, ‘Newly appointed CEO of Hive Lee Jae-sang stated, “Based on Hive 2.0, Hive will continue to develop its domestic and global music business, solidify its leading position in the evolving superfan market through platform business, and focus on securing medium to long-term growth momentum through tech-based future growth businesses.” In the shareholder letter on that day, the CEO expressed, “We will focus on the fans’ perspective rather than a supplier-centric approach without forgetting the original mission as a content company,” and requested continuous support from shareholders.’
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