Major foreign media outlets, including US-based CNBC, Japan’s Nippon Keizai Shimbun, Kyodo News, and Reuters, also reported in detail the battle between Hive, Korea’s largest music agency, and Min Hee-jin, Adore’s CEO, associated label and agency of the women’s group New Jeans.
In particular, they highlighted this incident as a ‘power struggle taking place in the highly profitable K-pop industry’ and expressed concerns about the possibility of the situation extending and Hive’s performance deteriorating. It was predicted that the ‘multi-label strategy’ pioneered by Hive in the K-pop industry would also suffer a major blow.
Indeed, on the 26th, Hive accused CEO Min of breach of trust. Hive’s stock price, which has been falling every day, also fell 4.95% on this day. After the internal dispute was made public on the 22nd, it plunged 12.58% in the five days leading up to this day. During this period, the market capitalization also evaporated by about 1.2 trillion won On the 26th (local time), Reuters presented this incident as “the latest dispute to hit the lucrative K-pop industry,” and said that the this event is a big one. threat to the K-pop industry This is expected to be a growth indicator. In particular, he conveyed the Korean stock market analysis that ‘the K-pop industry is experiencing growing pains’ and also quoted the part that said, “This will be an opportunity for the K-pop industry to better protect artists and intellectual property rights .”
Japan’s Nihon Keizai Shimbun said, “Both sides strongly criticize the other. “There is a possibility that the conflict could be hidden and affect performance,” he said. The possibility arose that the activities of New Genes, who are due to release a new single on the 24th of next month, will be affected in some way. Japan’s Kyodo News also reported that New Genes members consider CEO Min as their mother and that “voices are expressing concern about New Genes’ activities.”
CNBC detailed Hive’s ‘multi-label strategy’ and said that although the representative idol ‘BTS’ took a hiatus due to the members’ military service, related labels such as Adore were effective in driving Hive’s profits. However, as seen in this incident, the current success formula may not work as a family battle breaks out between Hive and the label. American business media Fast Company also said, “The unprecedented success of Adore has brought Hive to the fore on the international stage.”
American music media outlets Billboard and AFP reported CEO Min’s press conference in detail on the 25th. Billboard reported, “CEO Min held an emotional press conference for over two hours,” and “With the return of New Genes just around the corner, both sides went to war, claiming it was the ‘best for New Genes .’” AFP also presented Hive criticism that CEO Min received management training from a shaman.
Reporter Lee Ji-yoon asap@donga.com
Reporter Joo Hyun-woo woojoo@donga.com
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