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HYBE Corporation and Universal Music Group have struck a deal for music distribution rights. The companies signed a 10-year agreement allowing UMG to distribute music from the archives of the South Korean entertainment company that manages the 7-member global boy band superstars BTS.
Benefits from the Cooperation
Under the partnership, HYBE is poised to reach more markets worldwide and boost its expansion push. The Korea Economic Daily reported that the contract will also give HYBE's artists and labels access to Universal Music's extensive network worldwide for distribution, promotion, and marketing of their music.
On the other hand, UMG artists will also be able to utilize HYBE's Weverse superfan platform to increase their fandom. The platform will open a direct connection between the Dutch-American music company's artists and their respective fandoms for better interactions.
HYBE and UMG's Expanded Team-Up
As per Variety, the new deal is an extension of the partnership between HYBE and UMG. They have been working together since 2017, when the former first signed a contract with the latter to distribute BTS' music in Japan.
In any case, HYBE continues to work to reach its global ambitions. So far, it has opened offices outside of South Korea in places such as the United States, Japan, and Mexico. Scooter Braun has led HYBE America since BTS' agency acquired his Ithaca Holdings company in 2021.
"A partnership of this magnitude only comes together when both sides are equally committed to continued growth," HYBE's chairman, Bang Si Hyuk, said in a press release. "UMG is an iconic music company and together with HYBE, the potential is endless. We are certain that this will expand our global footprint while benefiting our fans, artists, and labels."
Universal Music Group's chairman and CEO, Sir Lucian Grainge, added, "With the opportunities in engaging the superfan via their groundbreaking Weverse model, we're thrilled to grow and expand our platform business collaboration as we evolve together leading the music industry's evolution."
Photo by: Universal Music Group Press Release
