HYBE has officially entered a new deal with Universal Music Group, expanding its partnership for the future of its artists.
Read more to learn further details.
HYBE Expands Partnership Deal With Universal Music Group For Next 10 Years
On March 26, HYBE Labels expanded its partnership with Universal Music Group to acquire efficient distribution rights to the agency's artists for the next 10 years.
Outlets reported that Universal Music Group will also collaborate with HYBE's Weverse, which will place more UMG artists on the fan platform. While Weverse is included in the merge, the distribution deal will not include sites such as YouTube, Meta, and TikTok.
This only means that the artists under HYBE will still be able to remain on TikTok despite the ongoing licensing feud between Universal Music Group and the platform.
HYBE Chairman Bang Si Hyuk let out a brief statement and expressed his enthusiasm for the expansion.
"A partnership of this magnitude only happens when both sides are equally committed to continuous growth," Bang Si Hyuk shared. "UMG is an iconic music company and with HYBE, there is endless potential."
He continued, "We are certain that this (endeavor) will expand our global footprint while benefiting our fans, artists, and labels."
Meanwhile, CEO of Universal Music Group Sir Lucian Grainge, conveyed his thoughts regarding the expansion of the partnership.
"With the opportunities in engaging the superfan via their astounding Weverse model, we're excited to develop our platform business collaboration as we evolve in leading the music industry's evolution," the CEO stated.
In 2017, the deal between HYBE and Universal Music Group started when BTS signed for distribution inside Japan.
However, in October 2021, HYBE signed a new contract with UMG for BTS's exclusive distribution and marketing inside the United States and other countries. The signing was concluded after BTS left Sony Music's Columbia Records since joining in 2018.
The information was then confirmed by HYBE, which released a statement addressing BTS's departure from Columbia Records and their new endeavor with Universal Music Group.
"We truly appreciate the time we have spent with Sony, and we thank them for their efforts," HYBE stated. "We are looking forward to our new chapter with Universal."
HYBE's Newest Deal Expansion With UMG Receives Mixed Reactions
On social media platform X (Twitter), the reactions towards the new partnership were divided.
