By recognizing the continued growth and stronghold K-Pop has on a global scale as well as HYBE's proven multi-label structure in multiple genres, UMG's Chairman and CEO, Sir Lucian Grainge, HYBE's Chairman Bang Si-Hyuk, and HYBE America's CEO Scooter Braun have come together to bring this deal to life.
Bang Si-Hyuk, Chairman of HYBE, said, "A partnership of this magnitude only comes together when both sides are equally committed to continued growth. 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."
Sir Lucian Grainge, Chairman and CEO of Universal Music Group, said, "Chairman Bang, Scooter Braun and Jiwon Park have brought an innovative and progressive vision to the industry that underscores music's global power. 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."
HYBE and UMG will additionally collaborate on artist promotions and marketing activities in North America under the oversight of Scooter Braun – who, in his time as CEO of HYBE America, acquired powerhouse QC Media Holdings and incorporated SB Projects as well as Big Machine Label Group into the existing roster of extraordinary talent.
Always striving to reach new heights in the entertainment sector, this new partnership will help enhance the growth of superfan platform Weverse in North America, allowing crafted, immersive experiences for fans everywhere.
"This incredible partnership between our companies will ensure mutual benefits and collaborations for the fans, teams, artists, and labels around the world," said Scooter Braun, CEO of HYBE America. "The opportunity created here not only allows us to help our current roster, but grow opportunities for independent artists and labels globally. I've known and respected Sir Lucian Grainge for many years, and alongside Chairman Bang and HYBE CEO Jiwon Park, we look forward to the undeniable opportunities that will come from this partnership as we together grow the music industry's future."
HYBE and UMG teamed up in 2017 on 21st century pop icons BTS, through a distribution agreement in Japan. In 2021, the companies evolved their relationship with a global strategic agreement which saw collaborations across multiple projects as well as HYBE's Weverse to help enhance artists' opportunities, communication and fan experiences. Geffen Records and HYBE also announced a new joint venture to launch The Debut: Dream Academy – aimed to implement HYBE's K-Pop methodology in the U.S., six trainees were selected through global audition to become part of KATSEYE. The group will debut later this year.
About HYBE
HYBE Corp. (HYBE), rebranded from Big Hit Entertainment in March 2021, is a global entertainment lifestyle platform company that seeks boundless expansion in order to innovate the music industry. Ever since, HYBE has been expanding its multi-label system including BIGHIT MUSIC, BELIFT LAB, SOURCE MUSIC, PLEDIS Entertainment, KOZ ENTERTAINMENT, ADOR, HYBE LABELS JAPAN, NAECO, while HYBE AMERICA also manages its affiliate labels including Big Machine Label Group and Quality Control. In addition to the label business, HYBE established an integrated structure with its solution business that creates concert, video content, game, original story and retail, as well as a platform business through Weverse, a global fandom platform. Composed of its global offices based in Korea, Japan, the US, and Mexico, the company works towards bringing innovative change throughout the global music industry.
About Universal Music Group
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group, please visit www.universalmusic.com
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SOURCE HYBE Corp.
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