Music Business News: South Korea

HYBE’s revenues grew 44.1% YoY to $306m in Q1, driven by K-Pop stars Tomorrow x Together, Seventeen, Jimin and more

HYBE’s revenues grew 44.1% YoY to 410.6 billion South Korea Won in Q1 2023, according to a new investor filing published on Tuesday (May 2)

SM Entertainment HQ raided by financial regulator in South Korea (report)

South Korea's Financial Supervisory Service is investigating suspected stock manipulation

HYBE’s Weverse helped it generate over $50m from fan club activities last year. Now SM Entertainment artists are joining the superfan platform

Platform brings together artist-related content such as music videos, teasers, movies and live streams

SM Entertainment promotes CFO to CEO, appoints new directors post Kakao takeover

Chief Financial Officer Jang Cheol-hyuk promoted to CEO

From Warner’s lay-offs to Believe’s big buy… it’s MBW’s Weekly Round-Up

The biggest stories on MBW from the past seven days

Kakao officially SM Entertainment’s largest shareholder with 39.9% stake, as HYBE holds onto 8.8%

News culminates months-long corporate battle against SM rival HYBE to take control of the K-Pop agency

Kakao launched a new virtual K-Pop group called MAVE, and the first single has already generated 20m streams on Spotify

Virtual group also 172,000 subscribers on YouTube

HYBE to sell $435m stake in SM Entertainment

Music giant to sell 15.8% stake in SM