Home » Entertainment » Power Struggle in K-Pop Industry: Hive vs. Adore CEO Min Hee-jin

Power Struggle in K-Pop Industry: Hive vs. Adore CEO Min Hee-jin

Major foreign media outlets, including CNBC in the US, Japan’s Nippon Keizai Shimbun, Kyodo News, and Reuters, also detailed the battle between Hive, Korea’s largest music group, and Min Hee-jin, CEO of Adore, affiliated label and group of girl group New Jeans.

In particular, they characterized this incident as a ‘power struggle taking place in the highly profitable K-pop industry’ and raised concerns about the possibility of the situation expanding and Hive’s performance going down. It was expected that the ‘multi-label strategy’ that Hive pioneered in the K-pop industry would also suffer a major blow.

In fact, 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 struggle was revealed on the 22nd, it fell 12.58% in the five days prior to today. During this period, market capitalization also decreased by about 1.2 trillion won.

On the 26th (local time), Reuters introduced this event as “the latest controversy to hit the lucrative K-pop industry” and expected this event to be a sign of the growth of the K-pop industry. In particular, he gave the Korean stock market analysis that ‘the K-pop industry is suffering from growing pains’ and also said the part that said, “This will be an opportunity for the K-pop industry better protect artists and intellectual property rights. .”

Japan’s Nihon Keizai Shimbun said, “Both sides strongly criticize the other. “It is possible that the conflict could continue and affect performance,” he said. He raised the possibility that the activities of New Genes, who plan to release a new album on the 24th of next month, will be affected in some way. Japan’s Kyodo News also reported that New Genes members believe that CEO Min is their mother and that “there are voices expressing concern about New Genes’ activities.” “

CNBC detailed Hive’s ‘multi-label strategy’ and said that while idol producer ‘BTS’ took a hiatus due to members’ military service, affiliated labels such as Adore were effective in driving profits Hive. However, as this incident shows, the formula for success may not work as a family feud breaks out between Hive and the label. American business media organization Fast Company also stated, “The unprecedented success of Adore has brought Hive into the spotlight on the international stage.”

American music media outlets Billboard and AFP detailed CEO Min’s press conference 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, the two sides went to war, saying that “the best one for New Genes. ” ” AFP also included Hive’s 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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