Hive partners with U.S. Universal Music, exploring cooperation on ”Weverse” - South Korean report

HYBE, a major Korean entertainment agency, announced that it has signed an exclusive music distribution agreement with Universal Music Group (UMG), a major American music company.
For the next 10 years, UMG will exclusively distribute physical (actual) music such as CDs and records released by Hive's labels, as well as digital music, to the world. Also UMG
will also support activities, promotion, and marketing in North America by artists from Hive's labels.
As K-POP's presence increases in the global music market, UMG will
The conclusion of this contract was based on the success of other labels. This contract, which was concluded on terms similar to those of the world's top music companies, is exclusive to Hive's existing label.
It also applies to labels newly affiliated with the company. Furthermore, the two companies will support Korean artists' fan community platform by Wiverse, a joint venture between Hive and Naver.
Discussions will also be held regarding cooperation to include UMG artists in the ``Weverse'' community. Hive Chairman Bang Si Hyuk said, ``A company that represents the music industry.''
"Through our partnership with UMG, we have unlimited potential for growth."