Hive Corporation Challenging the “Big 3” in the Global Music Market
The global music industry is witnessing a potential shift in power, with Hive Corporation rapidly gaining ground on the traditionally dominant “Big 3″ – Global Music, Sony Music, and Warner Music. Recent data indicates Hive’s growth is outpacing its larger competitors, demonstrating a compound annual growth rate (CAGR) of approximately 29% in sales between 2020 and 2024. This significantly exceeds the CAGR of Universal Music (12.5%), Sony Music (18.3%),and Warner Music (9.5%) over the same period.
Analysts predict this growth will accelerate, fueled by several factors including the anticipated return of global supergroup BTS, the success of localized content like ”Cat’s Eye,” and the increasing profitability of Hive’s fandom platform, Weverse. This suggests a solidification of a “Big 4” structure, with hive joining the established industry leaders.
Hive’s strategy centers around a multi-label system, encompassing 13 labels globally across Korea, Japan, the United States, and Latin America. This allows the company to represent over 100 artists spanning diverse genres including K-pop, J-pop, country, hip-hop, and Latin music. Currently, 73.4% of Hive’s sales originate from overseas markets as of the third quarter of this year.
Music critics highlight the advantages of this multi-label approach. Lim Jin-mo notes it’s a “paradigm shift” allowing Hive to leverage its K-pop foundation – built on artists like BTS, Seventeen, and Cat’s Eye – to accelerate global expansion and discover new talent. Kim seong-hwan emphasizes the system’s ability to connect with global composers and secure local talent, quickly adapting to evolving music trends. Professor Gyu-tak Lee adds that the multi-label structure enables tailored music production for specific regions, capitalizing on Hive’s brand power and the reach of the Weverse platform.
hive’s 2021 acquisition of Ithaca Holdings, an American entertainment agency, marked a significant step in its global expansion. Chairman Bang si-hyuk’s vision prioritizes securing a leading position in local music markets by embracing regional cultures and characteristics.
beyond its diverse artist roster, experts point to Hive’s strong fandom and platform business as key differentiators from the Big 3.The Weverse platform provides a stable revenue stream through superfan engagement and supports a growing intellectual property (IP) business. This combination of a multi-label system, global reach, and dedicated fan engagement positions Hive for continued growth and perhaps rivaling the scale of the established industry giants.
