Hive announced on the 23rd that it has established a local subsidiary in India, "Hive India." This marks the company's fifth overseas headquarters, following Hive Japan, Hive America, Hive Latin America, and Hive China.
Hive India (HYBE INDIA ENTERTAINMENT PRIVATE LIMITED) completed its registration in Mumbai this month. Mumbai is recognized as a cultural and entertainment hub, concentrating the Bollywood film industry, modern art, and performing arts, and is considered a strategic base for global music and content companies.
The mission of Hive India is "WHERE VOICES OF INDIA BECOME GLOBAL STORIES." The company aims to discover and nurture local artists, connecting artists born from Indian sensibilities to the world.
The company plans to select artists through local auditions and establish a training system optimized for India. It will also support the activities of existing Hive Music Group artists in India.
With a population of 1.46 billion, India boasts the largest scale in the world and holds significant potential in the music market. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the number of streaming users stands at 185 million, making it the second largest in the world after the United States.
The popularity of K-pop is also rapidly increasing. According to a survey by the Korean Foundation for International Cultural Exchange, K-pop music streaming in India grew by 362% in 2023 compared to 2018. The spread of internet access, smartphones, and streaming services has been cited as the main factors.
The establishment of Hive India is part of the "multi-home, multi-genre" strategy, which involves developing businesses tailored to the culture and characteristics of each region. Led by Hive Chairman Bang Si-hyuk, this strategy focuses on applying the K-pop production system locally to discover and nurture world-class artists.
Hive India stated, "Based on Hive's capabilities across the music industry-including artist discovery and development, album production, management, marketing, and concert planning-we plan to connect the Indian local market with the global market."
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