HIVE Makes Major Entry into Latin American Music Market Through Establishment of Local Subsidiary
HIVE has announced on the 13th the establishment of 'HIVE Latin America' based in Mexico, aiming to amplify its influence in Latin America, one of the fastest-growing music markets worldwide.
'HIVE Latin America' is set to play a pivotal role as a hub for the entry of HIVE labels' artists into the Latin market and the development of new artists and content.
The subsidiary plans to engage in artist management and the discovery and nurturing of new talent. To achieve this, they intend to recruit top-tier producers and establish a Training & Development (T&D) and Artist & Repertoire (A&R) system tailored for the local scene. They also have plans for a long-term attempt to integrate established business methodologies from K-pop into the Latin genre.
Isaac Lee, known as a figure of authority in the Latin content market, will join as the Chairman of the Board of HIVE Latin America. Lee has previously served as the Chief Content Officer for Univision Communications, a top Spanish-language content television channel globally, and has extensive experience as a producer for films and documentaries broadcast on platforms like Netflix, Antena 3, Amazon, HBO, National Geographic, and Disney.
With Isaac Lee's appointment, HIVE Latin America and Exile Content will form an all-encompassing partnership. As Chairman, Lee is expected to bridge HIVE Latin America and Exile Content, contributing not only to producing Latin-optimized content but also to forming partnerships with global media companies.
Ahead of its launch, HIVE Latin America acquired Exile Music, a label under Exile Content, in a move to expedite its presence in the Latin market. Exile Music has been involved in activities such as recording, music publishing, artist management, and event planning.
As of 2022, the Latin American recorded music and streaming market size is estimated at $1.3 billion (approximately 1.7 trillion won), reflecting a growth of 26.4% from the previous year. Compared to the global recorded music and streaming market, which grew by 9% during the same period, it's evident that the Latin market is experiencing steep growth.
The popularity of Latin music is significant even in the birthplace of pop, the United States. Out of the historical Billboard Hot 100 top 10 non-English songs, 35 have been non-English, with 19 in Spanish, accounting for the majority. Hits like Luis Fonsi's 'Despacito' and Bad Bunny's 'I Like It' from the Latin market have reached the top of the Billboard Hot 100. Spanish is the fourth most widely spoken language globally, and around 20% of the US population uses Spanish.
Written by Han Hae SeonTranslated by Lee So Yun