First-quarter revenue was down 12.1% year over year and was the lowest mark in two years.
NewJeans and more HYBE artists are scheduled to release new music amid the K-pop power clash.
The 20-company Billboard Global Music Index rose 1.9% to 1,752.24 as five stocks had double-digit gains and only three posted losses.
The deal to give UMG digital distribution rights to HYBE labels will last for 10 years.
The minds behind acts like BTS and BLACKPINK know a thing or two about minting global stars — and Western companies are starting to take note.
HYBE owns 12.6% of outstanding SM Entertainment shares, up from 8.8% prior to the latest transaction.
Seventeen led the way with 15.9 million album sales in Korea, while the company's Quality Control acquisition boosted the K-pop giant's global streaming revenue.
The social media platform "will aggressively work on raising the market awareness" in the United States in 2024, says its president, Joon Choi.
The Billboard Global Music Index dropped 1.4% to 1,512.40 as stocks — music and otherwise — started the new year on a down note.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
