After losing its bid for a controlling stake in the K-pop agency to rival bidder Kakao, HYBE has struck a platform collaboration with its former target.
HYBE still owns an 8.8% stake in the competing K-pop company after Kakao purchased an additional 1.66 million of its shares.
Spotify shares' 4.5% improvement this week was the best of the 20 stocks in the Billboard Global Music Index.
The agency behind BTS said it was still studying possible avenues for collaboration with SM, once South Korea’s dominant K-pop company.
HYBE, which owns a 14.8% stake in the competing K-pop company, criticized the tie-up with tech company Kakao as one-sided and harmful to shareholders.
Concert revenue grew tenfold for the NCT Dream and Red Velvet label, while recorded music sales declined 3.7%.
The shares were acquired from SM Entertainment founder Lee Soo Man.
Recorded music revenues grew 46.6% to 135.1 billion won from July through September.
Investors bet Apple's move will trigger higher prices for streaming industry-wide.
