Shares in K-Pop Agencies Fall After Report of Antitrust Probe 

Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
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Shares in K-Pop Agencies Fall After Report of Antitrust Probe 

Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)

Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported.

The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE, SM Entertainment and YG Entertainment on Tuesday, Yonhap news agency reported citing unnamed industry sources.

The KFTC is looking into whether agencies engaged in any practices with subcontractors such as verbal contracts without issuing them in writing, unfair contracts or delayed payment, Yonhap said. No specific charges have been brought.

The KFTC declined comment on any specific investigation.

HYBE, SM and YG did not immediately respond to a request for comment.

Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market. SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

HYBE reported 410.6 billion won ($315.9 million) in January-March quarter sales; out of that, 44.9% came from albums and 16.8% from merchandise and intellectual property, according to a Shinhan Investment & Securities report on Tuesday.



Female Artists Set to Dominate MTV Europe Music Awards

FILED - 13 November 2022, North Rhine-Westphalia, Duesseldorf: American singer Taylor Swift walks the red carpet at the MTV Europe Music Awards in front of the PSD Bank Dome. Photo: Rolf Vennenbernd/dpa
FILED - 13 November 2022, North Rhine-Westphalia, Duesseldorf: American singer Taylor Swift walks the red carpet at the MTV Europe Music Awards in front of the PSD Bank Dome. Photo: Rolf Vennenbernd/dpa
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Female Artists Set to Dominate MTV Europe Music Awards

FILED - 13 November 2022, North Rhine-Westphalia, Duesseldorf: American singer Taylor Swift walks the red carpet at the MTV Europe Music Awards in front of the PSD Bank Dome. Photo: Rolf Vennenbernd/dpa
FILED - 13 November 2022, North Rhine-Westphalia, Duesseldorf: American singer Taylor Swift walks the red carpet at the MTV Europe Music Awards in front of the PSD Bank Dome. Photo: Rolf Vennenbernd/dpa

Taylor Swift, Charli XCX and Billie Eilish are among the female artists tipped to dominate the 2024 MTV Europe Music Awards to be held in Manchester, northwest England, on Sunday.
The ceremony's 30th edition, which brings together the biggest names in world music, gets under way at the city's new Co-op Live venue from 8:00 pm (2000 GMT).
British singer Rita Ora will host the awards, which are being held in Britain for the seventh time, said AFP.
Ten of the eleven artists with the most nominations are women, with megastar Taylor Swift leading the way.
The American, whose ongoing "Eras" tour is the most lucrative in history, is nominated in seven categories following the release this year of her 11th album "The Tortured Poets Department".

In the Best Artist category she will go up against compatriots Beyonce, Eilish, male rapper Post Malone and British star Raye, who won a record six gongs at this year's Brit Awards.
Sabrina Carpenter, one of the stars of the summer with her hit "Please Please Please", completes the nominees.
Best Song is between Eilish's "Birds of a Feather", Carpenter's "Espresso", Beyonce's "Texas Hold 'Em", "Beautiful Things" by Benson Boone, Chappell Roan's "Good Luck, Babe!", and "We Can't Be Friends" by Ariana Grande.
Rising female stars in contention in other categories include Lisa of the ultra-popular K-pop group Blackpink, and Nigerian star Ayra Starr.
As with the US music industry's Grammy awards, Latino artists, including stars such as Puerto Rican Bad Bunny and Colombian Karol G were left out of the top categories this year despite their global hits.
Both have been included in the Best Latin field, alongside Shakira, who has revived her career with the hit "Bzrp Music Sessions, Vol. 53", about her separation from ex-footballer Gerard Pique.
Other artists up for awards include Travis Scott, Dua Lipa and Charli XCX, who is nominated in four categories. Busta Rhymes is due to receive the global icon award.
This is the first MTV Europe Music Awards since 2022 after last year's edition, to be held near Paris, was canceled because of the war between Israel and Hamas.