Last year's sales alone were 100 billion won
Adore Min Hee-jin, turning a profit in two years, how much did she settle to New Jeans?
Attention was focused on the sales of New Genes and Hive-affiliated groups, directed by Min Hee-jin, CEO of Adore, who is suspected of stealing management rights from Hive.
According to the Financial Supervisory Service on the 9th, "Hive's subsidiary Adore recorded sales and operating profit of 110.2 billion won and 33.5 billion won, respectively, last year. Sales increased 491.7% compared to the previous year, and operating profit turned into surplus."
Adore, which was launched as a subsidiary of Hive in 2021, is led by Min Hee-jin, former art director and general director of SM Entertainment. CEO Min produced New Genes, a five-member girl group under Adoor, and led them to her debut.
Hive, who had a dark history with girl groups, finally released Le Seraphim and New Jeans in 2022. The two girl groups have quickly established themselves as promising players for Hive and are serving as a cash generator.
New Jeans began gaining popularity with its debut in 2022. Of the four songs on his debut album, three entered the top 10 on music charts. Every time a new song was released, it enjoyed popularity by ranking at the top of domestic and international charts. As New Jeans became a huge hit, Adore also succeeded in turning a profit within two years of its launch.
Adore's sales exceeded approximately 100 billion won. Among the 11 Hive labels, Adore recorded the third highest sales. With a significant surplus, retained earnings reached a whopping 22 billion won at the end of last year.
Accordingly, Adore is estimated to have settled a total of 26.1 billion won to members of the girl group New Jeans. Last year, Adore was found to have spent about 29 billion won in paid commissions, of which 26.1 billion won, excluding about 2.9 billion won in paid commissions corresponding to sales and management expenses, can be seen as the amount settled to its artists.
Considering that New Jeans has a total of 5 members, a simple calculation shows that each person received a settlement amount of 5.2 billion won. Considering that New Jeans is a group that debuted less than two years ago, they have achieved great success in a short period of time.
Earlier, CEO Min, who held an emergency press conference on the 25th, revealed, “During the process of producing New Genes, we had a very sharp disagreement with Chairman Bang Si-hyuk, and there was full-scale sabotage by Hive ahead of the debut.”
CEO Min said, “CEO Park Ji-won asked me, ‘Please stop promoting New Genes until Le Seraphim comes out.’ He suggested making it confusing to pretend that Le Seraphim was a ‘Min Hee-jin girl group.’ “I couldn’t do official promotion, so I decided to promote it myself by appearing on <You Quiz on the Block>,” he explained.
Meanwhile, New Jeans, a five-member girl group that debuted in 2022, has numerous hit songs such as 'Attention', 'Hype Boy', and 'Super Shy'.