On Monday, SM's CFO Jang Cheol-hyuk published a YouTube video criticizing Hybe's takeover bid, arguing that such a move would lead to a monopolization of the industry, rising costs for fans. SM's artists might be at a disadvantage to Hybe's artists, he said. Combined, both SM and Hybe account for 70% of revenues from albums and digital music in the K-pop industry. "A lot of indicators of market share imply that HYBE's acquisition of SM will undermine fair competition, which clearly shows that this acquisition is unfair," Jang said. "Ultimately, K-pop fans will be the ones that will be most affected by the monopoly." Hybe's bid for a bigger stake in SM came days after technology firm Kakao Corp said it would buy a 9.05% stake in SM through a rights offering and convertible shares and become a strategic partner of SM. SM had planned to expand its IP monetization and leverage Kakao's messaging, social and entertainment platforms.