NCT DREAM, Lena + Publisher Royalties

"Candle Light" is a winter holiday single by NCT Dream, released in late December 2018 as the final recording by the group's original lineup. Nearly 8 years later, it continues to earn across Asia and the US, with South Korea, the group's home market, as its largest audience. The catalog also includes "Private Thoughts," by German pop singer and 2010 Eurovision Song Contest winner Lena. 

The catalog currently earns in two ways. Performance royalties, paid when a song is streamed, broadcast or performed publicly, make up 79% of the Last 12 months (LTM). US streaming mechanical royalties, paid each time the song is streamed on demand in the US, make up the remaining 21% and are currently collected through the Mechanical Licensing Collective (MLC). About three-quarters of the LTM is earned outside the US. South Korea alone contributes 65% and Japan 9%, and the catalog earned in 12 countries over the past year.

After the completion of this sale, both the BMI and MLC royalties will be administered by Kobalt. Kobalt will also administer any synchronization royalties that haven’t been exploited yet on these songs, as well as the international collection of all rights traditionally collected by a publisher.

"Candle Light" offers a song with a devoted international fan base tied to one of K-pop's most prominent groups. That international reach is also why Kobalt’s future involvement matters. Most of the catalog's income is earned outside the US and currently arrives indirectly: foreign societies pay BMI, and BMI then pays the catalog. Kobalt will receive royalties directly in many territories, reducing fees along the path and ensuring proper collection across the world 
 

Both songs in this catalog are pop recordings by internationally established artists, one from South Korea and one from Germany, with "Candle Light" carrying nearly all of the income.
NCT Dream is one of the multiple teams within the NCT project, originally built as a youth-oriented unit whose members aged out after their 19th birthday. "Candle Light" was released on December 27, 2018 as part of a digital singles series and was the group's third single that year. It is a bright, medium-tempo pop track built on acoustic guitar and the members' harmonies, with lyrics expressing gratitude and affection toward loved ones. It was also the last song by the group's original lineup, released as member Mark was aging out of the unit at the end of 2018, which gives it lasting sentimental weight with fans. 

Lena is a German pop singer who won the Eurovision Song Contest in 2010 at age 19, and she has remained a fixture of German pop since. "Private Thoughts" is an English-language track from her fifth studio album, Only Love, L, released on April 5, 2019. 

Earnings Note. The Earnings by Period chart below reflects royalty payments based on two distinct statement sets from different payors. The Last 12 Months include:

BMI Statements: 2Q2025-1Q2026 (Quarterly)
MLC Statements: October 2026 - September 2026 (Monthly)

Publishing Administrator Note. The publisher's share of this catalog is currently collected directly from BMI and The MLC. After the sale, Kobalt will administer the publisher's share and pay royalties to the buyer quarterly. While registrations transfer to Kobalt, some royalties may continue to arrive from BMI and The MLC, and those payments will also be payable to the buyer.