Considering the unique characteristics of the Korean music industry, this study examined how the collaboration structure among lyricists, composers, and artists (singers) and artist characteristics affect artistic performance and commercial performance, respectively. An empirical analysis of 342 albums revealed that the factors influencing artistic performance and commercial performance differed. A collaboration structure with a higher proportion of participants of foreign nationality and a lower degree of division of labor had a positive effect on the album's artistic performance. However, when artists had more OST/featuring experience or more award histories, it had a negative effect on the album's artistic performance. Repeated collaboration experience between the same composer and artist, the artist's media exposure, and more award histories had a positive effect on the album's commercial performance. The results of this study offer important theoretical and practical implications in terms of explaining the different success factors in a cultural industry that possesses dual performance dimensions.