FIFTY FIFTY in Contract Conflict: CEO Prioritizes Reconciliation Over Multi-Billion Won Settlement
In the midst of an ongoing exclusive contract dispute with their agency, Attrakt Entertainment, the earnest sentiments of the CEO toward the K-pop group FIFTY FIFTY have come to light. Rather than focusing on issues related to music revenue settlement, emphasis has been placed on reconciliation with the members of FIFTY FIFTY. The question now is whether the CEO's passion can reignite the team.
Last month, FIFTY FIFTY announced through their legal representative, Barun Law Firm, that they had applied for a suspension of the effectiveness of their exclusive contract with Attrakt Entertainment. They claimed that their trust relationship had been destroyed due to opaque settlements and violation of members' health management obligations.
During the first trial on July 5, FIFTY FIFTY and Attrakt Entertainment reaffirmed their opposing stances. FIFTY FIFTY claimed that their investment funds were not properly settled. In response, the investing party, Interpark, stated that their investment was made in faith in CEO Jeon Hong-joon's ability, not specifically for FIFTY FIFTY.
Amidst the heated legal battle between FIFTY FIFTY and Attrakt Entertainment following the first trial, attention has been drawn to anecdotes about CEO Jeon Hong-joon. Former member Kim Min-hee of the group "The Rush," also produced by Jeon, shared her experiences with him on her personal social media.
Kim expressed her disappointment, saying, "I'm really upset. From our debut, he always managed our event schedules from minimal profits so we could have spending money. Thanks to him, I learned Chinese, acting, and dancing. He always recognized, trusted, and supported me. He always told us that we sing very well and are good kids, that we're like his daughters, and that a singer only needs to sing well. Throughout my trainee and singer life, he never let us see anything dirty or unfair."
She continued, "The moment we stepped out of his shadow, we saw a lot of dirty things. Our CEO is like a real father to us. I chatted with him a few days ago and he said he's glad to see me doing well. His father passed away not too long ago and I'm worried about him. I hope everything gets resolved and he gets the compensation he deserves."
Despite the ongoing conflict, CEO Jeon Hong-joon of Attrakt Entertainment has expressed his desire to restore the team. Known for achieving a new K-pop record in the global market together, it is understood that he wants to peacefully resolve misunderstandings and conflicts, and start anew.
While CEO Jeon has publicly extended a hand of reconciliation to the members of FIFTY FIFTY, there is news that they are expected to receive a settlement of several billion won from the revenue of their song 'Cupid' this month. It is predicted to be a minimum of 3 billion won ($2.5 million) from foreign music revenues like Spotify. However, due to the ongoing legal dispute, representatives from Attrakt Entertainment and Interpark have stated cautiously that they cannot confirm this and are unaware of such details.
Eyes are now on FIFTY FIFTY, the 'miracle of the mid-small size idol' that broke K-pop records only seven months after their debut, but shattered due to conflicts with their agency. Can they overcome this conflict and revive their team?
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