Entertainment reporter-turned-YouTuber Lee Jin Ho has summarized the FIFTY FIFTY controversy.
On July 3rd, a video titled “Chilling Reason for Suspension of FIFTY FIFTY Activities” was posted on the channel of entertainment reporter-turned-YouTuber Lee Jin Ho.
In the video, Lee Jin Ho said, “There is a chilling point in the recent controversy surrounding FIFTY FIFTY. Former co-CEO Ahn Sung Il tried to transfer the entire rights of the members to Warner Music Korea for 20 billion won. This situation is clearly evidenced through recorded conversations.“
He continued, “In the recorded files, Ahn Sung Il contacted the members to sell them, and Warner Music Korea decided to make a deal for 20 billion won. They evaluated the worth at 20 billion won and called Attrakt CEO Jeon Hong Joon, but nothing came out of the discussion.”
Lee Jin Ho said, “Having no stake, Ahn Sung Il attempted to hand over FIFTY FIFTY to Warner Music Korea. Warner Music has a headquarters and a Korean branch. The headquarters recognized the potential of FIFTY FIFTY and was willing to invest 25 billion won in the group. In this situation, Warner Music Korea tried to take the members with them by offering 20 billion won. The headquarters belatedly found out about the branch’s actions and sent a person to investigate the situation.”
Explaining FIFTY FIFTY’s activity hiatus, he said, “The members raised the issue regarding the agency without interference from external forces. One member suddenly took a break in May, then all the members suspended their activities during the critical period. The standard contract for termination of an exclusive contract includes provisions for compensation. The more revenue generated during the active period, the more disadvantageous it is for the members. The members suspended their activities for two months. If the CEO demands the remaining members to continue working, it could lead to liability for contract termination.”
Regarding the claim that the members acknowledged Ahn Sung Il as the CEO, Lee Jin Ho said it was absurd. He added, “He was only an outsourced CEO who was responsible for the overall album production. All the major tasks, including exclusive contract negotiations, management, advertising, and event planning, were led by CEO Jeon Hong Joon. Even big agencies often hire outsourced employees to handle A&R tasks. There are also many companies that provide outsourcing services. As a result, CEO Jeon got hit in the back of his head. From CEO Jeon Hong-jun’s perspective, he was backstabbed by both FIFTY FIFTY members and CEO Ahn Sung Il”.
Source: Nate
