FIFTY FIFTY’s CEO reveals transcript of conversation with Warner Music Korea, “We made a buyout proposal of 20 billion won to The Givers CEO”
Amid the contract dispute, FIFTY FIFTY’s agency Attrakt CEO released a shocking recording and confessed deep despair.
Earlier on June 30th, CEO Jeon said to Sports Seoul, “I spent the 90 million won that Goo Soon mother had saved throughout her life on the production costs”, adding “I had no choice but to only pray to my late father there was nothing else I could do. That’s so unfair.”
Earlier on the 23rd, Attrakt stated, “We have identified external forces that attempted to approach and lure the members into violating their contracts with us”. The agency sent a letter for proof of content to Warner Music Korea on the 26th and revealed The Givers CEO Ahn Sung Il, the music producer of FIFTY FIFTY’s hit song “Cupid” as one of the mentioned external forces. Attrakt also filed a complaint against Ahn Sung Il and three others on charges of obstruction of business, tampering with data, fraud and embezzlement.
However, on the 29th, The Givers refuted Attrakt’s accusation and sued Attrakt for defamation. In addition, four members of FIFTY FIFTY also applied for an injunction to suspend their exclusive contract with Attrakt on the 28th, citing settlement reasons.
In the process, Attrakt released a shocking recording transcript. The recording contains a conversation between a Warner Music Korea executive and CEO Jeon. The executive said, “We offered 20 billion won and proposed a buyout to CEO Ahn Sung Il”. Hearing that, CEO Jeon asked back, “A buyout? What do you mean?”. The Warner Music Korea executive replied, “It means to acquire the label”.
The girl group FIFTY FIFTY, produced by the small planning agency Attrakt, gained huge popularity after the release of “Cupid” English version on February 24th, which became viral on TikTok. They set a new record for K-pop girl groups by entering the US Billboard Main Single Chart “HOT 100” and the UK Official Single Chart “Top 100” for 14 consecutive weeks. Continuing the momentum, the group also participated in singing the OST for the upcoming Hollywood film “Barbie”
Prior to the success of “Cupid”, only songs by artists from large agencies, such as HYBE, SM, and YG could enter Billboard Chart and Official Single Chart. Therefore, many people in the music industry called FIFTY FIFTY “miracle of small and medium-sized agencies” and cheered for them.
This success was made possible thanks to the great support from their agency Attrakt. Earlier, due to insufficient money to release FIFTY FIFTY’s physical album, CEO Jeon even sold his Rolex watches, private cars, and even the car of the management director who had worked with him for a long time.
However, FIFTY FIFTY has gone in vain due to the ongoing contract dispute. From being a “miracle of small and medium-sized companies”, the group is facing a downfall as a traitor.
Source: Nate
