Record Label Industry Association of Korea criticizes FIFTY FIFTY controversy for hindering K-pop industry development
Record Label Industry Association of Korea Chairman expressed opinions on FIFTY FIFTY controversy
Chairman Yoon Dong Hwan of Record Label Industry Association of Korea appeared in a video uploaded on the YouTube channel “연투유TV” and addressed the dismissal of FIFTY FIFTY’s application for exclusive contract suspension in their lawsuit against Attrakt. He explained the structure of the popular music industry and pointed out several points that made FIFTY FIFTY apply for exclusive contract termination.
First, regarding Attrakt’s investment of 8 billion won, Chairman Yoon said, “Investment in advance payment of physical and digital releases offsets monthly revenue from albums and music sources”, adding “In the case of stars with guaranteed profits, notifications of investment are necessary. However, for rookies, it is nearly impossible to make advance investment for them”.
He continued, “Nevertheless, the fact that they received an advance investment of 8 billion won shows Jeon Hong Joon’s capabilities and potential. In this case, it is necessary to discuss whether artists should receive notifications of the investment. If we handled this case carelessly, it could lead to the weakening of the entire music industry”, expressing his concerns. The Chairman added, “Starting with losses is inevitable in the beginning. Profits will occur after a cycle of investments and losses. Therefore, the fact that FIFTY FIFTY raised concerns about settlements shortly after their debut was their big mistake”.
Regarding the allegations of Attrakt not fulfilling obligations, such as poor health management and inadequate support for activities, Chairman Yoon said, “Since there is no objective sample, the criteria are unclear. If limited content is included in the standard contract, legal disputes can easily arise”, adding, “If a lawsuit is filed in a reckless way, it could weaken the effectiveness of exclusive contracts.”
Lastly, he said, “It’s a regret that the lawsuit happened when the group was doing well with good content that ultimately contributed to the development of K-pop and the popular music industry”. He added, “The case could have a negative impact on K-pop status and reputation overseas. As this issue is directly related to the pop music industry, it must be clearly addressed.“
Source: Daum
