The dispute among various agencies surrounding the rookie group 'Fifty Fifty', which has caused a sensation on the charts in the US and the UK, is intensifying. Not only the music industry but also the securities industry and corporations are paying attention to how this situation will unfold.
Fifty Fifty debuted in November 2022, just eight months ago. However, their single 'Cupid,' released this year in February, raced up to 17th place on the Billboard Singles Chart and is currently at 24th place. Yes, that's on the overall Billboard chart where BTS's 'Dynamite' reigns supreme. They also made a significant impact by reaching 8th place on the UK Singles Chart. As they have been in the top ranks of the charts in both the US and the UK for 15 weeks, they can be considered a hotter group overseas than in their home country, Korea.
So, what is the situation? The problem arises from the fact that within just six months of their debut, various companies and members have become entangled in a muddy fight. The main characters and companies involved are as follows: their agency 'Attract,' the outsourcing company responsible for member training and music production, 'The Bus,' and the members themselves (Sae-na, Aran, Kina, Sio), and even the subsidiary of the global major record label Warner Music, 'Warner Music Korea'...
The fire began on June 23rd when their agency, Attract, released a statement. The main point was that "external forces are trying to snatch away the members." Four days later, Attract filed a complaint with the police against The Bus and others.
The next day, the members unexpectedly launched a counterattack. They announced that they had already filed a lawsuit seeking the suspension of the exclusive contract with Attract. The main reason was that Attract had conducted accounting opaquely.
To explain further, the four-member group Fifty Fifty is known in the music industry as a "miracle of small and medium-sized agencies." Indeed, their member names may be unfamiliar. It's true. Rather than visual elements, their fame comes from their auditory assets, namely their music. The song 'Cupid' became a hot topic on TikTok and spread worldwide.
Attract, their agency, may also be unfamiliar to you. Led by veteran producer Jeon Hong-jun, Attract is the only agency that represents Fifty Fifty. Attract's side argues that as the group's popularity grows, The Bus, which was responsible for managing the members, tried to transfer the members to another company (Warner Music Korea) under the condition of receiving a large sum of money. They even released related audio recordings. Attract claims that The Bus is behind the scenes, instigating the members to file a lawsuit, while The Bus strongly denies these allegations.
Taking a step further, the industry sees this ultimately as a money issue. The cost of selecting and nurturing a girl group can range from hundreds of millions to tens of billions of won. While it may not be a problem for the top four major agencies, smaller agencies cannot easily afford such funds. Therefore, they attract investments through various means, such as upfront payments.
However, K-pop idols involve a lot of risks, and it takes time for substantial profits to be generated. Although BTS broke down the barrier of the US market and significantly changed the perception of K-pop as an industry, it took them more than five years after their debut to achieve chart success similar to Fifty Fifty's 'Cupid.' The success of Fifty Fifty within a few months of their debut has once again turned the eyes of domestic and international investors towards K-pop. In fact, Attract even expressed its expectation of attracting investments in the range of 70 billion won, despite being a tiny agency.
Source: SBS News Original link: [https://news.sbs.co.kr/news/endPage.do?news_id=N1007261640&plink=ORI&cooper=NAVER&plink=COPYPASTE&cooper=SBSNEWSEND]
https://news.sbs.co.kr/news/endPage.do?news_id=N1007261640&plink=ORI&cooper=NAVER
