FIFTY FIFTY is set to receive billions of won settlements by the end of this month, amidst ongoing contract disputes with their agency, ATTRAKT.
A TenAsia report reveals that FIFTY FIFTY is due to receive a settlement for their hit song “Cupid” at the end of July. The figure is set to be sizable, as it includes revenues from the world’s largest music platform, Spotify. According to insiders, the settlement is expected to be in the billions of won (millions in USD).
“Interpark, a distributor, is finalizing the settlement,” a key insider told the media outlet. “We anticipate the amount to be at least in the billions of won.” Industry speculation indicates that the settlement could easily surpass 3 billion won (about $2.3 million). Some corners of the music industry even speculated that the group’s end-of-month settlement could exceed 10 billion won (about $7.7 million). As this settlement amount could be a critical piece of evidence in the ongoing lawsuit, the industry’s attention is naturally riveted on the case.
After its entry, FIFTY’s “Cupid” had been a powerhouse on the charts, peaking at 19 on Billboard’s Hot 100. The group became the fifth K-pop girl group to make it onto the Hot 100 after Wonder Girls, BLACKPINK, and NewJeans, setting the record for the fastest entry by a K-pop idol group after debut. The song also achieved 8th place on the UK’s Official Singles Top 100.
FIFTY FIFTY is currently embroiled in a conflict with their agency. ATTRAKT claims external forces are shaking their relationship, while the members stand on the grounds of a broken trust relationship with the agency. In line with this, the first trial related to the termination of FIFTY FIFTY’s exclusive contract took place on the 5th.
At the time, FIFTY FIFTY’s side also intended to criminally charge ATTRAKT’s CEO Jeon Hong Jun on suspicion of embezzlement. However, it was later revealed that FIFTY FIFTY had secretly registered a total of 60 trademarks related to the group without the label’s knowledge. The registration cost alone was 15.36 million won (about $ 12,000), and the fact that it was registered on June 19th, the same day they applied for an injunction to suspend the effectiveness of the exclusive contract, came to light.
Criticism is being heaped on the members for their calculated actions prior to the legal dispute. However, ATTRAKT’s CEO Jeon has made it clear that he wants an “amicable agreement” with the members.
Regarding the report claiming that ATTRAKT is set to receive tens of billions of won in settlements by the end of this month, the agency swiftly denied the rumors, stating that they are completely groundless.
On the 11th, an Attract representative refuted the report about the music revenue settlement for FIFTY FIFTY’s song “Cupid” in late July, saying, “It is entirely untrue.” Additionally, ATTRAKT emphasized their lack of knowledge regarding the basis of the article, stating that they are completely unaware of such matters and are continuously verifying the details through the distributor.