On October 18, Big Hit Entertainment sent out an email to its company employees and stakeholders announcing that BTS had renewed their contract with them.
BTS debuted back in June 2013 and has become one of the biggest boy groups over the years, they still had a year left to their contract before it ends. Usually, in the Kpop industry the contract renewals are done just before the first expires but in the case of big stars who are extremely valuable such as professional sports, they renew their contracts beforehand.
According to the email, BTS has renewed for 7 more years.
Big Hit said,
“Our philosophy is to support our artists, who are showing great performance globally, to the best of our ability.
After plenty of discussions with the seven members, we have agreed to a contract renewal in order to maintain their stable and long-term career.
Right now, BTS’s team is about a hundred-odd people, we will continue to do our best to invest time and people in order to make the team stronger and more systematic.”
BTS also shared a comment about the contract renewal in it they said,
“We respect our mentor Bang Shi Hyuk, who had a vision for our future even before we debuted. He has opened our eyes to the world not only on music. We will show an even better side of ourselves to our fans from around the world with the strong support of Big Hit Entertainment.”
How do you feel about this?
Besides being a Kpop fan, I also work in the business sector and like to look at Kpop from the business side as well. At first, I thought this was the worst idea EVER.
Don’t get me wrong I like the boys and think Big Hit (despite being relatively young) has dealt with the rapid growth of its company relatively well without any issues.
But for BTS, 7 years is too much (that’s what I thought). Until, I remembered the military service and it finally made sense, now I believe it’s a great idea.
BTS has been doing well and continues to do even better with each release, I love that they trust Big Hit (but hope they know not to trust too much). The members are not born in the same year and thus each one will probably go at a different time, lets say it takes 3-6 years for the group to regroup again about 3 years from now, Jin will probably go first; the group hiatus could be 3 years if they decided to enlist around the same (which I believe will be the case).
This makes the 7 year contract a great idea; they will have time to promote solo as well as a group and probably left with time to release a comeback after they all finish serving the military. They won’t have to worry about contract and such as soon as they get out.
I am a skeptic person by nature and I don’t believe or trust anyone easily. Big hit has been doing great managing the boys but we don’t know how will they handle them if they debuted another boy group and if they will be able to manage or not.
Its one thing to manage a group of 7 boys and another to manage more, look at YG he has been around for a long time and still struggles to manage his artists. I hope big hit won’t become like that.
This is why at first I didn’t like the 7-year-renewal because I worried about the boys. 7 years is a long long time, a lot can happen and you need to have a backup plan or an exit strategy of some sort for emergencies.