YG Entertainment and Seungri have officially parted ways.
On March 13, the agency released an official statement announcing the news.
Here is the full translated statement:
“Hello, this is YG Entertainment.
We would like to bow our heads in apology for the various suspicions and controversies that have continuously risen, starting with the assault case at the club Seungri participated in.
We’d like to express our deep apologies for causing trouble to many people including fans.
Following the announcement of Seungri’s retirement on March 12, YG agreed to terminate his exclusive contract upon his request.
As an artist management company, we admit that we haven’t been managing more thoroughly, and we’re deeply reflecting.
Lastly, YG recognizes the need for massive improvement within the company internal management, we promise to do our best with all of our employees.”
My Personal Thoughts
Its sad that this is how it ended on YG’s part. From a business perspective, the decision is totally understandable, I saw it coming.
Seungri’s controversies (regardless of their validity) have caused YG a serious blow, their stock price has went down yesterday by what I believe 12% (if not more) and has been on the decline since the whole issues began.
Its good to see that Seungri is at least not willing to harm anybody further anymore. What he’s going through also affected his group greatly. If they weren’t BIGBANG, they would have already been over, it’s because its BIGBANG some are still giving the benefit of doubt reminding others of the term ‘innocent until proven guilty.’
I said this before, I have seen idols careers ruined because they simply fell in love, they didn’t commit a crime and weren’t in controversy but fell in love and lost it all. When you compare that to Seungri you realize the magnitude of this issue.
I have seen one of the first the Korean reporters who reported on the burning sun controversy tell fans through Instagram that there is more coming on the way and it will be revealed these upcoming weeks. This is not the end of these things but only the start. (source)
This is, in my opinion, the biggest Kpop scandal EVER, it includes Jung Joon Young and other celebrities as well (whose names haven’t been revealed yet). There are so many allegations and serious talk about crimes that can put people in jail. This is serious!!
If YG chose to stay by Seungri side and things got worse, not only YG will be affected but his artists as well. We were promised a BLACKPINK comeback, if YG chose to give the girls a comeback now they will receive immense hate from netizens.
I have been monitoring netizens comments and man they’re harsh and extremely critical of not only Seungri but all of YG and their artists. YG realizes that which is why they included they knew they haven’t been managing their artists well.
Things need to cool down before YG is able to have any of his artists come back, just because Seungri’s contract is terminated doesn’t mean YG is now safe from public criticism.
This is the problem with the Kpop sphere; one idol actions can seriously damage not only him but everybody else around him (his agency, the agency artists, the employees, etc.). Its pretty scary if you think about it.
My opinion on Seungri specifically will be reserved to when I see the end of it, for now, its allegations but its building up. I chose not to bash or defend, for now I will sit back and watch. When its over, I will talk about how I personally feel about this entire matter.