Fifty Fifty’s Agency Attrakt CEO Jeon Hong-joon shared his thoughts on the settlement of girl group Fifty Fifty’s ‘Cupid’ and discusses various aspects of the recent issue via an interview.
On the 11th, Star News conducted a phone interview with CEO Jeon Hong-joon, discussing the conflict surrounding the exclusive contract between both parties.
Amidst various behind-the-scenes stories surrounding Fifty Fifty, Ten Asia reported on the 11th that “Fifty Fifty will receive a settlement for ‘Cupid’ at the end of July. The scale of the settlement received from platforms such as Spotify could reach several billion won [millions of dollars], according to industry insiders. The settlement is currently being finalized by the distributor, Interpark. It is observed that the settlement amount will easily exceed 3 billion won [over $2 million].”
In response, CEO Jeon Hong-joon stated, “As far as I know, it’s unbelievable. As far as I’ve heard from company officials, I understand that the settlement for domestic music sales of ‘Cupid’ was received around June. For the revenue from overseas charts such as Spotify and iTunes, it takes 4 to 9 months for settlement. ‘Cupid’ was released at the end of February, and I understand that the settlement for overseas chart revenue is expected to be done around August or September.”
He further explained, “I don’t have direct knowledge of Interpark finalizing the settlement related to the revenue. Even if, for example, a settlement of 30 billion won (or more than 100 billion won) is received, it would be a loss for the company. Of course, the settlement for each individual member would be calculated separately,” he added.
Source: (A)
