A new report from the news outlet Star News Korea has garnered a lot of attention from fans as it alleges that Irene has not renewed with SM!
Red Velvet, who debuted in August 2014 with their first single “Happiness,” celebrated their 9th anniversary this year. According to the Fair Trade Commission’s standard contract, the exclusive contract period is limited to a maximum of 7 years, making 7 years in the K-pop market known as the “curse period.” Red Velvet has never officially announced any contract renewals, but since they have been active for over 7 years, it seems that they have broken the 7-year curse.
Recently, SM confirmed Seulgi had renewed her contract a while back when news about her contract renewal was announced. According to the media outlet, the contract periods for Red Velvet members vary depending on their year of entry into SM and other issues. Additionally, since there are cases where contracts are extended by mutual agreement before the expiration date, the contract periods may differ for each member, even within the same group.
The media outlet reports that Irene has not renewed her contract with SM and as a result, SM is rumored to be unable to confirm Red Velvet’s album, performances, and events. Their pending releases are facing uncertainty.
Previously back in July, fans sent in protest trucks in front of the SM building asking for better promotions for the group, SM did not comment at the time.
The members had also announced via live broadcast that they are preparing for their 3rd full album in the second half of this year, it is uncertain whether the planned schedule will be properly carried out if contract negotiations are delayed. Since no new updates have been mentioned, fans are wondering what will happen.
SM has not yet publicly commented on this report.
Stay tuned for updates!