K-pop (Idol) has created a world-famous group through systematic management and online exposure and performances. As a result, it generated large-scale profits, and the funds needed for competitiveness became abundant due to the attraction of investment. However, the reality is that Management’s company is creating a conflict between its singers, managers, and managers. Again, the following is happening to big entertainment. Hive and SM are falling due to internal conflicts. Hive filed an additional lawsuit against Min Hee-jin, CEO of Adore, and SM seems to have renewed its settlement issues with the group EXO members, which were closed last year. As of 11 a.m. on the 11th, SM is trading at about 83,000 won, down about $2 from the previous day, and Hive is trading at about $3,000 won, down $1.48% from about $230, at about 199,500 won, about 170 dollars, respectively.
The background of SM’s stock price decline was an emergency press conference held by INB100, the agency of Chen, Baekhyun, and Xiumin of EXO, the previous day. INB100 appealed for injustice, saying, “SM is demanding that 10% of the artist’s individual activity sales be released.” Earlier last year, Chen, Baekhyun, and Xiumin had a dramatic consultation after suggesting legal action, saying that SM unfairly demanded a long-term contract and made the settlement opaque.
Hive’s conflict with Adore CEO Min Hee-jin has not been resolved. On the previous day, the Hive-affiliated label Billifrap, which includes girl group Eilit, filed a civil lawsuit against CEO Min. Billifrap has already filed a complaint against CEO Min on charges of obstruction of business and defamation. This is a response to CEO Min’s claim that Eilit plagiarized Newjeans.
SALLY LEE
US ASIA JOURNAL
