{"id":606,"date":"2023-07-16T07:17:18","date_gmt":"2023-07-15T22:17:18","guid":{"rendered":"https:\/\/realkpop.com\/fifty-fifty-crisis-k-pops-structural-problem-of-the-rich-get-rich\/"},"modified":"2023-07-16T07:17:18","modified_gmt":"2023-07-15T22:17:18","slug":"fifty-fifty-crisis-k-pops-structural-problem-of-the-rich-get-rich","status":"publish","type":"post","link":"https:\/\/realkpop.com\/fifty-fifty-crisis-k-pops-structural-problem-of-the-rich-get-rich\/","title":{"rendered":"Fifty Fifty Crisis, K-Pop’s Structural Problem of ‘The Rich Get Rich’"},"content":{"rendered":"

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Fifty Fifty. 2023.04.26. (Photo = Courtesy of Attract) photo@newsis.com *Resale and DB prohibited<\/p>\n<\/tr>\n<\/tbody>\n<\/div>\n<\/div>\n<\/div>\n

Reporter Lee Jae-hoon = It is interpreted that the recent series of incidents surrounding the K-pop new girl group ‘FIFTY FIFTY’ revealed the structural problem of K-pop, which is ‘the rich get richer and the poor get poorer’.<\/p>\n

As HYBE, which discovered the global super group BTS, is proving, the K-pop industry has entered an era where capital power controls not only the quantity but also the quality of content.<\/p>\n

All large K-pop agencies such as Hive, SM, JYP, and YG Entertainment have an organization called the ‘in-house system’. The in-house system refers to an organizational form in which all work such as composing, producing, and choreography is done in one building (one company) equipped with offices, studios, recording studios, and practice rooms.<\/p>\n

However, ATTRAKT, Fifty Fifty’s agency, did not have an in-house system. This is why there is a saying that the success of ‘Cupid’ is a ‘miracle of a small agency’. <\/p>\n

As a new agency established in June 2021, the people who lead this place are the ones with thick bones in the pop culture world. The producer, CEO Jeon Hong-joon, started with manager Yoo Yeol and produced Jo Kwan-woo, Bobby Kim, Yoon Mi-rae, and Yoon Gun. Choi Seung-ho, head of the management department, managed popular singers such as Kim Gun-mo, Solid, Lee Jung-hyun, and famous actors such as Choi Ji-woo, Kim Ah-joong, and Hwang Jung-min. <\/p>\n

When Jeon led Star Crew ENT, he managed Ha Sung-woon, a former member of the project group Wanna One, but Fifty Fifty is actually the first to produce a K-pop idol group. As a result, K-pop-related know-how was lacking, and the music-related situation had no choice but to entrust the service to The Givers, which claims to be a comprehensive content development group. <\/p>\n

However, Dugiverse is also not a place with a K-pop foundation. Ahn Seong-il, known as Producer SIAHN, worked with Sechs Kies former member Eun Ji-won, Sechs Kies former Kim Jae-deok and Jang Su-won formed ‘J-WALK’ and the band ‘Rumble Fish’.<\/p>\n

Fifty Fifty, who debuted in November of last year, made ‘CUPID’ an artist who entered the US Billboard’s main single chart ‘Hot 100’ in the shortest period of time (4 months after debut) among K-pop teams. Producer Ahn participated in the work from the beginning. It wasn’t a song, it was a song I bought from Sweden.
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(Seoul=Newsis) Reporter Kim Geum-bo = Girl group Fifty Fifty members Theo (from left), Saena, Aran, and Kina pose at a press conference held at Ilji Art Hall in Gangnam-gu, Seoul on the afternoon of the 13th. 2023.04.13. kgb@newsis.com<\/p>\n<\/tr>\n<\/tbody>\n<\/div>\n<\/div>\n<\/div>\n

Not only K-pop, but any genre requires a stable production for an artist’s popularity to continue, but Attract and Dugiverse lacked the foundation for this. In such a situation, ‘Cupid’ has achieved much greater success than expected, and it seems that the current four months have occurred as the interests of the two companies that were on the same ship diverged due to necessity. <\/p>\n

However, even if ‘Cupid’ was a hit, it did not create a worldwide sensation like Psy’s ‘Gangnam Style’. It’s hard for Attract’s financial situation to improve all at once with this one song. Although he received a certain amount of investment, it is known that there were many investors who wanted to see the sustainability of the team and company a little longer. <\/p>\n

In such a situation where the financial situation is still not good enough, ‘Cupid’ box office success was regarded as a golden opportunity for all those related to Fifty Fifty, and it seems that this happened because of overzealousness rather than taking steps step by step. <\/p>\n

According to the industry, in fact, as soon as ‘Cupid’ gave off an atmosphere that seemed to be winning in ‘Hot 100’, noise flowed out between Attract and Dugiverse. The two sides fought over who had more credit for the success of ‘Cupid’. This is because each of them can occupy a more favorable position when receiving investments related to Fifty Fifty in the future. <\/p>\n

It seems that the unexpected success of ‘Cupid’ fueled the desires of both sides and turned their backs when things didn’t go the way they wanted. Industry officials say that if ‘Cupid’ hadn’t been so successful, the two sides would have collaborated more for the time being. <\/p>\n

In fact, the success of ‘Cupid’ did not come after thorough calculations. There is an analysis that it was aimed at word of mouth through TikTok from the beginning, but there is strength in the interpretation that luck played a big role. This is because TikTok and the English version are publicity tools that not only Fifty Fifty but the entire K-pop industry have been working hard on. The analysis of the unexpected box office success of ‘Cupid’ owes nothing but consequential interpretation. <\/p>\n

The reason why idols from large agencies usually seem to be successful is because they have the power to endure. Every 3 or 4 months, they release a new song, make various attempts, support seniors from their agency, and if the company continues their sales offensive, the charm they already have gradually shines through. However, in the case of small and medium-sized agencies, including Attact, this is difficult. This is the case with ‘Loona’, which recently enjoyed popularity overseas, but the members scattered due to financial difficulties, and the agency Blockberry Creative.
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(Seoul=Newsis) Reporter Kim Geum-bo = Girl group Fifty Fifty members Theo (from left), Saena, Aran, and Kina pose at a press conference held at Ilji Art Hall in Gangnam-gu, Seoul on the afternoon of the 13th. 2023.04.13. kgb@newsis.com<\/p>\n<\/tr>\n<\/tbody>\n<\/div>\n<\/div>\n<\/div>\n

What are ‘Buy Out’ and ‘Label Deal’?<\/h3>\n<\/p>\n

The point where Attract and Dugiverse, who have been engaged in a legal battle, are most confronting each other is the ’20 billion won buyout’ and ‘label deal’. <\/p>\n

Attract is claiming that Dugiverse CEO Ahn Seong-il arbitrarily proceeded with the buyout of Fifty Fifty without the approval of CEO Jeon Hong-joon. <\/p>\n

Buyout is a term commonly used in professional sports. It refers to the fact that another agency can immediately negotiate with a singer belonging to that agency if a transfer fee of a certain amount or more is presented to the agency.<\/p>\n

However, Dugiverse said, “Warner Music Korea proposed a ‘label deal’ structure, and Warner Music hoped to discuss this with Attract CEO Jeon Hong-joon.” It’s connected,” he refutes. <\/p>\n

‘Label deal’ refers to an operation method in which a small or medium-sized company lacking funds or infrastructure is placed as a label under a global direct distribution company. It is a structure to maintain the operation method of small and medium-sized companies, but to facilitate smooth operation by direct distribution companies providing funds and infrastructure.<\/p>\n

Dugiverse said, “This proposal was a good signal for Attract, which lacked funds at the time and needed stable operation, and we delivered Warner Music Korea’s proposal because we thought it would benefit the company and artists in the long run.”
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Fifty Fifty 2023.04.27. (Photo = Provided by Attract) photo@newsis.com *Resale and DB prohibited<\/p>\n<\/tr>\n<\/tbody>\n<\/div>\n<\/div>\n<\/div>\n

However, it is explained that CEO Jeon Hong-joon expressed his intention to refuse to Warner Music Korea, hoping to list Attract, and later expressed interest in advanced investment, so Warner Music Korea modified the proposal accordingly. Warner Music Korea is the Korean corporation of Warner Music, a world-class record distribution company. Attract also signed a partnership agreement with Warner Records under Warner Music to enter the North American market in earnest.<\/p>\n

Warner Music’s interest in Fifty Fifty is presumed to be based on the judgment that it is lagging behind rival record labels in collaboration with K-pop, which has recently become a hot genre around the world. Universal Music has joined hands with JYP Entertainment, and Sony Music is known to have been looking for K-pop-related collaborators in a situation where its labels are interacting with Kakao Entertainment and YG Entertainment.<\/p>\n

Separately, in the K-pop industry, it was predicted that mergers and acquisitions would begin in earnest from this year. This is because even if small and medium-sized agencies are lucky enough to produce idols or hit songs, it is difficult to maintain sustainability in the rapidly changing industry, so various proposals are inevitable from places with abundant capital. As the content industry has recently put in efforts to secure intellectual property rights (IP), it is inevitable to become greedy in the case of a global hit song like ‘Cupid’. <\/p>\n

Did you cut open the goose that laid the golden eggs? overinterpretation<\/h3>\n<\/p>\n

In the midst of this, attracts are piled up. On the 19th of last month, the four members of Fifty Fifty, including Kina (20, main rapper), Saena (19, rhythm and main dancer), Shio (18, main vocal), and Aran (18, lead vocal), fought against Attract through a legal representative. This is because they filed an application for a provisional disposition to suspend the validity of the exclusive contract with the Seoul Central District Court. <\/p>\n

The members are emphasizing that “they are raising issues about various circumstances in which they did not fulfill their contractual obligations, such as the fact that Attract tried to enforce it unilaterally despite revealing a health condition that made it difficult for them to perform.” <\/p>\n

However, public opinion is not against attract. It is because of the Korean sentiment of respecting the courtesy of the producers who discovered and nurtured them. In particular, there are those who find it outrageous for the members to say that they will pay their bills after 7 months of debut without taking into account training costs and production costs. In addition, the news that CEO Jeon contributed up to 90 million won of his old mother’s property and his personal possessions, such as his car and Rolex watch, to the production cost added to the theory of sympathy for him. In addition, as it became known that the family members of the four members applied for trademark rights for the members’ names as well as the Korean group name of Fifty Fifty, negative public opinion against them increased.
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Fifty Fifty. 2023.06.21. (Photo = Courtesy of Attract) photo@newsis.com *Resale and DB prohibited<\/p>\n<\/tr>\n<\/tbody>\n<\/div>\n<\/div>\n<\/div>\n

However, there are voices saying that it is first for Attract to clarify some of the suspicions, such as pointing out that it is necessary to disclose details such as the 8 billion won that it said it invested in Fifty Fifty. <\/p>\n

In the history of K-pop, it is unusual to receive attention in a short period of time and cause internal conflict in a short period of time. According to this, on the other hand, there is a comment saying, ‘I cut the belly of the goose that lays the golden eggs’. <\/p>\n

However, there is an interpretation that this is an excessive formula. It is true that ‘Cupid’ has been a long-term box office hit, entering both the US Billboard’s main single chart ‘Hot 100’, which leads to the world’s two major pop charts, and the UK Official Singles Chart Top 100 for 16 weeks as of the 16th. However, the song itself was a hit, and it did not form a fandom for the team or members. The news that Fifty Fifty will be participating in the OST of the Hollywood movie ‘Barbie’ received quite a surprising response from the K-pop industry. This is the power of Warner Music, the OST production company. <\/p>\n

In a situation where a stable production was not in place, ‘Cupid’ acted as a big burden, and in this situation, the follow-up was successful. <\/p>\n

There were also rumors that some large brands considered Fifty Fifty as their advertising model, but question marks followed in the advertising industry as the agency or fandom for the members was not confirmed. In addition, as negative images such as court battles are added, it seems that there will be few advertisement requests for them for the time being. As a result, the possibility that Fifty Fifty can disappear leaving behind a ‘one hit wonder’, that is, is strengthened.<\/p>\n

The court is expected to make a decision on the exclusive contract dispute between Attract and Fifty Fifty at the end of this month.<\/p>\n

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