Will SM Artists Stay After HYBE Acquisition? A unit responds
Girl group aespa’s album has been canceled and SHINee’s Key is unable to host solo concerts: The ongoing chaos surrounding SM Entertainment may be a source of unease for shareholders, but for artists, staff and fans the anguish is more than pain.
The conflict between HYBE, SM Entertainment founder Lee Soo-man, and co-CEO Lee Sung-su escalates with each new revelation, casting a shadow over the future of what was once K-country pop.
Artists are excited, staff are angry and fans are desperate.
“I have no idea what’s going on,” artist Park Myung-soo said on a radio show.
” It’s complicated. But I just hope that the artists don’t get hurt and can perform on stage. I’m worried about young artists. I just want everything to calm down. »
Singer Key described the atmosphere at the agency as “unstable” during a live broadcast on February 13.
“I want to organize a performance more than anyone. But who can I ask for an encore gig? I have no idea. Society is so unstable right now. »
Red Velvet’s Seulgi recently turned down a fan’s request to perform a dance cover of Newjeans’ “Hype Boy” to “not cause trouble.”
Another factor adding to fan concerns is the news of SM Entertainment’s artist contract renewals – or rather, the lack of them.
Since Girls Generation and SHINee’s Yoona, Taeyeon, Yuri, Sunny, and Hyoyeon announced that they’d renewed their contracts with the company a few years ago, there’s been no news of other artists doing the same, although it’s likely that they will some have done so.
The fact that HYBE will become a majority shareholder has some worried about the possibility of SM artists leaving the agency.
According to an industry insider “They (SM artists) have a high chance of looking for a small or medium agency that will support their solo careers and give them better profit sharing. »
He went on to say that the number one reason SM artists might choose to stay is agency loyalty and brand representation.
“Artists who have been with SM for a long time have mostly decided to stay because of their loyalty and the brand [SM]. Therefore, they will not accept the idea of a takeover by another big company [SM.] »
The rep also discussed how the possibility of SM’s lead artists leaving might affect HYBE’s desire to acquire the company – and hinted that the potential of NCT, aespa and future debuts might be enough for HYBE to to follow up the company.
“The main intellectual property (IP) rights currently keeping SM alive are NCT and aespa. If these two teams are safe, then there are no major issues with the company’s current value, and the potential for new idols in the future also remains. »
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