ATTRAKT‘s CEO responded to a report claiming that FIFTY FIFTY was due for a hefty payday.
On July 11, 10Asia reported that FIFTY FIFTY would be paid out at the end of July. The report also stated that an industry insider predicted that the amount paid to FIFTY FIFTY would be at least ₩3.00 billion KRW (about $2.31 million USD), while other insiders predicted that the amount could even exceed ₩10.0 billion KRW (about $7.70 million USD).
FIFTY FIFTY Is Expected To Be Paid Over $2 Million USD This Month Due To The Success Of “Cupid”
ATTRAKT CEO Jeong Hong Joon has since responded to the report in an article published by Star News. In his response, the CEO revealed that the report was wrong.
The report doesn’t make any sense. We just received the domestic royalties for “Cupid” in June. As for the music revenue from overseas, it will take four to nine months. I think the group will be paid out in August-September.
— Jeong Hong Joon
The CEO then revealed that even if “Cupid” generated ₩3.00 billion KRW (about $2.31 million USD) in revenue, the label would still not have recouped their investment, but revealed that individual members would still be paid out regardless.
Even if the revenue settlement came out to ₩3.00 billion KRW (about $2.31 million USD), the label would still be in the minus. The individual members would still be paid apart from this.
— Jeong Hong Joon
There has been an increased interest in the revenue generated by “Cupid” as well as settlement amounts for members amid FIFTY FIFTY’s legal feud with their label. Read more about it in the link below.
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