Netizens Point Out The Huge Sign A Popular Entertainment Company Is “Close To Bankruptcy”

What do you think of the situation?
Stories
Koreaboo

While everyone knows the “Big 4” companies — SM Entertainment, JYP Entertainment, HYBE, and YG Entertainment — this does not mean no other companies have made a name for themselves in the industry. For example, Cube Entertainment has debuted groups like BTOB and (G)I-DLE, among many others.

IMG_5870
(G)I-DLE | Cube Entertainment

One such company is Woollim Entertainment, founded in 2003.

The company would debut its first boy group, INFINITE, in 2010. INFINITE are well known for being one of the groups to help spread the Hallyu wave and were the first K-Pop group to top Billboard’s Emerging Artists Chart.

IMG_5873
INFINITE

In 2013, the label merged with SM Entertainment’s subsidiary SM Culture and Content to form Woollim Label, an independent record label, and subsequently debuted their first girl group, Lovelyz, in 2014. SM C&C later split its business and established Woollim Entertainment to handle its music content business.

IMG_5874
Lovelyz | Woolim Entertainment

Currently, Woollim is home to three K-Pop groups (Golden Child, Rocket Punch, and DRIPPIN) and two soloists, former Lovelyz‘s Baby Soul (Lee Sujeong) and Kwon Eunbi. Lovelyz disbanded in 2021 following the expiration of the members’ contracts, while the last members of INFINITE departed from the label in 2022.

IMG_5871
Golden Child | Vanity Teen
IMG_5872
Kwon Eunbi | News1

With two such successful groups helping to establish the company’s position in K-Pop, many believed that Woollim would be able to manage the artists under the label properly. However, according to netizens, a recently pointed out sign points to the company declining.

In a post on X, a fan claimed that it had been nearly a year and a half since an artist under the label released an album that was not a single album.

Looking at each group’s activity, one will find that the statement is true.

Golden Child’s most recent release, Feel Me, was a single album, and their most recent mini-album was released on August 22, 2022. The label’s second girl group, Rocket Punch, last released a mini-album in February 2022 and have never released a full album in Korea.

IMG_5868
Rocket Punch | Woollim Entertainment

Lee Sujeong’s only mini album was also released in April 2022. Kwon Eunbi, who has seen a huge surge in popularity since her appearances at WATERBOMB festivals last summer, released the mini-album Lethality in October 2022.

DRIPPIN debuted in 2020 and released one full album in November 2022, their last non-single album release.

IMG_5875
DRIPPIN | Woollim Entertainment

This means it has been almost 16 months since an artist released anything other than a single album, with April 2024 marking a year and a half. Groups will sometimes go this long between full albums, but groups under established labels rarely go so long without mini-album releases.

More goes into the production of full and mini-albums, making them more expensive to publish, and this has led some to believe Woolim is suffering financial difficulties. However, some are glad to see the company “struggle” because of the alleged mistreatment of Lovelyz and INFINITE and hope the current artists can find other labels.

Next Page
Scroll to top