On the October 21, the members of FIFTY FIFTY took to their personal X account (previously known as Twitter) to voice their grievances regarding the practices prevalent in the K-pop industry, focusing specifically on their exclusive contracts and the associated agreements. The group shed light on the complexity of standard exclusive contracts and revealed a concerning lack of transparency in the financial arrangements.
At the core of FIFTY FIFTY's concerns are the subsidiary agreements that significantly outweigh the financial expectations outlined in their standard exclusive contracts. These subsidiary agreements often result in exorbitant deductions from their earnings, leaving them with far less income than initially anticipated.
The group raised a red flag over the extensive scope of these subsidiary agreements, questioning whether talent agencies employ them to manipulate the standard exclusive contracts in their favor. FIFTY FIFTY members have expressed concerns about this industry-wide practice and its impact on artists.
In their plea for change, FIFTY FIFTY called for a comprehensive reevaluation of the effectiveness of the current standard exclusive contracts. The group argued that it is vital for the industry to scrutinize whether the subsidiary agreements serve to subvert the very purpose of these standardized contracts.
Another pressing issue addressed by the group pertains to financial transparency, particularly the absence of regular financial statements. While exclusive contracts are signed at the outset of an artist's career, financial statements are not routinely provided. This lack of insight into the management of their earnings has left artists in the dark regarding their financial affairs, leaving them more prone to exploitation. And thus, members of FIFTY FIFTY articulated their dissatisfaction with the prevailing system, emphasizing that it fails to establish a fundamental framework where artists can secure their rights and financial interests adequately.
The allegations leveled by FIFTY FIFTY earlier on have triggered legal confrontations between the group and their talent agency, ATTRAKT Entertainment. In a bid to suspend the impact of their exclusive contract, FIFTY FIFTY initiated a contentious legal battle.
However, recent developments in the case saw member Keena retracting his appeal and returning to ATTRAKT Entertainment. Read more about that fifi20221118
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Well they may have some valid concerns about industry wide contracts details but the problem is they are arguing that because they think because the contracts they agreed to is unfair (now that they gained some fame) then they are simply allowed to break it. They didn't even try to negotiate with their agency about the contract... they simply left and sued.
No matter who's right in this situation it really doesn't look like they should return to work as idols because as they admit their health doesn't allow it and they find industry standard contracts unfair.
As I read more about their situation it became too obvious they are unsuited for the job. 5050 had some of the least busy schedules of any rookie group with them only having 2 weeks of music shows and became increasingly less busy after that without any additional work in variety shows/commercials etc. Meanwhile most rookie groups pretty much put out content almost daily and some fans still complain over lack of promotions.
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