FIFTY FIFTY voice out about the financial discrepancies and unfair contracts

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

The Post FIFTY FIFTY voice out about the financial discrepancies and unfair contracts Originally Posted on www.allkpop.com

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