The head of the Korean Music Label Industry Association comments on the ”FIFTY FIFTY” situation... ”It's wrong to make a problem with the settlement immediately after the debut.”

Yoon Dong-hwan, chairman of the Korea Music Label Industry Association (hereinafter referred to as Onre-kyo), and management office ATTRAKT (representative Jung Hong-joon) and the group "FIFTY"
FIFTY” revealed its views on the Exclusive Contract dispute. On the 1st, Chairman Yoon appeared on the YouTube channel Yong Tu You TV and said, ``FIFTY
FIFTY” filed an application for a provisional injunction to suspend the validity of the Exclusive Contract against the management office, and talked about several issues that were viewed as problematic.
First, Chairman Yoon said, ``Album and music advance payment investment is based on monthly album and music revenue.
The structure of offsetting processing”, “In the case of a star with a certain amount of income guaranteed, it will be invested in artists, so I think it is necessary to personally announce it, but in the case of newcomers, it is almost impossible to make an upfront investment.
It's Noh.'' He continued, "Even so, the fact that I received an investment of 8 billion in advance is because I saw the ability and potential of CEO Jung Hong Joon."
There is a need for debate as to whether this should be the case. If things are done poorly, there is a risk that the entire music industry will shrink and atrophy."
At the same time, Chairman Yoon said, ``We have no choice but to start with an unconditional deficit and suffer losses.
If investments, losses, and profits are repeated, there will come a point when the company turns a profit, but it would be a mistake to view liquidation soon after its debut as a problem.''
Regarding FIFTY FIFTY citing violation of health management obligations and inadequate activity support as reasons for applying for a provisional injunction, ``The criteria are unclear because there is no objective sample.
If a standard contract contains limited content, any number of legal disputes may arise.''If there are too many lawsuits, the effectiveness of the Exclusive Contract may be weakened.''
I said. In conclusion, Chairman Yoon said, ``It's a shame because we were able to achieve good results with good content, and this was ultimately the key to the development of K-pop and the popular music industry.''
``This issue could potentially reduce the status and favor of K-pop overseas, and it is an issue that is directly connected to the popular music industry, so this is something that needs to be clarified.''
. Meanwhile, ``FIFTY FIFTY'' has announced its intention to appeal the court's decision to dismiss the provisional injunction, and is currently preparing for a lawsuit on the merits.