In a bold move, FIFTY FIFTY took to social media to challenge claims made by their CEO, Jun Hong-Joon, regarding the group’s expenses. Despite losing a lawsuit against their agency ATTRAKT, the members continue to use their platform to demand transparency and truth.
In August 2023, FIFTY FIFTY established their own social media presence to communicate directly with their fans. Even after losing a legal battle against their agency ATTRAKT over contract termination, the group remained active on social media. On October 12, 2023, they used this platform to update their supporters.
ATTRAKT accused of false representation
The group accused their agency of falsely representing their expenses. Under the headline “The company is framing us without proof!”, they disputed ATTRAKT’s claim of investing ₩5.00 billion KRW (approximately US$3.74 million) in them. According to FIFTY FIFTY, the real figure stands at ₩2.00 billion KRW (about US$1.49 million USD). They also revealed receiving a substantial advance from a distribution company, which exceeded the actual costs of their debut album.
- A: After we have collected our first round of data, we plan on making our decision after the feedback and the last Thailand interview.
- J: Ah… Okay.
- A: We have scheduled a meeting with the distribution company.
- J: Hwaiting! I’ve matched up stories that we’ve received ₩5.00 billion KRW (about US$3.74 million) as an advance payment for our girl group.
- J: 2 years and 6 months. ₩100 million KRW (about US$74,700) per month… over 30 months… ₩3.00 billion KRW (about US$2.24 million)
- J: ₩1.60 billion KRW (about US$1.20 million) for the first album this time. ₩1.00 billion KRW (about US$747,000) after. It’s ₩5.60 billion KRW (about US$4.19 million. I think we can match up to ₩5.00 billion KRW (about US$3.74 million) in advance payments.
The members then issued several demands to their agency:
- Stop avoiding communication and cease making unfounded criticisms.
- Refrain from making baseless allegations.
- Disclose the complete financial details concerning FIFTY FIFTY.
The group alleges that ATTRAKT has been evasive and non-transparent about the funds allocated for them. Despite their requests for a detailed financial log, the agency has only claimed an investment of ₩8.00 billion KRW (around US$5.98 million), without itemizing the expenses.
FIFTY FIFTY also expressed their emotional and physical toll due to the ongoing legal issues. They vowed to expose the true character of CEO Jeon Hong-Joon in the near future. Stay tuned for updates!
What do you think of FIFTY FIFTY calling out CEO Jun Hong-Joon over the matter of the group’s Expenses?