SM Entertainment (hereafter 'SM') is reeling from successive complaints by its artists, leading to a significant drop in their stock prices and putting the company in a critical situation. The focus is now on how SM will resolve this crisis.
On the 24th, girl group Red Velvet celebrated their 10th anniversary with a comeback, and their new album 'Cosmic' achieved first place in 41 regions worldwide, including the United States, the United Kingdom, and Hong Kong.
However, member Joy publicly expressed her dissatisfaction with SM on a communication platform, sparking controversy. She stated, "They didn't listen to any of our opinions and told us to wait, only to see a music video with no changes," expressing her discomfort.
Even before their comeback, Joy hinted at a strained relationship with SM. She questioned SM's lack of promotion for Red Velvet's new album, expressing her frustration by saying, "I wonder if it's supposed to remain a secret, if they forgot to announce it, or if they're planning to announce it next week."
With SM yet to renew contracts with all Red Velvet members, these tensions have heightened fans' anxiety.
SM renewed contracts with Seulgi in August last year and Irene in February this year, but there has been no news about Joy or the other members. The future of Red Velvet as a whole remains uncertain, and Joy's dissatisfaction adds to the concerns.
SM's 'poor handling' of artist issues has precedent. Taeyeon of Girls' Generation previously expressed similar dissatisfaction with SM. In October 2019, when her solo song 'Spark' was released later than scheduled, Taeyeon voiced her frustration on social media.
SM responded by apologizing for the delay, but Taeyeon's reaction highlighted her discontent.
SHINee and TVXQ have also faced similar issues, with delayed releases and errors in music videos that required re-editing and re-releasing.
These conflicts are just the tip of the iceberg. SM is also embroiled in a legal battle with EXO's Chen, Baekhyun, and Xiumin (CBX).
Although EXO-CBX signed new contracts with SM, allowing them to pursue personal activities outside the company with certain conditions, tensions have escalated recently.
On the 12th, SM sued CBX to honor their contract, and on the 14th, CBX countersued SM for unpaid settlement fees. CBX accused SM of not fulfilling an agreement to guarantee a 5.5% distribution fee through Kakao and refused to pay SM 10% of their personal earnings.
SM countered by accusing CBX's agency INB100 of tampering, further intensifying the conflict. As this dispute shows signs of prolonging, EXO fans are growing increasingly anxious about the group's future.
The public complaints and criticisms from SM's artists are causing confusion among fans. Fans expect their favorite artists to be actively supported by their agency, enabling them to focus on their activities. Frequent complaints against SM can reduce the artists' activities and alienate fans.
Without fans, there are no artists; without artists, there is no agency. SM must take these issues seriously before it's too late.
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2024-06-25 12:29:00Z
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