S.M. Entertainment Co fell after several media reported on Saturday that members of Tong Bang Shin Gi (TVXQ), a South Korean boy band, filed an injunction in a Seoul court to terminate their contract with the talent agency.
'For investors, it's reasonable to worry over the news, since Tong Bang Shin Gi is one of the major sources of revenue for SM Entertainment,' said Kim Chang-kwon, an analyst at Daewoo Securities.
S.M. Entertainment could not be reached for a comment.
S.M. Entertainment shares fell 10.06 percent to 3,755 won as of 0141 GMT, while the junior Kosdaq rose 0.82 percent.
0141 GMT
source: forbes
WHY SM? WHY DO YOU TOTURE YOUR ARTISTES SO? :(
Idol group Dong Bang Shin Ki’s members Micky YooChun, Hero JaeJoong and Xiah JunSu finally revealed their stand about their problems with SM Entertainment.
Their representative revealed through news media on 3rd August, “The 5 years period after they debuted, the 3 of them felt that their minds and their bodies are tired having to follow the tight schedule that the company put up unilaterally.”
They continued, “Kim JunSu, Kim JaeJoong and Park YooChun have been following SM’s instruments from beginning of 2004 till now, going back and forth promoting in Korea, Japan, China etc, and in a year except for 1 week they get only 3-4 hours of sleep a day to do our schedule.”
Also, “In the process the health of the 3 members are very much deteriorated, they are also suffering from mental fatigue, and as time went SM continue to established on their own decision for Dong Bang Shin Ki to advance into other countries. In the end the 3 members felt that as compared to be fulfilling their dreams to be singers, they are used more as a tool by the compared to earn profits, and they wish to use each of the members to also go into other entertainers’ activities.”
The 3 members’ representative also added, “It is a 13 years contract but in reality it is a lifetime contract. With the exclusive rights clause in the contract, the 13 years also include the time the members are serving their military service, hence it will go for more than 15 years. And now it has not even been near to 10 years since the group’s debut, hence it seems like the contract will last until the members’ retirement from the entertainment zone. The penalty for retracting the exclusive right clause is 3 times the investment cost and 2 times the lost in earnings. They also asked about the penalty of cancelling the whole contract but it will involve several hundred billions KRW of penalty, hence in reality there is no way out but to be tied down to SM because of the contract.”
Also, “The members did not receive the right treatment even from SM. Without getting any contract fees, the initial contract was that if their album sells more than 500K copies, each member will get about 10 million KRW during the next album release. If they sell less than 500K copies of album, they will get nothing.”
The 3 members had went down to Seoul Central District Court to file for a retractile of their exclusive belonging rights with SM Entertainment on 31st July, causing an outrage of speculations about the group’s disbanding and also problems between the members and SM.
MADNESS! I feel very very bad for them. The worst thing is they can't levae the SM. And I bet SuJu, SNSD, SHINee are going through the same shit just that they arent as big as TVXQ to sue them.
And I read comments saying that soon Cassies are gna burn down SME or something. LOL! I mean, its SM vs TVXQ+ CASSIES! And you know how those cassies are, where are they anyway?
Maybe they can be like SHINHWA and change companies, but it would be hard. It took Shinhwa damn long before they could leave SM as well.
SAD.
TVXQ FIGHTING! CASSIES FIGHTING!
credits: sookyeong, j.dore@soompi
-shuyan
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