Red Velvet Celebrates 9th Anniversary with Contract Renewal Dilemma
Reporter: Seunghoon Lee | September 13, 2023, 16:52
Photo by Reporter Lee Dong-hoon: photoguy@
Red Velvet, the popular K-pop group that debuted in August 2014 with their first single “Happiness,” is now celebrating their 9th anniversary. In an industry where exclusive contracts are limited to a maximum of 7 years according to the Fair Trade Commission’s standard contract, the 7th year is often referred to as the “demons period.” Surprisingly, Red Velvet has surpassed this hurdle without any official contract renewal news until now, indicating that they have broken the 7-year jinx.
However, as the group enters their 10th year of debut and approaches the contract renewal season, they are faced with the dilemma of whether to remain with their agency, SM Entertainment (referred to as “SM”) or seek a new home. Seulgi, one of the group members, has already announced her contract renewal with SM last month.
The contract periods for Red Velvet members vary depending on factors such as the year they joined SM and their joining order. Additionally, there are cases where the contract period is extended by agreement with the artist before the original contract expires, resulting in different contract durations for each member within the group.
In order for the group to continue their activities smoothly, it is crucial for all members to renew their contracts with SM. While there is a possibility of adding a clause to allow the group to maintain their activities even after leaving SM, such a decision requires a strong sense of loyalty that transcends a mere farewell or contract renewal with their original agency.
Red Velvet’s situation is currently ambiguous, as their leader, Irene, has decided not to renew her contract. As a result, SM is currently unable to confirm Red Velvet’s upcoming activities such as albums, performances, and events.
Photo by Reporter Kim Chang-hyun: chmt@
Has luck run out after 9 years? Despite releasing ‘Feel My Rhythm’ in March last year and ‘Birthday’ in November, Red Velvet has decided to take a hiatus from releasing albums. They had initially planned to start ‘The ReVe Festival 2022,’ a music festival led by Red Velvet itself, but unfortunately, only two albums have been released so far. It would be misleading to refer to it as a festival when it abruptly comes to an end.
Last July, Red Velvet’s fandom protested in front of the SM office building, demanding the release of a 2nd full-length album 10 years after their debut and urging SM to follow through with their plans for a 3rd full-length album. They criticized SM for sabotaging publicity efforts based on the members’ recognition and running various promotions. The protest took the form of a truck with words written on it.
Although Red Velvet announced during a live broadcast last month that they are preparing for their 3rd full-length album in the second half of this year, the successful implementation of this plan relies on the coordination of contract renewals. The uncertainty surrounding this matter stems from SM’s recent shift away from Lee Soo-man’s unique production system and the departure of several artists, including Kim Min-jong, Super Junior’s Kyuhyun, Eunhyuk, Donghae, Girls’ Generation’s Sunny, Shin Dong-yeop, and Lee Hye-sung. The impact of these changes on Red Velvet’s contract renewal remains to be seen. Moreover, as SM is a listed company, the stock price may be affected.
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Reporter Seunghoon Lee | 2023.09.13 16:52
Red Velvet / Photo = Reporter Lee Dong-hoon photoguy@
Fortunately, the ‘Seven Years of the Devil’ passed.
Red Velvet, who debuted with their first single ‘Happiness’ in August 2014, are celebrating their 9th birthday this year. As the period of the exclusive contract is limited to a maximum of 7 years according to the Fair Trade Commission’s standard contract, 7 years is known as the ‘demons period’ in the K-pop market. Red Velvet has never made official contract renewal news until now, but since they have been active for over 7 years, it seems they have broken the 7-year jinx.
However, as they enter their 10th year of debut and the approaching contract renewal season, they are considering whether to remain loyal to their agency, SM Entertainment (hereafter referred to as ‘SM ‘), or find a new home. At first, Seulgi hung up. He announced his contract renewal with SM last month.
Red Velvet members’ contract periods vary depending on issues such as the year they joined SM and the members they joined. In addition, there are cases where the contract period is extended by agreement with the artist before the end of the contract period, so even within the same group, the contract period is different for each member.
In order for the group to be able to continue their activities smoothly, all members must renew their contracts with SM. Of course, Red Velvet can be protected by adding a clause to maintain group activities even after leaving SM, but this requires a strong loyalty that continues even without a beautiful farewell or contract renewal with the original agency .
Red Velvet’s case is ambiguous. Leader Irene is not renewing her contract. Therefore, it is said that SM is currently unable to confirm Red Velvet’s activities such as albums, performances, and events.
Red Velvet / Photo = Reporter Kim Chang-hyun chmt@
Was it 9 years of luck?
Red Velvet is taking an album hiatus after releasing ‘Feel My Rhythm’ in March last year and ‘Birthday’ in November. They announced ‘The ReVe Festival 2022’ to start a new music festival from Red Velvet itself, starting with ‘Feel My Rhythm’, but only two albums have been released. It would be embarrassing for viewers to call it a ‘festival’. It was over as soon as it started.
In the end, Red Velvet fandom said in front of the SM office building last July, “Still releasing a 2nd full-length album 10 years after debut? Follow the plan for a 3rd full-length album,” and “What’s the point if we release a song? SM’s sabotage of publicity based on recognition. Running various promos.” The protest was held with a truck with the words written on it.
Although they announced via live broadcast last month that they are preparing their 3rd full-length album in the second half of this year, it is not clear if the proposed plan can be implemented properly if the contract renewal is not coordinated.
In particular, after the announcement of the ‘SM 3.0′ era, which broke away from Lee Soo-man’s unique production system, Lee Soo-man, and many of his artists, including Kim Min-jong, Super Junior’s Kyuhyun, resigned , Eunhyuk , and Donghae, Girls’ Generation’s Sunny, Shin Dong-yeop, and Lee Hye-sung, are leaving SM, leading to Red Velvet’s It remains to be seen if the contract will be renewed. In addition, as SM is a listed company, the impact on the stock price cannot be avoided.
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