CEO Jeon Hong Joon Denies Rumors of Fifty Fifty’s Settlement

HomeK-PopCEO Jeon Hong Joon Denies Rumors of Fifty Fifty's Settlement

Attrakt CEO Jeon Hong Joon has denied rumors that Fifty Fifty will receive settlement for their song “Cupid” at the end of July.

In a phone interview on July 11, CEO Jeon announced that they had not yet finalized the settlement for “Cupid”. He stated that a small portion of the domestic music revenue for the song had been received in June, but he anticipated settling the foreign chart music revenue in August or September.. Read More – Jihoon Clarifies How T5 Treasure Members Were Chosen

Jeon also said that he has never heard of Interpark finishing the settlement related to the settlement. He said that the settlement for each member will be a separate part.

Fifty Fifty’s settlement rumors began after TenAsia reported on July 11 that the group would receive settlement for “Cupid” at the end of July. The report said that Spotify had paid at least billions of won in settlement, and that Interpark was finalizing the details.

Jeon said that he finds the rumors to be ridiculous. He mentioned that settling digital music revenue usually takes about 4 to 9 months, and specifically mentioned that “Cupid” was released at the end of February.

The conflict between Fifty Fifty and Attrakt began in June when Fifty Fifty sent a proof of contents to Attrakt, formalizing their breakup with CEO Jeon Hong-joon. Fifty Fifty is seeking an injunction to suspend the exclusive contract with Attrakt.

The two sides are currently in court, and the next hearing is scheduled for July 25.

Source – Starnews Korea

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