SM Entertainment retains 3 EXO members after contract conflict 2023

Both parties announced on Monday that issues about a contract problem have been resolved, and as a result, three members of the South Korean boy band EXO have elected to continue their exclusive contracts with SM Entertainment.

The three members of the nine-member group, Baekhyun, Xiumin, and Chen, had been engaged in a dispute with the dominant force in the K-pop industry over what they alleged to be overly lengthy contracts and the agency’s lack of transparency in terms of financial settlements.

However, SM had already denied the accusation, stating that there was nothing wrong with the contracts and that the musicians had been seduced by a third party to sign double contracts with a new agency. SM said that the artists had signed the double contracts without their knowledge.

“This company and the three artists resolved their differences caused by misunderstandings and reached a mutual agreement based on smooth communication,” the three members and the K-pop company said in a joint statement. The statement was issued after the parties had sorted their problems.

3 EXO members stay with SM Entertainment, ending contract conflict

“Both parties have decided to continue pursuing EXO’s activities more actively and consistently while acknowledging and maintaining the contracts,” they stated, adding that elements of the contracts were adjusted to fit with each other’s perspective. “Both parties have decided to continue pursuing EXO’s activities more actively and consistently while acknowledging and maintaining the contracts.”

They did not, however, provide any other information regarding the arrangement.

According to the joint statement, SM apologized to individuals affected and admitted that its claim regarding the duplicate contracts had been based on inaccurate information. SM also accepted that its claim had been based on faulty information.

It is hoped that the agreement would result in the expeditious resolution of the issue.

The group of three submitted their complaint to the Fair Trade Commission at the beginning of this month. The Fair Trade Commission is a government regulatory organization that is entrusted with monitoring unfair business practices. Concerns were expressed as a result of this move over the possibility that the disagreement may develop into a court fight, which could possibly impair the group’s continuing efforts.

Next month, EXO will release “Exist,” their seventh studio album consisting of all original songs. (Yonhap)