Each NewJeans member receives nearly 100 billion VND amid the "birth parents" lawsuit.

While the conflict between HYBE and Min Hee Jin - CEO of subsidiary ADOR has not ended, Korean media has just revealed the amount of money each NewJeans member will receive for 2023 activities.

Edaily (Korea) newspaper reported that NewJeans' management company recorded a revenue of 110.3 billion won (more than 2,000 billion VND) in 2023. According to the electronic disclosure system of the Financial Supervisory Authority on April 24 , the amount of money collected by ADOR increases 5 times compared to 2022.

ADOR's operating profit reached 33.5 billion won, an incredible growth. Previously, in 2022, the company lost 4 billion won when spending investment money on NewJeans activities. Looking at net profit, after deducting expenses and taxes, the company's profit from business activities is 26.5 billion won.

Edaily said, the amount of money NewJeans members received from ADOR last year was estimated at more than 26 billion won. Based on financial reports, the company spent about 29 billion won on commission payments.

Of which, more than 26 billion won is used to distribute to artists, nearly 3 billion won is used to deal with sales and management costs. Considering the 5 members of NewJeans, each person can be paid up to 5.2 billion won (about 96 billion VND).

In recent days, Korean showbiz has been rocked by an internal dispute between the "boss" of the entertainment industry - HYBE Group and Min Hee Jin - CEO of ADOR (a subsidiary under HYBE) and also the "mother" NewJeans.

ADOR is a company under HYBE, founded by CEO Min Hee Jin in 2021, with HYBE owning 80% of the shares. The remaining 20% is held by CEO Min Hee Jin and other ADOR executives. In 2023, ADOR recorded the 3rd highest revenue in HYBE.

Min Hee Jin believes that Bang Shi Hyuk - president of HYBE - deliberately copied the style and music of NewJeans to create the new group ILLIT. HYBE's side presented evidence denying the accusations, accusing Min Hee Jin of intending to usurp management rights, trying to separate from the parent company, creating bad publicity for the artists under HYBE. In addition, HYBE also sent a letter asking Min Hee Jin to resign as CEO of ADOR. Immediately after this news broke out, HYBE's stock price "evaporated" hundreds of billions of won.

In this battle, NewJeans is the name that makes fans most worried. In the worst case, if NewJeans wants to terminate the contract and leave HYBE with "mother" Min Hee Jin, a tense legal battle could occur. Naturally, the members will face punishment from the corporation.

NewJeans debuts in 2022. Considering the contract term of a Korean idol group is usually 7 years, NewJeans still has about 5 years left working under HYBE.

Business Post believes that the cost of terminating NewJeans' operations could be huge. According to the Korean Fair Trade Commission, the penalty is calculated by the average monthly revenue over the past two years, multiplied by the number of months remaining in the contract.

According to Business Post, the estimated minimum monthly income of NewJeans is about 3.5 billion KRW (equivalent to 64.5 billion VND). With the remaining contract term of 60 months, the fine the group faces is up to more than 210 billion KRW (approximately 3,900 billion VND). Regarding the investment that HYBE poured into to launch NewJeans, because the group has repaid it after a successful debut, this cost will not be counted.

However, industry insiders predict that CEO Min Hee Jin may solve the fine problem by receiving investment money from foreign investors. There are opinions that the NewJeans incident is quite similar to the noisy exclusive contract dispute between the Fifty Fifty group and the management company that shocked the entertainment industry a year ago.

NewJeans quậy đục nước, đòi công bằng cho "mẹ đẻ" là phụ, chủ yếu muốn rời HYBE Phi Yến07:04:35 13/09/2024Mới đây, các thành viên NewJeans đã mở buổi livestream đối chất HYBE đồng thời yêu cầu phía công ty phục chức cho Min Hee Jin. Động thái này của nhóm ngay lập tức gây dậy sóng CĐM.