According to an exclusive report published by Korean news outlet Star News, Red Velvet's Seulgi has recently renewed her contract with SM Entertainment.

Red Velvet debuted on August 4, 2014 with their first single "Happiness," meaning the group recently celebrated their 9th anniversary. According to the standard contract established by the Fair Trade Commission, the exclusive contract period for an idol group is usually up to seven years, so although SM Entertainment had never officially announced it, Red Velvet seems to have renewed their contracts once back in 2021.

Ordinarily, contract renewals indicate a strong relationship between the agency and its artists. However, Seulgi's contract renewal with SM Entertainment has additional significance as the agency recently entered the 'SM 3.0' era after breaking away from Lee Soo Man's original production system. After his resignation, artists under the agency have been leaving. Girls' Generation's Sunny has left the agency entirely, while Super Junior's Kyuhyun, Donghae, and Eunhyuk have all chosen not to renew their individual contracts. Shin Dong Yup and Lee Hye Sung have also chosen not to renew their contracts with subsidiary SM C&C.

Meanwhile, SM Entertainment has yet to release an official statement regarding Seulgi's contract renewal.