0

0

General

SM Entertainment most likely ending their partnership with Genie Music

Posted by yckim124766 pts Friday, December 8, 2017
misc.
SM Entertainment is most likely ending their partnership with Genie Music


According to news1 on December 7, Genie Music successfully renewed distribution agreements with YG Entertainment and JYP Entertainment, however, they're facing difficulties in maintaining their contract with SM. 


A rep from Genie Music stated, "Head of Genie Music, Kim Hoon Bae, expressed his willingness to increase commission fees for contract renewal with YG and JYP. However, SM expressed the wish to leave Genie Music. Therefore, their renewal seems unlikely."


It's stated that SM Entertainment's partnership with SK Telecom established in July most likely played the greatest influence in the agency's decision to end the distribution agreement with Genie Music. 


SEE ALSO: Engine failure forces Asiana Airlines flight to return to Incheon shortly after takeoff


Genie Music is expected to have a tremendous financial loss, about 10,000,000,000 KRW (9 million USD), without SM Entertainment as the agency provides about 40% of Genie Music's revenue.


An associate in the music business commented, "Genie Music is in danger as YG and JYP's contracts are also most likely just temporary."

  1. misc.
  2. SM ENTERTAINMENT
0 28,769 Share Be the first to vote

allkpop in your Inbox

THE TOP 10 STORIES DELIVERED DAILY
Ji Suk Jin, Lee Kwang Soo, Lee Sun Bin
The Boyz
Lee Jang Woo
Forestella, Kim Yuna
The Boyz
Jang Dong Yoon, Moon Chae Won, Lee Suk Hoon
BTS, j-hope
Im Soo Jung, Kim Sung Oh, Lee Dong Hwi, Ryu Seung Ryong, Yang Se Jong
misc.
ALLDAY PROJECT, Tarzzan, Woochan, Bailey, Youngseo, Annie, KARD, J.seph, B.M, Solbi
ALLDAY PROJECT, Tarzzan, Woochan, Bailey, Youngseo, Annie, KARD, J.seph, B.M, Solbi
Ji Suk Jin, Lee Kwang Soo, Lee Sun Bin
Forestella, Kim Yuna
The Boyz
BTS, j-hope
New Message

SEND