Gfriend's "disbandment" is due to the agency going bankrupt??

[satoori]

after the acquisition bighit loan somu money and invested a load into gfriend (as we can see by last year promos) and even trusted somu to help with the new upcoming girl group

however i don't know what's going on now o.o

somu was surviving off of one group. a girl group who was mainly publicly friendly. who was just starting to step towards touring (where the money is at..) before the outbreak...basically somu was struggling even before bighit

i'm still hoping gfriend isn't disbanding tho..TT

[satoori]

11 minutes ago, YeoChin Fairies said:

I remember that in 2016, Source was reported to be the 8th Kpop agency to have made the most money that year and that happened with Gfriend as their only artist. I know Gfriend slowly declined digitally but tbh I'm supposing the money that they made off of touring has to be much more than what they made from their digital hits. I wonder where everything went wrong and why would they ask for such a huge loan. Gfriend was already established, so maybe they wanted to invest on trainees or debut a new gg...

being a digital monster doesn't necessarily always translate to being hugely profitable. especially considering korean companies and artist don't even get a good percentage. there' a reason why boy groups have traditionally been more of the breadwinners in past even if they're less popular with the public then girl groups. stans will pay for tour tickets and etc. 

gfriend rarely went on tour, didn't promote much in japan and they didn't have many cfs early on in their careers. it's not till recent years gfriend started branching out more. 

my guess is somu had some good investors also..

[satoori]

2 hours ago, Yknocker said:

It is possible Hybe moved some of their bad debts to Source, intending to close it. Happens all the time.

 

So Sungjin (ex-owner of Source) already got paid and he would ride his way into sunset, and all trace of Source would be erased.

it's interesting people are turning the finger towards bh (hybe)...

i doubt this is the case. it doesn't add up. bh/hybe is one the most profitable entertainment companies right now in korea.

instead i can see somu throughout the years getting more into debt and now stuck. perhaps bighit thought they could bail them out but...welp..

@GetRapper @YeoChin Fairies

i wonder if somu will still be part of the upcoming girl group project o.o??

[satoori]

Just now, GetRapper said:

Entertainment is a business, HYBE probably realized after an earnings report that SoMu was a moneypit and decided to cut their losses. My hope is that GFRIEND is picked up by another company, maybe within HYBE itself.

I strongly agree it's a business. And i can see Hybe cutting their loss with Somu as a company. I've mentioned since the beginning of this whole buying companies project that Somu could possibly be closed in a few years. I never really saw the point of bh/hybe keeping the company if there's no value. Instead just keep the staff that are of valuable and move them over to Bighit or another label under Hybe. Gfriend can come over too if they want to.

[satoori]

5 minutes ago, YeoChin Fairies said:

That user's opinions have always been fun to read but usually not really taken seriously. I find it a bit shocking that some people are buying that lol. I don't think that is the case, the CEOs are friends (although I can't say for 100% that all friends are loyal)

Being in debt doesn't necessarily mean that an agency is in verge of bankruptcy, all for I know, Pledis is in a bigger debt now. It's definitely easier for them to pay ofc, they have 2 boy groups. Seventeen is huge and I suppose even Ne'uest makes more money than Gfriend despite being smaller with the public, because well they are a bg. 

Idk what is going on inside their agency that they saw paying that debt impossible to this level. Who knew if the new gg would be big enough to pay it.... With what K-buddies are saying on twitter, debuting a new gg seems impossible at this point. 

Agree, that user can be entertaining ^^ ... I think some people don't know much about business which is why they're falling for that comment..

Yea everything seem impossible with Somu right now. TT

Although since the beginning the new upcoming girl group wasn't solely with Somu. It's a shared project between Bighit/Somu/ex-SM creative director...in a article a month ago it was mentioned that the director could start her own sublabel under Hybe too. Maybe that's where the new girl group will go...idk

[satoori]

1 hour ago, Yknocker said:

Most likely Iggy and Yongbae, its composers until 2017, and Kim Sangbong DDS, better known as Umji's father.

i didn't know umji father worked in the industry. intriguing.

[satoori]

21 hours ago, headway said:

They haven't been digital monsters for many years.

ok

17 hours ago, Memoria~ said:

As far as I remember Umji's father is a dentist as in the dentist brand company  done for some kpop idol not sure he really did anot as is a privacy .He was never worked in the entertainment  industry & being a dental doesn't equates to kpop entertainment . They serve to the public as well.  I remember MNET TMI NEWS once mentioned her father in the rank of "Golden Spoon" kpop idol but official vid is not subbed so I can't shared with you.

 

Edit: I not sure CEO is it true because there are places said is false some said is true. I don't remember much & since I don't understand hangul. & looking the article of KB it seems like his an owner & director of a dental group.

 

thanks for sharing!