Contrary to prior reports suggesting that all seven members of BTS had already signed new deals with BigHit Music, it has now been confirmed that the renewals are still in progress. BigHit Music’s board passed a resolution to renew these contracts individually, taking into account each member’s unique circumstances.

For instance, j-hope and Jin won’t be able to sign anything until they’re discharged from the South Korean military. SUGA’s upcoming enlistment will also affect the timing of his renewal. The decision to pass a board resolution for these renewals is noteworthy. Such a move often indicates a significant financial arrangement in either cash or shares, which needs board approval. Sure enough, reports emerged that each BTS member would receive a hefty down payment upon renewing their contract.

Kim Hyeyoung of Daol Investment & Securities Co. Ltd. says, “The first contract renewal of BTS in 2018 totaled 7 billion KRW (5.2 million USD). Considering the previous renewal, the down payment is estimated to be over 21 billion KRW (15.65 million USD).” The terms of the members’ new deals remain under wraps, but industry speculations suggest a tenure of around five years, inclusive of the military service period.

BigHit, HYBE on the renewal process

BTS‘ financial trajectory has been impressive. Forbes reported in 2020 that the group’s cumulative earnings stood at 50 million USD. This figure surged to 150 million USD before HYBE’s then-CEO, Bang Si-hyuk, took the company public in October 2020. Given BTS‘ substantial contribution to HYBE’s revenue, accurate communication regarding their renewals is crucial to avoid potential legal ramifications.

BTS‘ rise has been meteoric from their debut in 2013 to their current superstardom. They have consistently ranked high on international music charts, set records at major U.S. award shows, and even delivered speeches at the United Nations. Their influence extends beyond music with their campaigns for UNICEF. Incidentally, BigHit Music will donate 1 billion KRW (752,000 USD) to UNICEF to celebrate the group’s commitment to the agency.

HYBE recently commented on the renewal process: “With this renewal, we aim to see BTS as a whole by 2025. We are committed to supporting the artists in every possible way to elevate BTS’ reputation further.” – K-Pop News Writer

Featured Image: Contrary to previous reports, the BTS members haven’t signed new deals yet. Source: Weverse.