BTOB Cancels Contract Renewal with Cube Entertainment for THIS Reason — What Will Happen to Group?
BTOB has decided not to renew their exclusive contracts under Cube Entertainment for THIS reason.
Here's what happened.
BTOB To Not Renew Contracts Under Cube Entertainment Due to Trademark Clash
On November 6, a Korean news outlet reported that BTOB members had decided not to renew their exclusive contracts under longtime agency Cube Entertainment.
According to sources, the reason for the members' cancellation was due to the payments they needed to fulfill in order to keep their trademarks. It also disclosed that before their decision to withdraw, BTOB was already in negotiations with Cube regarding the trademark matter.
However, during the exchanges, Cube Entertainment demanded an undisclosed revenue percentage of the group. This was proposed by the agency in exchange for BTOB to keep their trademarks. Eventually, it led to the decision not to renew their contracts.
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Earlier on November 1, a second contract renewal was being considered during the negotiations of BTOB and Cube Entertainment. It was reported that BTOB also contemplated transferring to different agencies.
Furthermore, it was also revealed that the members were already in contact with numerous entertainment companies after a 6 billion contract fee ($4.4 million USD) was offered by the members.
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Upon learning of the news, Cube Entertainment decided to take it on social media and address the update. Cube informed everyone that the agency will do its best to guide BTOB until their contracts expire and that the members were also searching for more solutions.
"We will aim to do our utmost best until the contracts of the members end since some members' contract periods have not yet concluded its duration. Regarding the next step in this situation, the members also made the initiative to explore numerous options."
Following this, Cube Entertainment also assured that the initial 6 billion offer made by the members was completely unrelated to the agency. "The contract payment of 6 billion is an amount that has nothing to do with our position," Cube stated.
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On July 10, 2018, BTOB members Eunkwang, Minhyuk, Changsub, Hyunsik, Peniel, Sungjae, and former member Ilhoon, all collectively decided to stay and continue promoting under Cube.
"All the members of BTOB have reached an agreement where they will all be going to be together, since they wanted to keep their promise to fans," the agency said.
BTOB debuted with their first-ever digital single "Insane" on March 21, 2012.
What are your thoughts on their decision not to renew? Are you still looking forward to their future activities? Let us know in the comments below!
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