All the seven members of Grammy-nominated K-pop group BTS have renewed their exclusive contracts with Big Hit Music, which will take effect starting in 2025.
HYBE, the parent company of Big Hit Music, made the announcement on Sept. 20. The matter was so big that the company had to make a financial disclosure with the Financial Supervisory Service of South Korea.
BTS (Big Hit Music)
In its disclosure, HYBE said, “Our company has completed the Board of Directors' resolution to renew the exclusive contracts of 7 BTS members, artists belonging to Big Hit Music Co. Ltd.”
“This fact was judged to be a management matter that could affect the company's financial status and investor decision-making, and was therefore disclosed,” it said.
Based on the board resolution, Big Hit Music will sequentially sign contracts with all BTS members.
"With the renewal of the contracts, we will be able to participate in BTS' full-length activities, which we hope to do in 2025. HYBE and Big Hit Music will provide all possible support to further strengthen BTS’ status,” HYBE added.
BTS debuted in June 2013 under Big Hit Entertainment, the predecessor of HYBE. Afterwards, they signed an early renewal of the contract in October 2018, before the contract period was completed, and made it clear that they would continue to work as a full group until 2025, Korean media reported.
BTS and Big Hit Music signed another early contract renewal and made it official that they will continue to work together in the future.
Big Hit Music decided to donate one billion won (about $752,751) to the Korean Committee for UNICEF as a sign of gratitude to BTS and their fandom, ARMY.
Jin and J-Hope are currently fulfilling their military service while Suga will enlist on Sept. 22 and serve as a social worker or public service personnel.