All seven BTS members to renew contracts with HYBE

All seven members of BTS are set to renew contracts with their current label HYBE Co. for the second time, allowing their fans across the world to enjoy their performances, likely even performing together in 2025 when the members serving their mandataory military service in South Korea will be finished.

HYBE said on Wednesday its board of directors decided to renew exclusive contracts with BTS' members, all belonging to the agency’s wholly owned subsidiary Big Hit Music Co. in a filing to a South Korean financial regulator. All seven members -- RM, Jin, Suga, j-hope, Jimin, V and Jungkook -- are reportedly determined to renew their contracts, according to industry sources.

“The contract renewals are expected to enable us to share the performances of the complete BTS we hope for in 2025,” said the South Korean entertainment agency. “HYBE and Big Hit Music will fully support the further strengthening of BTS' status.”

Big Hit Music plans to renew contracts with the artists in stages as Jin and j-hope are now serving in the army. Suga is set to begin his obligations on Sept. 22.

“We plan to sign deals individually and sequentially in consideration of some members’ military service,” HYBE said. “Members currently in the army are poised to complete their mandatory service in 2025 when the new exclusive contract terms start.”

All members of BTS, which debuted in June 2013, renewed their contracts in October 2018 before their first contracts expired.

K-POP SENSATION

The seven-member boy band was the first South Korean group to top the Billboard 200 chart with their third studio album "Love Yourself: Tear" in 2018, escalating the country’s popular music genre to a global phenomenon.

BTS members have been working as a team and individually since last year, thrilling Army, BTS’ global fan club. Jungkook’s first solo single debuted at No. 1 on the Billboard Hot 100 chart in July.

HYBE founder and Chairman Bang Si-hyuk, who cultivated BTS, has been cautious over contract renewals with the K-pop sensation.

“We need to carefully handle contract renewals with superstars such as BTS members, given their huge social impact,” Bang said in a forum with senior South Korean journalists in March.

Meanwhile, Big Hit Music decided to donate 1 billion won ($752,445.5) to the Korean Committee for UNICEF in appreciation of BTS and its fandom Army through the Love Yourself campaign launched by the band in 2017.

Write to Sun A Lee at suna@hankyung.com
 
Jongwoo Cheon edited this article.