Yonhap News reported on September 20 that the group BTS continued to renew their contract with management company Bit Hit Music (under Hybe Group).
The value of the contract with BTS members was not mentioned by Bit Hit Music.
The announcement from BTS's management company stated: "We have completed the board of directors' resolution on the exclusive contract renewal of 7 BTS artist members under Big Hit Music. Based on this resolution, we plan to sign contracts with all BTS members in turn."
This is the second time BTS has signed a contract extension with management company Bit Hit Music.
In addition, the company also donated 1 billion won (more than 18.3 billion VND) to the Korean Committee for UNICEF as a thank you to BTS and the group's fandom Army (BTS fan community).
Currently, three members of the group have enlisted in the military, including Suga (enlisted on September 22), J-hope (enlisted in April 2023), and Jin (enlisted at the end of 2022). The remaining members are also expected to enlist in the near future.
In the middle of last year, after announcing a temporary halt to group activities so that members could fulfill their mandatory military service and pursue solo activities, BTS' management company said that the 7 members would try to complete their service to return as a full group as early as 2025.
BTS is expected to reunite in 2025.
BTS debuted in June 2013, and the group renewed their contract with their management company in October 2018, even before their original contract expired.
Also in 2018, BTS intended to disband because the members were both mentally and physically exhausted, the group was under great pressure for a long time because of anti-fans. However, BTS decided to move forward together and achieved many unprecedented records.
At the time, Big Hit said BTS agreed to sign the contract based on trust and affection. The early renewal reflected the label's philosophy that hardworking, efficient artists always receive the treatment they deserve.
After 10 years of operation, BTS is now considered a global music group with many impressive achievements.
The group has had six number one albums on the Billboard 200, six Billboard Hot 100 singles, and countless other historic milestones.
CNN commented that the "BTS effect" contributed greatly to tourism before the Covid-19 pandemic. The group helped HYBE Group's stock value surpass strong competitors such as SM, YG, JYP.
In addition, BTS also promotes Korean cultural exports, including movies, TV dramas, cuisine and fashion.
According to a report by the Hyundai Research Institute, BTS brings economic benefits of up to 4,100 billion won (more than 75,000 billion VND) to Korea.
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