Simply days after Geffen and Hybe introduced the (potential) members of their long-awaited woman group, Okay-pop agency Attrakt has teased a brand new woman group of its personal and secured a reported $7.5 million funding.
Seoul-headquartered Attrakt, the company behind Fifty Fifty, only recently scored the multimillion-dollar funding and knowledgeable followers of the forthcoming woman group. On the previous entrance, regional shops together with the Korea Herald reported that Singapore-based Evergreen Group had dedicated ₩10 billion (at the moment $7.51 million) to Attrakt.
Established within the Nineties as a timber processing and buying and selling firm, Evergreen has since branched out into finance, actual property, leisure, and totally different sectors, in keeping with its web site. 2022 noticed the entity debut “Evergreen Japan Company,” whereas its CEO, David Yong, launched a Okay-pop observe entitled “In My Pocket.”
Again to the over $7.5 million that Evergreen’s reportedly injected into Attrakt, the Okay-pop enterprise’s CEO, Jeon Hong-jun, in a press release touched upon plans to make the most of the capital to proceed constructing out the operation. And a part of this enlargement evidently includes creating a brand new woman group, as highlighted on the outset.
Two days in the past, Attrakt took to Instagram to add a group of photographs spelling out “Attrakt New Woman Group Challenge.” Apart from indicating that extra data was “coming quickly,” nevertheless, higher-ups didn’t present any concrete particulars concerning the act.
In a press release of his personal, Evergreen’s Yong touted Attrakt’s “imaginative and prescient” in addition to the “planning and selling functionality” of Jeon Hong-jun – albeit with out mentioning the continued controversy involving the latter skilled and the aforesaid Fifty Fifty.
Based on a Korean-language report from Naver, the woman group’s members final month filed a “legal grievance” with police in opposition to the Attrakt head, regarding the alleged misuse of a ₩2 billion ($1.50 million) distributor advance.
Associated to the work of Fifty Fifty and supposed for Attrakt itself, this advance was as an alternative forwarded to and spent by Jeon Hong-jun’s Star Crew Leisure – whereas additionally being billed as an funding in Fifty Fifty, per the translated grievance.
Earlier than spearheading this latest motion, Fifty Fifty had in June filed a legal grievance in opposition to Attrakt’s former CEO and moved to exit its unique contract. Regional reviews present that at the least one of many motions has been dismissed, with Fifty Fifty and its authorized workforce having disclosed plans to enchantment.
Again in July, knowledge revealed that Okay-pop album exports had cracked a document $133 million throughout H1 2023, as firms together with the Belift Lab proprietor Hybe, SM Leisure, and JYP Leisure work to develop their attain on the worldwide stage.
Price mentioning in conclusion is that SM was in June embroiled in a contractual dispute with Exo – although the events have been in a position to put the decidedly public disagreement within the rearview earlier than the group launched Exist in July.