Theqoo
[THEQOO] Shinhan Financial Group terminates contract with Newgenes "super sun"
New Genes terminates Super SOL advertising contract with Shinhan Financial Group
Shinhan Financial Group has decided not to renew the modeling contract with New Jeans, which it signed for the 'Super SOL' campaign. This decision follows the recent escalation of the dispute with New Jeans' agency, as they unilaterally announced the termination of their exclusive contract with Ador.
According to the industry on the 13th, Shinhan Financial Group decided not to renew the advertising contract with New Genes, which has been hired since last year as the brand model for the integrated platform 'SOL', for successful promotion.
An official from Shinhan Financial Group said, “The advertising contract between the Supersol brand and New Jeans expires in December and will not be renewed.” However, he added, “Because model contracts are carried out separately for each product and affiliate, the New Jeans commercials that have already been filmed are scheduled to continue until March.”
As the integrated advertising contract with New Genes was originally made to maintain the consistency of the 'Super Sun' brand, it is highly likely that advertising contracts for other affiliates or products will not be extended as the parent brand contract expires.
Shinhan Financial Group affiliates previously selected New Jeans as a model to strengthen communication with the MZ generation. However, as New Jeans became embroiled in a dispute with its agency Ador, its position became more complicated.
New Jeans held a press conference on the 29th of last month and unilaterally announced the termination of its exclusive contract with its agency Ador. Accordingly, Ador filed a lawsuit to the Seoul District Court to confirm the validity of the exclusive contract. As a result, advertisers are now unsure where to direct deposit payments.
New Jeans continues to adhere to the existing schedule set by Ador, but is subject to restrictions such as not being able to mention the team name New Jeans at events they are already participating in.
In addition, suspicions of 'manipulation' were raised that Min Hee-jin, former director of Adore, encouraged New Jeans' expulsion from the agency. Previously, entertainment media outlet Dispatch reported that Min Hee-jin met CEO A of Company D through a relative of New Genes member B. The meeting, which took place in Cheongdam-dong, lasted about three hours. Accordingly, Min Hee-jin filed a defamation suit under the Information and Communications Network Act against the journalists who reported the content.
From the advertiser's perspective, it is understandable that contract renewal has become difficult. If individual members enter into advertising contracts on their own, there is a high possibility that they will immediately become embroiled in a legal dispute.
Under the current exclusivity agreement, any individual activity by a member or through a third party is considered a breach of contract. Third parties include family businesses established by members or their parents, as well as external agencies.
In accordance with Articles 2, 6, and 14 of the Ministry of Culture's standard exclusive contract that stipulates exclusive management rights, all entertainment activities of artists must be conducted through their agency (your agency). Additionally, during the contract period, the artist cannot negotiate appearances or provide cultural and artistic services through himself or a third party without prior approval from the agency.
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Source: Theku / translation: KpopNetizen
Shinhan Financial Group terminates ‘Supersol’ contract with Newgenes
1. The contract is literally approaching expiration. What kind of media report is this?
2. The contract is about to expire, but I am using it for media play. As expected, HYBoongie lives up to the name Yongsan Rad ❤️
3. Hive is frankly disgusting
4. We are not renewing because NewJeans does not currently have a company. Look at the comments of people who work part-time here. The standard is so low… Imagine applying to a company…
5. HYBoongie part-time workers’ true age is revealed hahahaha. Their brains have melted and they can’t see the situation objectively and don’t realize it themselves ㅠ hahaha.
6. This is a wise decision by Shinhan Bank.
7. See how they play with this
8. I hate hives
9. This is not even controversial.
10. HYBoong ❤️ Disgusting