The revised bill of the Popular Culture and Arts Industry Development Act was passed by the National Assembly’s Committee on Culture, Sports, and Tourism during their plenary session on September 5th. It was then forwarded to the Legislation and Judiciary Committee.
This amendment, known as the “Lee Seung-gi Law,”requires that entertainment companies disclose revenue settlement information even if the artist does not explicitly request it. It was approved by the Culture Committee in the 21st National Assembly, but due to the end of the legislative term, it was not able to pass through the Judiciary Committee.
The initial bill proposed in the 21st Assembly stated that revenue disclosure should occur at least once a year, while the current bill grants the authority to determine the frequency of disclosure to the president through a decree.
In contrast, Lee Seung-gi has been embroiled in a dispute with his previous agency, Hook Entertainment, regarding settlement payments since 2022. He alleged that he had not received any compensation for his music-related endeavors in the 18 years since his debut, whereas Hook Entertainment refuted the allegation of “no settlement.”
As a result, Hook settled with Lee Seung-gi for a total of 5.4 billion KRW (equivalent to 4 million USD), which included 2.9 billion KRW (around 2.1 million USD) for previously unpaid amounts and 1.2 billion KRW (approximately 900,000 USD) for accrued interest, in addition to the 1.3 billion KRW (around 973,000 USD) that had already been paid.
Hook has additionally initiated a legal action to verify the absence of any additional debt, while Lee Seung-gi asserts that the agency still owes him more for advertising revenue.
Referencing the original source, an article on Daum discusses the topic at hand.
Leave a Reply