Fans of the popular K-pop group SEVENTEEN express their outrage over their management company HYBE‘s mismanagement of profits and funds. Fans accuse the management company of overworking the beloved artists and increasing merchandise prices for their own profit.
A recently surfaced financial document concerning the HYBE management company and its management of SEVENTEEN has gone viral online and has courted a lot of controversy. According to the leaked document, for years HYBE Corporation has been exploiting not only the K-pop groups under its banner but also their loyal fan bases for their monetary gain.
Since the financial document started going viral, fans of the K-pop group SEVENTEEN, known as ‘Carats,’ have criticized Pledis Entertainment, which was acquired by HYBE Corporation in 2020 for being involved in financial fraud and misappropriation.
The report suggests that HYBE has borrowed an exorbitant amount of money under Pledis Entertainment’s name. This raised a lot of eyebrows amongst the fans who speculate that the money is being used for HYBE’s own ventures instead of being invested in SEVENTEEN. Fans also shared outrage over the fact that SEVENTEEN is subjected to a grueling work schedule and a relentless release cycle.
Fans urge SEVENTEEN and other groups to leave HYBE Corporation
Fans also expressed their outrage over the rising cost of SEVENTEEN’s merchandise, concert tickets, and albums. Many fans have claimed that since Pledis Entertainment was absorbed into HYBE Corporation, the cost of SEVENTEEN’s albums has nearly doubled. Fans believe that the rising cost of merchandise and concert tickets is a deliberate attempt to exploit SEVENTEEN’s loyal fanbase.
Since the leaked document has become viral, fans of SEVENTEEN, TWS, and Fromis have begged the bands to leave HYBE Corporation. For many fans, corporations like HYBE stifle creativity and represent only corporate greed.
As the situation unfolds, fans are hoping for radical change in which management companies manage artists and prioritize their mental and physical well-being over other things.
