BTS members allayed the fears of ARMYs about the recent controversies surrounding their label, Big Hit Entertainment when they gave a special shoutout to the agency in their speech.
According to a report by Koreaboo, BTS' speech when they received their recognition for Variety Magazine's Hitmakers Awards was an indication that there was no bad blood between the artists and the agency.
In his message, BTS leader RM credited Big Hit Entertainment and CEO Bang Si Hyuk for the heights BTS has achieved as a group.
"Even though we're here to receive this award from very far away, none of this would have been possible without the effort of Mr. Bang and all the producers and all the staff from our label," RM said in his heartfelt speech.
BTS received the award for Best Group from the international magazine, joining other international artists who were honored for the night.
BTS' success has warned Big Hit Entertainment an estimated ₩200 billion KRW ($167,933,162 USD) in 2018 alone. Their profits are expected to grow even more in future years with the RM, Jin, J-Hope, Suga, V, Jimin and Jungkook's global success. Pundits have estimated their earnings to reach ₩1 trillion KRW ($839,665,810 USD).
However, the global success of BTS has also led to much speculation about the group's relationship with Big Hit Entertainment.
Based on a recent report by JTBC, BTS recently sought legal counsel from a law office in Gangnam allegedly because of a profit dispute with the label. The report implied that BTS may be poised to file a lawsuit against its agency because of the unfair distribution of profits.
In its lengthy rebuttal to the allegations, Big Hit Entertainment responded point by point to the speculations that arose from the news report, All Kpop reported.
According to the agency, BTS' consultation with a legal office had nothing to do with their exclusive contract. Instead, the members merely sought clarification on one aspect of the contract that had no impact on the overall stipulations of the legal document.
Big Hit said that they are not preventing BTS to seek external opinions from legal or financial consultants on any concern because it is a natural process in any relationship to have disagreements. The agency assured that it is "actively addressing all issues, regardless of the severity of the matter."
Big Hit also took issue with the implications raised by the report on the revenue sharing aspect of BTS and the label's relationship.
"We and BTS recognized each other as equal partners. Recognizing that the process of signing a renewal could not be as simple as the value of BTS creates, we and BTS reached the best model after a lengthy discussion," the agency stated.
