'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
On September 6, 2024, SPOTV News reported that the South Korean government passed the 'Lee Seung-gi Law.' South Korean National Assembly revised the Popular Culture and Arts Industry Development Act and passed the new revised law to regulate entertainment agencies and safeguard artists' financial earnings rights. The new law has been received by the Legislation and Judiciary Committee.
Entertainment agencies are required by law to provide the artist with the specifics of the income settlement, even if the artist didn't ask for it. The revised law proposed that agencies notify artists of their earnings at least annually. The current version permits the company founder to determine how frequently this disclosure should occur. However, companies have to provide the artists with revenue details.
The law is named after the South Korean musician, Lee Seung-gi, who was reportedly defrauded by his former agency, Hook Entertainment, of millions of dollars. According to reports, the singer-actor did not receive any payment for his music releases over the past 18 years till 2022. Hook Entertainment retained the profits from all 27 albums he released since his debut in 2004.
Trending
What happened between Lee Seung-gi and his former agency?
In November 2022, Dispatch reported that the singer-actor made 9.6 billion KRW (over $7.1 million) in music income between October 2009 and September 2022. However, the company's ledger documents from June 2004 to August 2009 were reportedly missing. It was challenging to evaluate Lee Seung-gi's financial loss for five years.
Dispatch released his contract details, where according to the terms of the agreement, he was to receive 60% of sales revenue (6.5 billion KRW) from 2009 to 2016 and 70% of revenue (2.9 billion KRW) from 2017 to 2022. This meant that excluding the five years that were missing (2004 to 2009), he should have made over 5.8 billion KRW ($4.3 million).
This came after the actor had reportedly requested the company to provide records of his earnings and payments since his debut under the agency.
Lee Seung-gi, who is also known for his roles in popular K-dramas like Mouse, Vagabond, My Girlfriend is a Gumiho, and more was reportedly gaslighted and lied to by his former agency. Hook Entertainment kept telling him that he was a below-average singer and that his albums hadn't made any profits in the last 18 years.
Later, the singer-actor left Hook Entertainment and filed a lawsuit against the company in November 2022. He signed with Big Planet Made Entertainment and his new company supported him with the lawsuit. In May 2024, Lee Seung-gi attended the first court hearing on the case. Big Planet Made Entertainment said,
"Since we welcomed Lee Seung-ki as a family, we have found problems with Hook Entertainment's claims and settlement issues after conducting a close legal review with the company's legal advisor 'Kim & Chang Law Office'. Although 'settlement' is about artists being paid justly for their work, it was never easy for an individual artist named Lee Seung-gi to solve the settlement problem against the company."
They continued:
"Lee Seung-ki has been alone in a lonely fight against Hook Entertainment. But now, Big Planet Made Entertainment wants to join Lee Seung-gi's decision to make a tough legal battle to prevent this from repeating."
The Because You're My Woman singer later received 5.4 billion KRW ($5.6 million) from his former company as an unpaid settlement, however, he said he would continue the lawsuit to get the culprits punished. Additionally, he vouched to use the money to help people in need of finance for medical assistance and pay for the legal expense of his lawsuit.
Lee Seung-gi also won several awards including five Bonsang Awards (Main Prize), including four Daesangs, two Golden Disc Awards, one SBS Music Award, and two Seoul Music Awards. In 2022, he was honored with the Presidential Citation on the 56th Taxpayers' Day for being an outstanding taxpaying citizen.
