NewJeans Vs Ador: K-pop Girl Group's From Hybe Costs Agency Nearly Half Million Dollars

Popular South Korean girl group NewJeans made their debut in 2022 and gained widespread popularity within a short period of time. Ever since, the group recently made their decision of terminating their contract amid the controversy with ADOR, it has caused a ripple effect on its parent company HYBE.

NewJeans parent company HYBE in trouble?

According to reports, post NewJeans announcement of termination of contract, the shares of HYBE has plummeted, which has led to the company losing nearly 6.97 percent(which is around $140 million dollars) in market value and has closed the 4 percent down. The price went down even further (around $136 million dollars) after the opening, leading to a half-billion dollar loss in the company's market value. 

NewJeans leaving ADOR, sent shockwave across the entertainment industry. The five members of the group called an emergency press conference and said, “The reason we are leaving ADOR is very simple, and I think the reporters here who know our situation are also all very aware. NewJeans is an artist of ADOR, and ADOR is obligated to protect NewJeans.”

They further said, “It is the most basic obligation that an agency has. ADOR does not have the will or ability to protect NewJeans. If we remain here, it will be a waste of our time, and our mental distress will continue. More than anything, there is nothing that we can gain in terms of works, so the five of us think that there is no reason at all for us to remain at ADOR”.

ADOR’s statement post NewJeans terminating contract

In a report to Koreaboo, the members have reportedly said that ADOR has failed to meet these demands which prompted their abrupt departure. ADOR, now issued a statement which read, “t is regretful that the members planned and carried out the press conference for the dissolution of their exclusive contracts before even receiving and sufficiently examining our reply to their certification of contents."

"As the relevant party to the exclusive contract, ADOR did not violate the contract, and their one-sided claims that the trust has been broken cannot be a valid reason for voiding the contract. The contract between ADOR and NewJeans is still very much valid. As such, we hope that NewJeans will be with ADOR for their future schedules as they have previously."