Shares in K-Pop Agencies Fall After Report of Antitrust Probe 

Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
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Shares in K-Pop Agencies Fall After Report of Antitrust Probe 

Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)

Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported.

The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE, SM Entertainment and YG Entertainment on Tuesday, Yonhap news agency reported citing unnamed industry sources.

The KFTC is looking into whether agencies engaged in any practices with subcontractors such as verbal contracts without issuing them in writing, unfair contracts or delayed payment, Yonhap said. No specific charges have been brought.

The KFTC declined comment on any specific investigation.

HYBE, SM and YG did not immediately respond to a request for comment.

Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market. SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

HYBE reported 410.6 billion won ($315.9 million) in January-March quarter sales; out of that, 44.9% came from albums and 16.8% from merchandise and intellectual property, according to a Shinhan Investment & Securities report on Tuesday.



Kanye West Concert in South Korea Cancelled over 'Controversies'

(FILES) Kanye West attends the 2020 Vanity Fair Oscar Party following the 92nd annual Oscars at The Wallis Annenberg Center for the Performing Arts in Beverly Hills on February 9, 2020. (Photo by JEAN-BAPTISTE LACROIX / AFP)
(FILES) Kanye West attends the 2020 Vanity Fair Oscar Party following the 92nd annual Oscars at The Wallis Annenberg Center for the Performing Arts in Beverly Hills on February 9, 2020. (Photo by JEAN-BAPTISTE LACROIX / AFP)
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Kanye West Concert in South Korea Cancelled over 'Controversies'

(FILES) Kanye West attends the 2020 Vanity Fair Oscar Party following the 92nd annual Oscars at The Wallis Annenberg Center for the Performing Arts in Beverly Hills on February 9, 2020. (Photo by JEAN-BAPTISTE LACROIX / AFP)
(FILES) Kanye West attends the 2020 Vanity Fair Oscar Party following the 92nd annual Oscars at The Wallis Annenberg Center for the Performing Arts in Beverly Hills on February 9, 2020. (Photo by JEAN-BAPTISTE LACROIX / AFP)

South Korean e-commerce company Coupang has cancelled a Kanye West concert scheduled for late May "due to recent controversies involving the artist", the company and a ticket vendor said on Monday.

Coupang and the Interpark ticket outlet did not elaborate on the controversies involving West, who is now known as Ye.

The US rapper's latest controversy involves a song released this month entitled "Heil Hitler," which praises the Nazi leader and architect of the Holocaust.

The sportswear company Adidas ended their shoe collaboration with West in October 2022 over a series of antisemitic rants and sold the last pair of his Yeezy branded shoes in March.

Coupang and Interpark said all the tickets that had been sold for the single show in Incheon on May 31 would be fully refunded. Coupang, whose streaming service, Coupang Play, was organizing the concert, also suspended the sale of merchandise by West's Yeezy fashion line on Monday, it said.