naver.me/5rMtnH6J
Google translation of The Giver's full statement in the bottom half of the article (screenshots in the link):
"Attract CEO Jeon Hong-joon approved the label deal that Dugiverse was offered by Warner Music Korea in advance and was frequently briefed on the progress.
Looking at the previous situation of the transcript released by CEO Jeon Hong-joon, CEO Jeon Hong-joon inquired about Dougibus CEO Ahn Seong-il about attracting investment from overseas, and while CEO Ahn Seong-il was looking for a way, he was offered a label deal with Warner Music Korea. was delivered to CEO Jeon Hong-joon, followed by a conversation between Warner Music Korea and CEO Jeon Hong-joon.
This is the KakaoTalk content of the actual conversation.
On December 19, 2022, CEO Jeon Hong-joon inquired about attracting investments such as advance payments from the United States to solve the insufficient funding problem, and Dugiverse proposed a plan from February 22, 2023 to March 2023 as a way to solve attract's financial problem. Until April 10, 2023, we discussed the label system with Warner Music Global and Warner Music Korea. However, on April 22, 2023, CEO Jeon Hong-joon hoped for an advance distribution investment and direct listing method rather than a label deal, so Dugiverse said that it was the CEO's choice in the end and did not discuss it any further.
CEO Jeon Hong-joon received a 'label deal through a direct distribution company' from Dugiverse's CEO Ahn Seong-il. The label deal is a structure in which an artist belongs to a label of a global direct distribution company and uses the direct distribution company's financial power and infrastructure to achieve coexistence. Global direct distributors include Warner Music Korea, Universal Music Korea, and Sony Music Korea.
On the other hand, there is 'advance distribution investment' as a way for the artist's agency to utilize the distribution company's funds. The agency can use this fund relatively freely, but it has a clear obligation to repay.
CEO Ahn Seong-il suffered from extreme stress and pain during the production of the Fifty Fifty album. This is because CEO Jeon Hong-joon did not put the advance payment received from the distributor Interpark into the production cost on time, and the funds were not executed at the promised time, so the production cost payment to the partner company was overdue/in arrears, and eventually the debut was delayed. In light of the girl group's album production reality, where numerous partners (broadcasting, marketing team, overseas PR, platform company, stylist, hair makeup, choreography team, etc.) must collaborate organically, the uncertainty of the production cost is inevitably a big risk. In addition, in a situation where it is not easy to secure excellent personnel due to the attract structure, collaboration with direct distribution labels was thought to be a way to facilitate overseas work.
For efficient album production, artist activities, and stable growth of Attract, Dugiverse proposed to CEO Jeon Hong-joon and delivered the approved label deal to Warner Music Korea (the expression 'buyout' in CEO Jeon Hong-joon's transcript is a share). It refers to acquisition investment, and it is a kind of label deal. CEO Ahn Seong-il used the expression label deal, but he never used the word buyout). The deal with the label was not sudden as CEO Jeon Hong-joon had continuously asked CEO Seong-il Ahn to mediate the investment attraction.
Dugibus was faithful to the role of a bridge that connects and helps in the middle. Unlike the early days when we discussed overseas investment or label deals for stable operation, after the success of the Fifty Fifty Cupid album in April 2023, CEO Jeon Hong-joon changed his stance and refused label deals, sticking to the advanced distribution investment method. . After that, Warner Music Korea also turned to investment in prepaid distribution and discussed with CEO Jeon Hong-joon.
On July 3, when the recording was released with Warner Music Korea, the statement that he had not heard anything about the label deal is false, and the claim that CEO Ahn Seong-il proceeded alone without the approval of CEO Jeon Hong-joon is also false.
Advance distribution investment or label deal is not something CEO Ahn Seong-il can decide, but only his agency Aftract, which is the party to the contract, can decide.
It is incomprehensible that CEO Ahn Seong-il and Duggy Bus, who proposed a good environment for CEO Jeon Hong-joon, his agency, and artists, are accused of being behind the impure forces."