IST Entertainment Faces Suspicion Over Trademark Rights Deal with THE BOYZ
Dec 05, 2024
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On the 4th, a media outlet revealed three conditions that IST demanded from its new agency, One Hundred, during the negotiations over the trademark rights of THE BOYZ.
According to the report, IST said it owns 56 trademarks related to The Boyz, and proposed that if all 11 members work as The Boyz, they can use The Boyz trademark for free, and if the agreement is kept, they can renew the contract on a yearly basis.
It also permanently banned remasters or remakes of existing albums and contents that are distributed to The Boyz only until the next year, and subsequently, IST owns master rights in IST. Even if the copyright is owned by a member of THE BOYZ, you must pay IST a usage fee to use it, and if it is not fulfilled, you can terminate the trademark use contract at any time, which is renewed on a yearly basis.
At the same time, IST demanded that they be able to sell their stock of THE BOYZ MD. The total amount of this inventory is known to be worth billions of won. Finally, such agreements cannot be leaked to the outside world, and media responses related to trademark rights have also been added to a confidentiality clause that requires IST representatives to be approved.
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THE BOYZ is an 11-member boy group that debuted in December 2017 and will move to One Hundred led by MC Mong after their contract with IST expires on the 5th.
One Hundred cannot accept the unreasonable terms of IST's negotiations on trademark rights that THE BOYZ has maintained for seven years. In the meantime, negotiations have been conducted to the best of their ability. THE BOYZ also tried to maintain their trademark rights until the end for their fans, but did not get good results. I am deeply sorry. I put THE BOYZ and fans first. He wants to transfer to the agency, where everything is smoothly agreed upon without scratches and scars. We will do our best to negotiate trademark rights with an open mind until the 5th, the end of the contract, and even if it breaks down, we will thoroughly prepare the members to work under a better brand name," he said.
silk781220@sportschosun.com
