“They deserve!”: Fans lavish praise as BTS contract renewal is estimated to have a down payment of $15.65 million USD each

BigHit Music delighted its global fans as BTS renewed their contracts with the label under HYBE for the second time on September 20, 2023. As per reports, the contract renewal is estimated to have a down payment of $15.65 million USD (₩ 21 billion won) for each member. Kim Hye-young, a researcher from Daol Investment & Securities Co. Ltd., said the contract renewal was worth millions of dollars, as reported by the International Business Times.

"The first contract renewal of BTS in 2018 totaled 7 billion won ($5.2 million). Considering the previous renewal case, the exclusive contract is estimated to be more than 21 billion won ($15.65 million). Though the length of the contract was undisclosed, it was assumed to last for about five years, including the military service period."— Kim Hye-young told Korea's Financial News

However, this time the tenure of their contracts is still uncertain and not made public. It is to be noted that in 2020, Forbes reported BTS's seven members’ cumulative earnings to be $50 million USD. This number increased to a staggering $150 million USD (₩ 200 billion won) before HYBE’s then-CEO Bang Si-hyuk made the company public in October 2020.

Post the Initial Public Offering (IPO), the exact numbers of the group’s earnings were kept under tight wraps, but one could make an educated guess from all this. The military hiatus for the group is anticipated to run until 2025 once all seven members have finished their required military duty and return by 2025.

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BTS will resume their group activities in 2025

Featuring BTS. From L-R Jin, Jungkook, Jimin, V, Suga, J-Hope, RM. (Image via @bts_bighit/ Twitter)

Kim Hye-young, the researcher from Daol Investment & Securities Co. Ltd., emphasized that since another group of thirteen members from HYBE, SEVENTEEN, would start their military enlistment starting in 2024, the contract renewal of BTS would strengthen HYBE’s foothold in 2025 once the group members would all return from fulfilling their military obligations.

"Since SEVENTEEN's military enlistment will begin in 2024, BTS' activities after the second half of 2025 are a factor that adds stability to HYBE's performance," he said.

The worldwide acclaimed boy group from BigHit Music has signed with their agency for the second time in a row. Previously, the boys had renewed their first contract in 2018, two years prior to the expiration of the contract in 2020.

Additionally, alongside the renewal of the contracts, BIGHIT MUSIC also donated $750,000 USD (₩ 1 billion won) in ARMY's name as a token of gratitude.

BTS had a seven-year deal with BigHit Music, founded by Bang Si-hyuk, widely recognized as Hitman Bang, and presently the chairman of HYBE Corporation, when they made their debut in 2013. According to K-Pop industry regulations, an artist and agency are usually locked into a seven-year agreement. The first contract renewal specified a 2020–2027 window.

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ARMYs rejoice as RM breaks the news over his Instagram story, standing tall on their promise made to their fans

On September 20, 2023, Kim Namjoon, who is also known by his stage name RM, shared the news of the group's contract renewal via an Instagram story post and took the entire world by storm. Fans were overjoyed and engulfed in ecstasy as their beloved seven boys signed on the dotted line, ensuring BTS and ARMYs' future together.

Fans expressed their joy on X (previously Twitter) as they basked in the glory of another historic day in the Bangtan world.

Each member of the group, RM, Jin, SUGA, j-hope, Jimin, V, and Jung Kook, will continue working together on forthcoming releases starting in 2025.