Signs of desolation at the company with an empty headquarters.
KONNECT Entertainment stands on the brink of collapse as its roster of artists, including founder Kang Daniel, have all resolved to leave the agency.
In a revealing exclusive by Star News, it has been reported that the talent under KONNECT Entertainment has collectively opted to part ways with the firm. Yuju, who became a part of the KONNECT roster in September 2021, terminated her affiliation with the company in mid-April. Dance crew WE DEM BOYZ, who signed in November 2022, sought a contract termination one year into their agreement, commencing the process in November 2023. Likewise, vocalist and producer Chancellor is said to have exited the company.
KONNECT Entertainment was established by Kang Daniel in June 2019, with him at the helm as both CEO and an artist. A major shareholder, however, controls 70% of the company’s equity. The same shareholder is currently being sued by Kang Daniel for accusations that include document forgery, embezzlement, and other criminal charges.
Kang Daniel Reports Complaint Against Largest Shareholder Of KONNECT Entertainment
There is an expectancy for Kang Daniel to not renew his contract with KONNECT Entertainment upon its expiry in early June, and he will also vacate his post as CEO.
This sequence of events is poised to push KONNECT Entertainment out of the industry as there will be no remaining artists. Presently, approximately 20 employees continue with the company, and the KONNECT Entertainment office situated in Sinsa, Gangnam, has been vacated.
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FAQ about KONNECT Entertainment’s Situation
- Why is KONNECT Entertainment facing closure? – KONNECT Entertainment is facing closure because all of their artists have left or have announced their intention to leave the company, including the CEO and founder, Kang Daniel.
- Who is Kang Daniel suing? – Kang Daniel is suing the majority owner of KONNECT Entertainment, who owns a 70% stake, on charges of falsifying documents and embezzlement.
- Will Kang Daniel continue in the entertainment industry after leaving KONNECT Entertainment? – While it is expected that Kang Daniel will leave KONNECT Entertainment, there has been no official statement regarding his future plans in the industry.
- What will happen to the employees of KONNECT Entertainment? – There are only around 20 employees remaining at the company as of now. Their future status is uncertain given the company’s likely closure.
Conclusion
The impending closure of KONNECT Entertainment is a significant development in the K-pop industry, especially with the involvement of high-profile artist and CEO, Kang Daniel. With the loss of all its talent and the legal issues faced by the company’s majority owner, the future of KONNECT Entertainment remains bleak. The music industry will keenly observe the next steps of Kang Daniel, as well as the staff who are currently still with the company.