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Lee Seung Gi Law passed: Entertainment companies ordered to provide revenue details to artists to avoid scams
A new bill dubbed as Lee Seungi Law has been passed in South Korea under the Popular Culture and Arts Industry Development Act, mandating agencies to disclose revenue settlement details to their artists.
A new bill dubbed the Lee Seung Gi Law has passed in South Korea that mandates entertainment agencies to disclose revenue settlement to their artists. Since this amendment has been created in conjunction with the titular actor’s long dispute with his former agency, the bill earned the moniker. The actor accused his former agency of not paying the revenue settlement for his music-related activities in his 18-year-long career.
On September 5, Korean media outlet Star News reported that the National Assembly’s Committee on Culture, Sports, and Tourism held a plenary session and passed a revised amendment to the Popular Culture and Arts Industry Development Act. It was then transferred to the Legislation and Judiciary Committee.
According to this revised bill dubbed as Lee Seung Gi law, all entertainment agencies in South Korea must provide the revenue settlement details to their artists even if the party doesn’t request it.
The bill was passed by the Culture Committee in the 21st National Assembly but was dismissed when the legislative term ended before it could pass the Judiciary Committee. The current bill allows the frequency of revenue disclosure to be set by presidential decree, while the original amendment discussed in the 21st Assembly set this frequency to at least once a year.
Since the bill is dubbed the Lee Seung Gi law, it is important to have a closer look into his dispute with Hook Entertainment. The two parties have been in conflict over settlement payments since 2022.
In November 2022, the actor claimed that during his 18-year-long career since debut, he has not received revenue for his music-related activities. He submitted evidence of content demanding the settlement amount for the unpaid revenue. Subsequently, in December, Hook Entertainment sent him an unpaid settlement and delayed interest of 5.4 billion KRW.
Lee Seung Gi refrained from accepting it and proceeded with the lawsuit which was originally filed by the agency against him for confirmation of non-existence of debt. Hook Entertainment later changed its claim from confirming no debt to seeking a refund of 900 million KRW citing the company had overpaid the actor for advertisement activity settlement. On the other hand, Lee Seung Gi claimed that the agency still owed him 3 billion won in advertisement revenue.
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