On October 18, Big Hit Entertainment sent an email to its company employees and stockholders announcing that BTS had renewed their contract with the agency.
BTS debuted in June 2013 and still had more than a year left on their initial contract. Generally, a contract renewal takes place just before the first contract expires, but in the case of professional sports, an early renewal can be a strategic move when a player is considered extremely valuable.
According to the email, the renewed contract is 7 years in length.
Big Hit said, “Our philosophy is to support our artists, who are seeing significant success on a global level, to the best of our ability. After plenty of discussions with the seven BTS members, we have agreed upon a contract renewal in order to maintain their stable and long-term career. Right now, BTS’s team numbers about a hundred-odd people and we will continue to invest time and people in order to make that team stronger and more systematic.”
BTS said, “We respect our mentor Bang Shi Hyuk, who had a vision for our future even before we debuted. He has opened our eyes to perspectives not only on music but on the world. We will do our best to show an even better side of ourselves to our fans around the world, with the strong support of Big Hit Entertainment.”
Sources: Naver via Soompi, Buzzfeed Celeb on Youtube