K-pop star G-Dragon is speculated to have received a settlement of approximately 60 billion KRW (around $48 million) from his agency last year.
On October 8, a media outlet reported, based on the audit report of Galaxy Corporation disclosed on October 6, that G-Dragon's settlement amount for the previous year is estimated to be over 65 billion KRW.
According to the audit report, Galaxy Corporation's separate payment fees for last year amounted to 71.4 billion KRW, a figure 31 times higher than the previous year. During G-Dragon's inactive periods, the payment fees were known to be between 800 million to 2.5 billion KRW.
Since the payment fees largely consist of settlements paid to artists, excluding costs for legal and PR services, it is analyzed that G-Dragon's settlement amount exceeds 65 billion KRW.
The agency stated, "The outsourcing costs incurred from G-Dragon's world tour last year were also included in the payment fees category." However, it was reported that Galaxy Corporation accounted for 94.3 billion KRW in outsourcing costs separately. Including additional income from royalties and other sources, G-Dragon's actual annual income is expected to be even higher.
Meanwhile, G-Dragon released his third solo album 'Übermensch' last year and embarked on a world tour spanning 17 cities with a total of 39 shows, attracting approximately 825,000 attendees. Consequently, Galaxy Corporation's consolidated sales for last year surged by 618% compared to the previous year, reaching 298.9 billion KRW. Additionally, the company achieved an operating profit of 12.5 billion KRW, marking a successful turnaround.
Reported by Kim Ji-won, Ten Asia one@tenasia.co.kr