• BTS signed a new contract with Big Hit Entertainment
  • Jin of BTS clarified that their contract was not renewed in 2018
  • The new contract reportedly entails more freedom for BTS
  • As well as more involvement in the recording and development process
  • BTS, as of 2020, has a reported combine net worth of $60 million

Jin of BTS clarified that the renewal of the group’s contract with Big Hit Entertainment did not happen two years ago. Nevertheless, he said that the famous Korean boy band would continue working with Big Hit as they sign a new contract under the said entertainment company.

Jin, during BTS’ online concert “Bang Bang Con: The Live,” yesterday (June 14), explained that their contract was supposed to end a day before the concert. The BTS member also confirmed that they would stay with Big Hit when he said that they found a good agency.

The BTS member also expressed their appreciation for being able to stay together for a while, according to the report of the said entertainment news site.

BTS’ new contract under Big Hit would give the group another seven years, Somag News reported. The site further indicated that under the new contract BTS would be given more freedom to get involved with the upcoming first project, including the entire recording and the development process.

BTS’ official Twitter account has posted this snap on June 13.

“7th June 13 with 7 people, the tweet, which was originally written in the Korean language, said. “Thanks for always being there Ami [emoji: purple heart] #0613FM_0613.”

Big Hit reportedly renewed the contract of BTS back in 2018. The said announcement was made through an email notification.

The said email revealed that Big Hit had several discussions with the seven members of BTS. Consequently, they agreed to renew the contract to maintain a stable and long-term career, Soompi reported.

BTS had more than a year left on their initial contract at that time. However, a renewal was reportedly done because it was considered a strategic move since BTS was a valuable asset to the company.

BTS, also known as Bantang Boys, was founded on June 13, 2013. The group’s members included V, Jungkook, Jimin, SUGA, Jin, RM and J-Hope. BTS celebrated its 7th year in the music industry on Saturday.

BTS has a reported net worth of more than $60 million. Each BTS member has a net worth of between $8 to $10 million, according to The Wealth Record.