By Cho Jae-hyon
Staff Reporter
Members of boy band Big Bang will be able to travel overseas without having to receive prior approval from their agency YG Entertainment, according to new regulations enforced by the Fair Trade Commission, Tuesday.
They will also be entitled to claim their share of royalties from the sales of their albums even after their contract with YG has expired, the trust buster said.
These changes are the result of revised fair trade rules on contracts between entertainers and their agency companies.
Agency firms voluntarily rewrote contracts in the wake of guidelines set by the FTC.
It said YG Entertainment removed clauses mandating all profits from album sales belong to the agency following the expiration of contracts.
As a result, Big Bang, 2NE1 and other entertainers represented by YG will be exempted from the requirements to pay profits to YG even after the expiration of their contracts.
At the same time, the clause requiring Big Bang members to get prior approval for overseas travel has been deleted, allowing them to go abroad only by notifying their agency.
YG is also allowing its entertainers to retire even before the expiration of contracts.
After making their debut in 2006, Big Bang has become one of the hottest bands in Korea. Led by G-Dragon, the five-member boy group has not only swept online and offline music charts, but wowed fans with their powerful stage presence, unique fashion styles and colorful personalities.