VCPMC told the press Friday that they and iMe Vietnam had reached a mutual agreement regarding the global K-pop sensation’s first-ever concerts in Vietnam, which will take place this Saturday and Sunday night at Hanoi’s My Dinh National Stadium.
The agreement was approved by inspectorates from the Ministry of Culture, Sports and Tourism and the Hanoi Department of Culture and Sports
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Blackpink is set to perform at Hanoi’s My Dinh National Stadium on July 29-30, 2023. Photo from Blackpink Facebook |
Neither VCPMC nor iMe Vietnam has publicized the details of the agreed royalties. However, Pham Dinh Tam, a representative of iMe Vietnam, said the final figure was “much lower” than that previously proposed by VCPMC, which stood at around VND11 billion (around $464,000).
VCPMC announced Thursday that they had asked authorities to revoke the upcoming highly-anticipated shows’ license due to the organizer’s failure to pay royalties.
The center claims the right to demand royalties from the concert organizer as it represents the South Korea Music Copyright Association (KOMCA) under an agreement that grants VCPMC the right to license the public performance rights of all works in KOMCA’s portfolio to be performed in VCPMC’s territory.
They are the only agency in Vietnam authorized by KOMCA at this time.
All of the songs scheduled to be performed by Blackpink during the two shows in Hanoi are owned by KOMCA members.
According to VCPMC, the agency had contacted iMe Vietnam immediately following the announcement of Blackpink’s concerts in Hanoi, asking them to pay royalties for the copyrights to the songs. However, as of July 19, iMe Vietnam had not obtained permission for the copyrights.
Consequently, the agency submitted a report to authorities, requesting the event’s license be revoked.
Representatives from VCPMC and iMe Vietnam then met to discuss a mutual agreement regarding the event. It is reported that VCPMC suggest that iMe Vietnam pay a fee equivalent to 5% of the revenue generated from 20,000 tickets per night.
With tickets cost between VND1.2 million and VND9.8 million, and the average price around VND5.5 million, the fee was expected to have been around VND11 billion.
VCPMC said they agreed to cut 10-15% from this amount to support iMe Vietnam.
According to Tam, the amount proposed by VCPMC was higher than the average royalties iMe paid in other countries in the region. He said royalties for the same show in Thailand and Malaysia both ranged between $200,000-250,000.
Blackpink was formed in 2016 and consists of four members: Jennie, Lisa, Jisoo and Rosé. The group has since achieved international success with numerous hits like “Ddu-Du Ddu-du,” “Kill This Love” and “Pink Venom.”
Their YouTube channel is the most-viewed on the platform with 30.399 billion views.
Their world tour Born Pink, which started late last year, has grossed about $163.8 million so far, with more than 900,000 tickets sold. This makes Born Pink the highest grossing girl group tour of all time, surpassing the previous record set by the Spice Girls ($78.2 million).
The group announced last month that they would hold two shows at Hanoi’s My Dinh National Stadium, marking the conclusion of their world tour.
