Music

FIFTY FIFTY's Chart-Topping Hit 'Cupid': What Will Their Royalties Look Like?

Jun 15, 2023 | by Deborah Kim

The interest is high in the royalty payments FIFTY FIFTY will receive for their song 'Cupid,' which has captivated the global music charts.

FIFTY FIFTY's song 'Cupid,' released last February, continues its long run on two of the world's top charts: the American Billboard and UK Official Chart. Notably, 'Cupid' has made history by staying on the main Billboard 'Hot 100' chart for 12 consecutive weeks and the Official 'Singles Chart Top 100' for 11 weeks, the longest run for any K-pop girl group.

What's amazing is the significant role streaming numbers have played in this accomplishment. The 'Hot 100' chart incorporates a variety of factors, including physical single and digital music sales, streaming numbers, radio airplay, and YouTube views. FIFTY FIFTY's 'Cupid' continues to hold its position on the 'Hot 100' chart through streaming numbers.

Looking at the actual music records, 'Cupid' surpassed 330 million streams on Spotify, the world's largest music streaming platform, within 100 days of its release. This is the fastest record for any K-pop girl group song, achieving 330 million streams 15 days faster than the previous record-holder, BLACKPINK's 'Pink Venom.'

Spotify has selected 'Cupid' for their playlist 'Song of the Summer,' expected to be loved by global listeners this summer. The 20-song playlist 'Song of the Summer' includes FIFTY FIFTY, along with big-name pop stars such as Taylor Swift and Selena Gomez.

Such global music success of 'Cupid' raises curiosity about the copyright royalties FIFTY FIFTY will receive. As of now, the copyright royalties for 'Cupid's' overseas music have not been calculated. While domestic music copyright royalties are typically calculated quarterly, it takes about 4-6 months for overseas music platforms.

Given that 'Cupid' gained popularity starting in March, the music copyright royalties should begin to be calculated from next month. FIFTY FIFTY's agency, Attract, has contacted overseas music platforms regarding this, but they were told that it's impossible to predict the copyright royalties.

However, the industry expects them to garner a sizable amount of copyright royalties. According to the Korea Music Copyright Association (KOMCA), last year's copyright royalties from Korean music used overseas amounted to 22 billion won, and this year, due to FIFTY FIFTY's activities, they are expected to surpass last year's amount significantly.

As a girl group from a small to medium-sized agency, this 'Cupid' overseas music settlement appears crucial. Music industry insiders unanimously say that if the 'Cupid' music settlement happens, it will make it easier for FIFTY FIFTY to prepare for their next album. They suggest that the royalty payments from 'Cupid' could fund a higher-quality next album and a more concentrated overseas marketing campaign to strengthen FIFTY FIFTY's global branding.

Aside from the royalty calculations, attracting investment is another area where FIFTY FIFTY's future looks promising. Currently, due to the global success of 'Cupid,' there is heightened interest from investors in FIFTY FIFTY. Attract has raised 1 billion won in seed investments from domestic accelerators through the issuance of redeemable convertible preferred shares (RCPS) in March, and in April, they raised an additional 200 million won in investments by issuing common shares at a 40 billion won value. Recently, they attracted 1 billion won in investment funds each from YES24 and Hanse Industries.

ATTRAKT's CEO Jeon Hong-Jun's global initiatives have accelerated. He was recently confirmed to have returned from the United States after marathon meetings with promoters and concert organizers. There are also reports that he is pursuing ways to attract investment in Silicon Valley.

In a phone call with Sports Chosun, Jeon Hong-Jun said, "I have met with various label companies and concert organizers in the U.S. We have had in-depth discussions regarding FIFTY FIFTY's future expansion into the UK and U.S."

With the collection of royalty payments from 'Cupid' and the successful attraction of investment funds, FIFTY FIFTY looks set for further global success.