They’re probably losing a mass advertising contract.
New Jeans it has reportedly been dropped by a major brand as an advertising model.
According to industry sources, on December 13 KST, Shinhan Financial Group decided not to renew the advertising contract with the girl group. NewJeans has served as the brand’s official model for its integrated platform “SOL” since last year. There is speculation that the decision was influenced by the growing conflict between NewJeans and their agency, I LOVE ITin particular the group’s recent unilateral decision to terminate their exclusive contract with the label.
An official from Shinhan Financial Group confirmed to the media that the “Super SOL” brand’s advertising contract with NewJeans will not be extended once it expires in December. But the group will continue to serve as a model for other Shinhan subsidiaries where contracts extend beyond this December.
Shinhan Financial Group launched its “Super SOL” app last year, which integrates the main functions of the Shinhan Bank, credit card, securities, life and savings bank apps into a single platform. To unify their brand image, affiliates collectively signed NewJeans as advertising models. While for Shinhan Bank and Shinhan Card the contractual period is until the end of December, for Shinhan Investment and Securities it extends until March next year.
Since NewJeans’ contract with the main subsidiary is expiring, other contracts are unlikely to be extended.
Meanwhile, NewJeans’ recent public appearance after announcing their contract termination has become a hot topic online. Read more here.
