Following reports that GFRIEND would be disbanding due to failed contract renewals, Source Music has released a statement confirming their departure from the company. Keep on reading for all the details.

Source Music Announces GFRIEND Departure From Label

On May 18, following reports that GFRIEND would be disbanding after seven years, Source Music has released an announcement that the members confirming the members have parted ways with the company.

According to Source Music's statements, the exclusive artist's contract between GFRIEND and Source Music will expire on May 22. After careful consideration between the members and the company, all parties agree that it is best for the members to go their separate paths to continue to grow.

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Source Music notes that GFRIEND is a group that experienced boundless love and support from K-pop fans due to their wide range of concepts, the quality of their performances, and their songs that marked a new generation of K-pop girl groups and music.

Source Music expresses their sincerest and most heartfelt gratitude to the members of GFRIEND, who allowed the company to be with them on their musical journey. The company also thanks BUDDYs, the fans of GFRIEND, who never failed to show their unwavering love for GFRIEND.

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They ask the fans to continue to give the members of GFRIEND their unchanging love and support, who will now pursue a new adventure in diverse fields and industries.

Source Music will continue to cheer for the members as they take their first steps into a new chapter in their careers.

It is currently unknown if the members plan to still operate as GFRIEND despite no longer being in the same company.

GFRIEND on the Brink of Disbandment? Exclusive Reports State The Girl Group Has Dissolved

Prior to Source Music's official announcement, Tenasia released an exclusive report claiming GFRIEND had disbanded. According to reports, the members and Source Music failed to agree on the details concerning contract renewals, resulting in a failure to re-sign all the members of GFRIEND back to the company.

ALSO READ: GFRIEND Reportedly Disbanding Due to Failed Agreement on Contract Renewals

As a result, all of the members will leave the company.

GFRIEND's Recent Activities

GFRIEND's last comeback as a group under Source Music was on Nov. 9, 2020. The girl group released their third full-length studio album, "Walpurgis Night," which contains the lead single, "Mago." The song, "Mago," debuted at number 17 on the Billboard World Digital Song Sales Chart and peaked at number 16 the following week.

Additionally, "Mago" debuted at number 46 on the Billboard K-Pop Hot 100 Chart. In South Korea, GFRIEND's song"Mago" debuted at number 42 on the Gaon Digital Chart and at number three on the Download Chart. "Mago" also peaked at number 83 on the Gaon Streaming Chart.

The album "Walpurgis Night" peaked at number three on the Gaon Weekly Album Chart. "Walpurgis Night" also peaked at number nineteen on the Gaon Monthly Album Chart.

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Written by Alexa Lewis