Following EXO member Lay's announcement about parting ways with SM Entertainment, the South Korean record label released a statement. The agency stated the K-pop idol's exclusive contract with the firm has expired. The company further said it is currently discussing different ways to maintain a new type of relationship with him.
"It's true that Lay's exclusive contract has expired. However, the agency is currently discussing various ways to maintain a new type of relationship with him," the agency stated.
EXO member Lay announced that he is parting ways with SM Entertainment through a handwritten letter. He wrote the letter in English and Korean and posted it on Instagram. The K-pop idol said he thanked everybody for their love and support. He also expressed his gratitude to the team members, the record label, and the fans for their encouragement.
The singer said he always loves EXO and he will be there for the band when they need him in his handwritten letter. Although Lay decided to leave SM Entertainment on the day the boy band celebrates its 10th debut anniversary, the group member said he will always be a part of the South Korean-Chinese boy band.
Here is the Complete Statement by EXO Member Lay:
A New Beginning
Meanwhile, the EXO member wrote another letter to his fans on Weibo. The singer said his 10-year contract with SM Entertainment came to an end. Lay said he enjoyed his time with the company, and his heart remains with the firm. The singer said he is gearing up for the beginning of a new journey, and he is looking forward to a new relationship with the record label.