Source Music has announced GFRIEND will indeed be leaving the company after they were unable to agree on a contract renewal.
Source Music made the announcement through their statement to media outlets, sharing that they agreed to go separate ways and are cheering for the members as they move on to their future endeavors.
Hello. This is Source Music.
The exclusive artist contract with GFRIEND and Source Music will be concluded on May 22.
After careful consideration and extensive discussion, GFRIEND and Source Music have come to an agreement to go separate paths and show an even better image.
For the past six years, GFRIEND has won the boundless love of K-pop fans through a wide range of concepts, performances and songs that marked a new generation of girl groups and music.
We would like to express our sincere and heartfelt gratitude to GFRIEND who has allowed Source Music to accompany them on their journey.
We would like to deeply thank all BUDDY and fans who have shown your love for GFRIEND, and we ask that you give your unchanging love and support to the members who will begin their adventures in new and diverse areas.
Source Music will always continue to cheer for the members as they take the first step towards new beginnings.
— Source Music
Source Music did not comment on whether GFRIEND would remain as a group or would be disbanding. Earlier, it was reported that GFRIEND would be going separate ways after failing to renew their contracts with Source Music.