Korean websites call on Disney, Kim Soo Hyun may go bankrupt due to “Counterfeit Life”

South Korean actor Kim Soo-hyun recently found himself in a huge controversy after being accused of involvement in a private life scandal by the family of the late actress Kim Sa-rang and the YouTube channel “Horizontal and Vertical Research Institute.” His performance and statements at the press conference held on March 31 continued to spark public backlash. Some Korean internet users wrote to Disney+ inquiring about the availability of the series “Counterfeit Life” starring him, only to receive a response that there are currently no plans for it. Speculation in the industry suggests that Kim Soo-hyun may face bankruptcy due to the scandal surrounding “Counterfeit Life.”

Facing a massive storm of public opinion, Kim Soo-hyun finally held a press conference on March 31 after being missing for 21 days. During the event, he cried heavily and vehemently denied almost all the controversies and accusations that had been circulating. He emphasized that his relationship with Kim Sa-rang began in 2019 when she was already an adult, and claimed that he would sue the family of Kim Sa-rang and the YouTube channel “Horizontal and Vertical Research Institute” for 12 billion Korean won in damages.

Kim Soo-hyun’s performance and statements at the press conference stirred dissatisfaction among netizens. Following the conclusion of the press conference, many Korean internet users called on Disney to promptly offer a follow-up solution to the Kim Soo-hyun controversy. Subsequently, a netizen shared a response from Disney received after writing to them on the forum theqoo, indicating that currently, there are “no plans” regarding the future of “Counterfeit Life.”

The exposure of the post reignited the Korean online community, with many expressing disappointment in Disney’s approach, deeming it hasty and unclear, and believing that it should not be further delayed. Some individuals also speculate that Kim Soo-hyun’s press conference was a performance for Disney, attempting to regain some spotlight and avoid paying exorbitant breach of contract penalties.

It is rumored that Kim Soo-hyun’s agency’s operations are now in jeopardy due to this scandal. Not only have all the more than 20 advertisements he endorsed been pulled, but there is also a possibility of facing hefty breach of contract penalties.

According to reports from Korean media, an M&A expert familiar with the situation revealed that on the balance sheet of the agency Gold Medalist, jointly established by Kim Soo-hyun’s cousin and Lee Sa-rang, the cash available has almost reached a “rock bottom” state, with even the outsourced cleaning company having severed ties.

Data shows that “Counterfeit Life” is a major annual project funded by Disney with 60 billion Korean won (approximately 300 million Chinese yuan) and planned for two seasons with a total of 18 episodes, 9 episodes per season. It was previously reported that the first season has been completed, while the second season is still in production. However, with the scandal surrounding Kim Soo-hyun escalating, Disney has decided to postpone all airing plans, and production for the second season has come to a halt.

Industry insiders speculate that this substantial investment may be difficult to recoup. If Disney decides to file a claim due to the delays related to “Counterfeit Life,” Kim Soo-hyun could face bankruptcy.