Report: 2 Blackpink members renew non-exclusive contracts with YG
By Ryan General
November 21, 2023
K-pop supergroup BLACKPINK is reportedly set to continue their group activities, with two members already signing new agreements with YG Entertainment, amid their ongoing contract negotiations.
News of uncertainty: Speculation about BLACKPINK‘s future with their label YG Entertainment emerged soon after the members’ previous seven-year contracts expired in August. The group’s recent success, marked by a world tour with 66 performances in 34 cities and a Coachella headline, helped fuel rumors the group may be exploring new opportunities with a different label. This led to increased market volatility and two significant dips (9% and 13%) in YG’s shares in September.
Individual career paths: On Monday, South Korean platform Munhwa Ilbo suggested that while BLACKPINK may continue as a group, its individual members are not renewing their exclusive contracts with YG Entertainment. According to the report, two out of the four members have already signed the new non-exclusive BLACKPINK-YG contract as they purportedly plan to carry out individual activities and come together only for BLACKPINK activities.
Nothing confirmed: Following the news regarding the BLACKPINK members’ contract renewal, YG’s KOSDAQ-listed shares experienced a 3% surge. Soon after, the label issued an official statement, reiterating that nothing could be confirmed and discussions are ongoing. In September, YG similarly attempted to downplay rumors and reassure investors amid a sharp decline in its stock value.
Financial implications: As contract negotiations continue, industry insiders suggest that even without individual exclusive contracts, BLACKPINK’s group activities alone could generate astronomical revenue for YG. The group’s accumulated sales, reaching an estimated 300 billion won ($232.3 million), provide YG with a significant financial incentive to secure their continued collaboration.
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