K-Pop girl group BLACKPINK have renewed their contracts with YG Entertainment, quashing speculation that they would sign with another agency.
“All four members of our company’s artist BLACKPINK have signed exclusive group contracts,” YG said in a stock exchange filing on Wednesday (December 6).
The announcement sent YG’s shares surging 25.6% in Seoul on Wednesday, breaking a seven-day losing streak.
“Our company has completed a resolution by the board of directors regarding the signing of exclusive group contracts for all four members of BLACKPINK,” YG said.
Local media reported that BLACKPINK, whose members include Jisoo (Kim Ji-soo), Lisa (Lalisa Manobal), Jennie (Kim Jennie) and Rose (Roseanne Park), plan to continue group activities such as dropping a new album and holding a large-scale world tour with backing from YG.
“We are happy to continue our relationship with BLACKPINK. We will do our best to help BLACKPINK shine even brighter in the global music market in the future.”
Yang Hyun Suk, YG Entertainment
“We are happy to continue our relationship with BLACKPINK. We will do our best to help BLACKPINK shine even brighter in the global music market in the future,” YG founder Yang Hyun Suk was quoted as saying by Yonhap News Agency.
The news comes as a relief to many fans, who had been waiting for word on the group’s future. BLACKPINK’s previous contracts expired in August, and there had been speculation that some or all of the members might not renew.
South Korean outlet Munhwa Ilbo reported in late November that BLACKPINK’s members would not renew their exclusive individual contracts with YG, but would continue group activities as BLACKPINK under the label.
“There are places that offer down payments of tens of billions of won to recruit them,” a music industry executive was quoted by Munhwa as saying.
However, the unnamed executive noted at the time that some of the group’s members believed that it would be more beneficial for them to remain with YG.
BLACKPINK was founded in August 2016 by YG Entertainment. The group has since achieved global success, earning numerous awards, including the 2023 MTV Video Music Award for Group of the Year, and becoming the first K-Pop act to headline Coachella.
BLACKPINK has also forayed into the metaverse, hosting a virtual concert that attracted 15.7 million viewers on PUBG Mobile last year, and recently launching a virtual experience on Roblox via a partnership with metaverse studio Karta.
Music Business Worldwide