July 13, 2023: Shares of K-pop administration agency YG Entertainment dropped almost 7% after information emerged that the contract renewal for a member of the girl group Blackpink is in doubt.
YG shares traded at 73,900 Korean beat at 2.41 pm KST. At this level, the stock is at its most down since May 11, when it completed at 66,700 Korean won apiece.
According to an entire report by South Korean media outlet Munhwa Ilbo, Thailand-born member Lisa has “not been able to find an agreement” regarding a contract extension with YG Entertainment.
South Korean media outlet Newsen also reported that YG Entertainment replied to queries by saying contract renewal discussions were underway. Still, Munhwa Ilbo reported that “it is known that the difference between the two sides is quite large.”
Blackpink made up of members Jisoo, Jennie, and Rosé, in addition to Lisa has been one of YG Entertainment’s most thriving K-pop groups.
The four-member group debuted with YG in August 2016. As K-pop groups typically sign seven-year contracts, Blackpink’s contract is expected to expire in August.
Citing an “industry insider,” Munhwa Ilbo also reported that “YG’s contract regeneration process with the remaining three members of Blackpink is proceeding relatively smoothly.”
The group was the first Asian act and K-pop girl group to headline the Coachella festival in the U.S. and the initial K-pop band to headline a major festival in the U.K. at the BST Hyde Park festival.
Blackpink also carries the Guinness World Record for the most-viewed music channel on YouTube for a group, beating out U.S. pop band Maroon 5 in April.
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