Shares of YG Entertainment, the K-pop powerhouse, witnessed a significant surge of over 3% on November 20 following reports from South Korean media revealing Blackpink’s decision to carry on activities under the YG label.
As reported by Munhwa Ilbo, an inside source revealed that while Blackpink members are not renewing their exclusive contracts with YG Entertainment, they have agreed to persist in their endeavors under the name Blackpink, operating within the YG framework.
However, Munhwa Ilbo clarified that no formal contracts have been finalized between individual Blackpink members and YG Entertainment. Instead, the group intends to pursue diverse solo activities, with gatherings as Blackpink reserved solely for group-related engagements.
The media further disclosed that two Blackpink members have already inked agreements to continue their activities, without specifying the identity of the signatories.
Previously, in September, YG Entertainment experienced a notable 9% drop in its stock value on the South Korean stock exchange, followed by an additional 13% decline. This downturn coincided with reports suggesting that three Blackpink members might not renew their contracts with the company.
As of Tuesday, November 14, YG Entertainment confirmed ongoing contract negotiations with Blackpink, with plans to disclose the outcomes of these negotiations to the public.
Blackpink stands as one of YG Entertainment’s most successful groups, boasting an impressive global reach. The company reported that Blackpink’s recent global tour amassed an audience of 2.11 million across 66 shows in 34 cities worldwide, underscoring their immense popularity and global appeal.