BLACKPINK, the multinational female music act that is the biggest girl band in the K-pop firmament, may finally be close to renewing its collective contract with YG Entertainment.
The news was widely reported in Korea on Monday and comes after months of speculation that the four-piece act – Jisoo (real name Kim Ji-soo), Lisa (Lalisa Manobal), Jennie (Kim Jennie) and Rose (Roseanne Park) – would take their talent to another agency. Blackpink’s contracts with YG expired in August.
The Munhwa Ilbo (Culture Daily) publication claimed an exclusive with the information that Blackpink will re-up with YG, but the four individuals will not renew their exclusive contracts with the agency. It also added that two of the four have signed the new Blackpink-YG contract.
The information boosted YG’s KOSDAQ-listed shares by 3% on Monday morning. But the company put out a press statement saying that nothing is confirmed and that talks are ongoing.
Over the past months, the company has filed a succession of regulatory notices, saying much the same thing and trying to dampen speculation that it will lose its biggest single act and its biggest source of revenue. Its shares recorded two steep dips – of 9% and 13% — in September as rumors swirled.
Blackpink was formed under YG in 2016, but as the quartet hit new levels of recognition and popularity worldwide there has been speculation that the old seven-year deal would need to be substantially renegotiated in the members’ favor.
The band’s recent world tour included 66 performances in 34 cities and was watched by 2.1 million spectators. They also headlined at Coachella in April.
There has also been speculation that the four band members are increasingly looking to develop their individual careers.
The Munhwa Ilbo appears to echo the notion, saying: “Exclusive contracts between each member and YG Entertainment were not signed. In the future, they plan to carry out individual activities and come together only for Blackpink activities.”
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