YG Entertainment announced today that Blackpink members Jisoo, Jennie, Lisa, and Rose have decided to renew their exclusive contract but what does it mean?
Blinks around the world heaved a collective sigh of relief when news broke that Blackpink had decided to remain with YG Entertainment. “Following careful discussions with Blackpink, we have signed a new exclusive contract for the group’s activities based on the strong trust held in each other,” the company said in a statement, adding that they plan to “repay their fans around the world with activities that match their global status in the K-pop scene with new albums and world tours.”
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The exclusive contract renewal comes after months of speculation and anxiety over the K-pop super group’s future as their previous contract had expired in August. A month later, Blackpink wrapped up their massive, highly successful world tour, Born Pink World Tour, which generated cumulative sales nearing KRW300 billion.
Rumours were rife that Jisoo, Jennie, Lisa, and Rose–global stars in their own right with more than 70 million followers on Instagram each–would be leaving YG Entertainment to pursue their solo careers. The ups and downs of contract negotiations took the company’s shares on a rollercoaster ride. Following the announcement, YG Entertainment’s shares soared 22 per cent.
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So, what does this mean? While Blackpink reportedly turned down offers from rival agencies worth “tens of billions of won”, their contract with YG Entertainment is only for group activities. Should they decide not to renew their individual contracts, they will be free to pursue their solo careers under different representation. Thus, Blackpink will come together to perform as a group only when their schedules align.
