YG Entertainment is struggling amid Blackpink’s contract renewal re-negotiations as three members have declined to renew their contracts in favor of pursuing solo careers.
As Hybe thrives after securing contract renewals for all seven members of K-pop sensation BTS, the waters are murky for rival agency YG Entertainment as three out of the four members of girl group Blackpink reportedly declined to sign new contracts with the label — leading to a 13.28% decrease in shares. The company’s stock closed at its lowest level in five months at $51.68 (69,200 South Korean won) per share.
South Korean news outlets citing “multiple music industry officials” report that Blackpink’s members Jennie, Jisoo, and Lisa will sign contracts with other labels to pursue solo careers, while Rosé will renew her contract with YG. The three members as-yet to renew their contracts with YG “are in last-minute discussions with a ‘separate-yet-together’ strategy,” where they will sign with other labels as solo artists, but spend six months out of the year as members of Blackpink.
That news comes on the heels of reports that the group’s breakout member, Thailand-born Lisa, rejected two contract renewal offers from YG last week, reportedly worth $37.6 million (50 billion South Korean won). Rumors had circulated for months that she might break away from the group to pursue a solo career.
Blackpink finished their Born Pink World Tour on September 17 in Seoul, concluding the largest world tour by a K-pop girl group. YG reports the tour attracted 2.11 million people worldwide across 66 performances in 34 cities. The group also recently made history by being the first K-pop group (and first Asian act overall) to headline Coachella in the US and the first K-pop group to headline the BST Hyde Park Festival in the UK.
The group is also the first female ensemble to top the Billboard 200 chart; they hold the Guinness World Record for most-viewed music channel on YouTube for a group.