Seoul, 24 January 2023 (GNP): According to reports, YG Entertainment, the record label of BLACKPINK, is preparing to offer millions to retain all BLACKPINK members (Lisa, Rosé, Jennie and Kim Jisoo) in the company. The group debuted back in August 2016 and quickly became one of the tops recognized K-Pop girl groups, dominating the global market with their iconic and catchy songs, charismatic personalities, and trendy fashion. However, the group’s contract with YG entertainment will come to an end this August after seven years, which means the members of BLACKPINK will either renew the contracts and continue to work on their music or leave the record label, joining another agency where they will debut without the brand name ‘BLACKPINK.’
According to Nate Entertainment, the members of BLACKPINK are receiving offers from the world’s top companies to leave the company and sign with them. Lisa is receiving overseas offers, one upwards of a staggering $81.2 million USD. Currently, media agencies have reported that YG Entertainment is preparing to pay $16.2 million USD to every BLACKPINK member as a signing bonus in a bid for BLACKPINK to renew their contracts with the company and also, to stop the members from leaving the company.
“From what I understand, agencies in countries like China expressed their desire to offer guarantees around ₩100 billion KRW (about $81.2 million USD) won to Lisa, who has complete influence in not only her home country of Thailand but the Southeast Asian market. When you take into consideration the scale of the Korean market, it’ll be hard for [Korean agencies] to handle that kind of offer.
Industry insiders are anticipating that YG will offer a down payment of at least ₩20.0 billion KRW (about $16.2 million USD) per member to keep BLACKPINK… Contract renewals are usually for 2~3 years. If the rumors are true and they give each members ₩20.0 billion KRW (about $16.2 million USD), for a total of ₩80.0 billion KRW (about $65.0 million USD), YG will need to calculate if they’ll be able to make a profit within that time period.” – Nate News and Entertainment
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Previously, there were reports of BLACKPINK signing with YG entertainment’s subsidiary label ‘THEBLACKLABEL’ owned by Teddy Park, who also produces the songs of BLACKPINK. However, YG entertainment claimed all the reports were false, negating all the rumours. BLACKPINK fans saw hope about the group’s future in the K-pop industry as remaining in the subsidiary label meant that ‘BLACKPINK’ would remain as a group without disbanding as YG owns the albums and songs as well as the group ‘BLACKPINK.’ Last year, YG Entertainment lost numerous talented artists and groups which, includes all six members of iKON, who left to pursue a contract with another company to continue group promotions, BIGBANG‘s T.O.P and Daesang left to pursue their solo careers, while Taeyang moved to YG’s subsidiary label THE BLACK LABEL, popular actor Kang Dong Won leaving to set up his own agency, and former TREASURE‘s Mashiho concluding his contract to focus on his health while Bang Yedam leaving to focus on his career as a producer.
YG Entertainment is known for giving very few comebacks and promotions to their artists with long hiatuses. This is done mostly to maintain the hype among the fans, but in this process, the groups release very few songs which is the major reason why such a huge amount of artists have left the company. With the contracts BLACKPINK about to expire soon, fans hope for Lisa, Jennie, Rosé, and Jisoo to remain in the company and continue to perform as ‘BLACKPINK.’
