YG Entertainment shares fell sharply today, their biggest drop in over a year, following news that a member of Blackpink is reportedly refusing to renew her contract.
During trading on September 15th, shares of South Korean entertainment company YG Entertainment at one point dropped nearly 9%, to 73,500 won (US$55). This was the largest single-day decline for the stock since September 2022. By the close of trading, the decline had narrowed to 3%.
YG's stock plummeted after South Korean news outlet Star News reported that Lisa, the Thai member of the girl group Blackpink, had twice rejected a contract renewal offer from the company. The new contract was reportedly worth around 50 billion won (US$37.6 million).
The four members of Blackpink: Rose, Lisa, Jisoo, and Jennie (from left to right). Photo: YG
On TVReport today, a YG spokesperson stated that the company "is discussing contract renewal with Lisa" and that "the rumors have not been confirmed."
In mid-July, Munhwa Ilbo reported that Lisa "had not yet reached an agreement" regarding a contract renewal. Later, Newsen reported that YG Entertainment had responded to inquiries on the matter, stating that contract renewal negotiations were still ongoing. However, Munhwa Ilbo revealed that "significant disagreements remain between the two parties."
Blackpink debuted in August 2016 and is considered one of YG's most successful groups. Korean idol groups typically sign 7-year contracts, meaning their contracts expired last month. YG has not yet confirmed whether they have renewed contracts with any Blackpink members.
The group is currently on their Born Pink global tour. The event attracted approximately 1.5 million viewers in 41 cities, including Hanoi at the end of July. Born Pink began in October 2022 and will conclude with two shows this week in Seoul.
Blackpink is the first Asian artist to be invited to perform as the main act at Coachella, one of the world's biggest music festivals, this year. They also hold the Guinness World Record for the most-viewed YouTube channel in the music category.
July figures from Touring Data – an independent box office revenue tracking platform – show that Blackpink's Born Pink World Tour, with 40 nights, grossed approximately $163.8 million, selling over 900,000 tickets. On average, the group earned over $4 million per night, with around 22,600 attendees. These figures do not include 24 nights for which revenue has yet to be tallied.
Ha Thu (according to CNBC)
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