On December 6, the Korean entertainment company - YG Entertainment - announced that all 4 members of the group Blackpink have renewed their contracts with the company. Accordingly, Blackpink will continue their group activities, not disbanding as fans previously worried. The contract renewal discussion between Blackpink and YG Entertainment has lasted for 4 months.
In addition to confirming that Blackpink is not disbanding, YG Entertainment also announced that the famous Korean girl group will release a new album and organize a new tour.
YG Entertainment promises to produce many music products and large-scale tours for Blackpink in the future (Photo: Naver).
Besides the positive and joyful reactions from Blackpink fans, some Korean fans and media experts expressed skepticism towards YG Entertainment's announcements.
Korean cultural critic Kim Do Heon said that Blackpink's contract details were not disclosed, but according to industry rules, contract renewals usually last only 2-3 years. In addition, the individual activity contracts between Blackpink members and YG Entertainment were not disclosed.
According to critic Kim Do Heon, Blackpink members only maintain group activities with YG Entertainment. Each girl has her own direction for individual activities. Over the past 7 years, Jisoo, Rosé, Jennie, and Lisa have all successfully built their own fan communities and personal marks.
Recently, apart from the Born Pink global tour, the group has had almost no joint activities or new group music products.
"Individual activities can easily lead to division within an idol group. This is the reason why some companies prevent artists from acting. All Blackpink members are active individually and have significant sources of income.
Even if YG Entertainment signs a group contract with them, Blackpink's future activities are still very unpredictable," an expert in the Korean entertainment industry told My Daily.
Some other experts believe that the announcement of the contract renewal with Blackpink is considered a ploy by YG Entertainment to save the company's image after the unsuccessful debut of the new group Baby Monster.
Baby Monster was formed in 2022 and is considered a "younger brother" group of Blackpink. The group officially released their first music product last November.
Besides the positive reactions, fans also expressed concern for Blackpink's future (Photo: Osen).
Although they were expected to follow in the footsteps of their seniors and help YG Entertainment overcome the crisis, the "younger sisters of Blackpink" received negative reactions from Korean fans.
Baby Monster's song "Batter Up" appeared on the world music charts, reaching 11 million views on YouTube after 13 days of release. However, Baby Monster's debut MV was criticized for being old and lacking in impression. YG Entertainment also had no plans to promote the group, making Baby Monster's debut obscure.
YG Entertainment is going through a crisis when their strategic artists such as G-Dragon and Taeyang decided to leave. The delay in announcing the contract renewal results with Blackpink also caused one of the three major entertainment corporations in Korea to be in trouble, with its stock price falling rapidly.
According to Naver, YG Entertainment's revenue in the fourth quarter of 2023 decreased. Korean entertainment experts believe that this revenue decrease is due to the end of Blackpink's global tour Born Pink .
The unsuccessful debut of Baby Monster has left YG Entertainment with a "headache" in finding a new direction. In early December, the Korean entertainment group announced that it would hold a trainee selection in early 2024.
The auditions will begin on January 13, 2024, and will take place in eight major cities in Korea. Candidates born between 2006 and 2013, regardless of nationality or gender, can try their hand at singing, rapping, and dancing.
Blackpink is still YG Entertainment's "golden goose" (Photo: Instagram).
With the current situation, Blackpink is considered the "golden goose" and "cannot be easily lost" of YG Entertainment.
During 7 years of working under YG Entertainment, the 4 members of Blackpink have earned the management company hundreds of millions of dollars from music products, world tours and blockbuster advertising contracts with luxury brands.
Blackpink's net worth according to WealthyPerson.com is about 24 million USD/year and according to Celebrity Networth, the 4 girls own a total asset of up to 80 million USD.
The group's Born Pink world tour lasted nearly a year and brought in about $265 million for the management company. This is also the highest touring revenue in the history of world music for a girl group.
According to Mydaily, Blackpink contributes to more than 80% of YG Entertainment's revenue. Lifestyle Asia revealed that when rumors of Lisa refusing to renew her contract with YG Entertainment appeared, the group's stock price fell by 9%.
According to media experts, the four members of Blackpink can receive 80% of the profits while YG Entertainment receives 20% when renewing the contract. It is estimated that each member can receive an advance payment of about 1-1.5 billion won (18-28 billion VND). This number can be higher due to Blackpink's global popularity.
YG Entertainment is a South Korean multinational entertainment company founded in 1996 by Yang Hyun Suk. The company operates as a record label, talent management agency, music production company, event and concert production company, and music publishing house.
Artists who have made a name for themselves at YG Entertainment include Big Bang, Winner, Blackpink, Treasure, Wheesung, Epik High, Se7en, Park Bom, 2NE1, Psy, iKON as well as actors Choi Ji Woo, Cha Seung Won, Yoo In Na.
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