September 18, 2023: Shares of K-pop agency YG Entertainment dropped as Blackpink’s Member and the K-pop agency are far separated in agreement revival negotiations.
The share price collapse is YG’s most important one-day drop since September 28, 2022.
According to South Korean news outlet Star News, the Thailand-born member has rejected two proposals from YG, with the size of the contract reportedly worth 50 billion South Korean won.
In a statement to South Korean media outlet TVReport on Friday, a YG spokesperson said the company is “discussing renewing our contract with Lisa,” according to Google Translate. “The rumor has not been officially confirmed,” the person added.
The latest development follows reports in July that Lisa was ” unable to find an agreement” regarding a contract extension with the agency.
At the time, South Korean media outlet Newsen reported that YG responded to queries by saying that contract renewal discussions were underway. However, outlet Munhwa Ilbo reported that “it is known that the difference between the two sides is quite large.”
Blackpink, composed of Jisoo, Jennie, Rosé, and Lisa, has been one of YG’s most successful K-pop groups.
The news comes as Blackpink wraps up its “Born Pink” world tour, in what has been described as the most extensive world tour by a K-pop girl group, attracting an estimated 1.5 million people over 41 cities since it started in October 2022.
Blackpink will hold the final two days of the tour on September 16 and 17 in Seoul.
The four-member group debuted with YG in August 2016. As K-pop groups typically sign seven-year contracts, Blackpink’s agreement was expected to expire in August. Still, the agency has not confirmed any contract renewals with members.