Industry Insiders Reveal YG Entertainment Is Reportedly Preparing To Offer Millions To Renew BLACKPINK’s Contract
BLACKPINK debuted in 2016 and quickly became one of the top K-Pop girl groups, conquering the global market with their incredible talent, catchy songs, charming personalities, and trendsetting fashion.
As is standard for K-Pop contracts, it is reported that BLACKPINK’s contract will be ending this year after seven years with YG Entertainment.
While YG Entertainment remains one of the more widely recognized entertainment companies in South Korea, renewing BLACKPINK after they’ve earned unprecedented success in all aspects of the entertainment world may not be a simple feat.
BLACKPINK has the unique advantage of being equally as popular individually as they are together, with each member making waves worldwide and shining in their solo career.
Knowing that they’ll be in high demand, industry insiders have been eager to see what move the group will make when their contract comes to an end.
YG Entertainment lost multiple notable talents at the end of 2022, with all six members of iKON leaving to pursue a contract with another company to continue group promotions, BIGBANG‘s T.O.P and Daesang leaving to pursue their individual endeavors, while Taeyang moved to YG’s subsidiary label THE BLACK LABEL, popular actor Kang Dong Won left to reportedly set up his own agency, and former TREASURE‘s Mashiho concluded his contract to focus on his health while Bang Yedam left to focus on his career as a producer.
The string of recent departures has heightened the curiosity surrounding BLACKPINK’s contract, as it was previously rumored they would also be joining THE BLACK LABEL, which YG Entertainment swiftly denied.
More recent reports from industry insiders claim that multi-talented member Lisa is receiving overseas offers, one upwards of a staggering $81.2 million USD.
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.
— Nate Entertainment
Now, media outlets are reporting that YG Entertainment is potentially prepared to shell out $16.2 million USD per member as a signing bonus in a bid for BLACKPINK to renew their contracts with them.
…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
BLACKPINK currently has group activities scheduled well into 2023, with their BORN PINK world tour scheduled to end in late June, and the group slated to headline the BST Hyde Park 2023 festival on July 2, 2023, in London.
YG Entertainment has not made any official statements regarding BLACKPINK’s contract at this time.
For more on BLACKPINK Lisa’s overseas contract offers, check out the article below!
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