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YG Entertainment announced that BLACKPINK members will only be signed under the business for group promotions and not as individual solo artists. On December 29, 2023, the South Korean music company stated in a statement provided to the media outlet Herald Pop that each member of BLACKPINK saying the contract will only be signed under the business for group activity promotions.
Fans, on the other hand, have shown positive responses towards the latest update and immediately started reacting on X by tweeting the members are "freed for their solo careers."
The four-member girl group comprising Jennie, Jisoo, Lisa, and Rosé heralded a change in K-pop recognition on the international spectrum. However, their seven-year contract with YG Entertainment ended in August 2023.
After going back and forth with the renewal for almost five months, the company officially announced the members' final stance.
Fans praise BLACKPINK's choice to split from YG as solo artists, saying "this is really the best possible outcome"
On December 29, 2023, YG Entertainment issued an official announcement on Weverse and also to other press media outlets. South Korean media SPOTV News, further reported on the same day that all four members will not be renewing their solo exclusive contracts with the company.
According to YG Entertainment, the members have opted not to pursue exclusive contracts for solo activities and will solely collaborate to promote BLACKPINK as a group.
The band's management went on to say that they will do their best to support each member's individual endeavours while also making sure to highlight the group's future endeavours.
In the press release, YG Entertainment stated:
“YG recently signed an extension contract for BLACKPINK's group activities and agreed not to proceed with a separate additional contract for individual activities. We will do our best to support BLACKPINK's activities in the future, and will support the individual activities of the members with a warm heart."
This news comes at the heels of band member Jennie launching her independent label ODD ATELIER (OA) on December 24, 2023. The popular member of BLACKPINK announced the news to her almost-83 million Instagram followers that she was starting a new record label and business named OA.
With three brand-new images of Jennie, the OA Instagram account gained 500,000 followers in only a few hours.
Previous reports in South Korean media indicated that the four celebrities are free to embark on independent careers with other representation if they decide not to extend their individual contracts. This implies that their collective performances would only take place when their schedules permitted.
K-pop groups seldom get back together completely when certain members quit or decline to extend their individual contracts with their management. Well-known YG acts like Bigbang and 2NE1 have experienced this. No member of Blackpink had signed a separate contract with YG, according to a November article in the local daily Munhwa Ilbo, and other agencies had made proposals worth millions of dollars.
BLACKPINK's fans had been on tenterhooks since the group's contract ended in August 2023 with YG Entertainment. However, they rejoiced as the final verdict was announced on December 29, 2023, which stated that all four band members Jennie, Lisa, Rosé, and Jisoo would not renew their solo contracts with the agency.
Fans took to X and shared their views on the matter. BLINKs praised the four members' decision to opt-out and tweeted that this is indeed the best possible outcome.
BLACKPINK's contract renewal matter affecting YG Entertainment's market capitalization
YG Entertainment declared on December 6, 2023, that the group has extended their contracts with the firm in order to continue promoting group events. On their particular accords, however, talks remained open.
Following the news, YG Entertainment's shares increased by up to 29% to 61,900 won ($47.16), trading at a level above that of the previous three weeks.
However, once Jennie launched her independent label ODD ATELIER on December 24, 2023, YG Entertainment reportedly faced another hit in its stock price.
Industry insiders speculate that the drop was due to Jennie launching a new label and also veteran idol G-Dragon parting his way with the company and signing with another management.
Earlier, in September 2023, rumours of BLACKPINK not renewing its contract with the company were speculated to have singlehandedly caused the company's share value to drop drastically.
A 16.3% stock market meltdown occurred earlier due to rumours that the contracts of BLACKPINK members had not yet been extended with YG Entertainment.
Following a flurry of articles from the South Korean music business, the share price of the music firm decreased 13.3% on Thursday, September 21, 2023, and an additional 4.1% on Friday, September 22, 2023.
Shockingly, YG Entertainment's market value fell to 130,300 KRW ($97.56) when the information about BLACKPINK's contract concerns surfaced, increasing the company's profit for the year to 51.4%.
Meanwhile, fans and industry insiders predict another knock in YG Entertainment's market value following the formal statement by the South Korean music firm regarding the girl group not renewing their individual contracts with the company.
Fans are eagerly waiting to see what Jennie, Jisoo, Lisa, and Rosé will bring forth in 2024 since they are reported of working on a new album and a second world tour.
