BLACKPINK’s contract renewal has reportedly become a hot topic amongst industry insiders.
The members are currently in the midst of the BORN PINK World Tour, which is their last official activity with YG Entertainment, before their contract expires and they begin negotiations with the company.
According to the Korean publication SportsWorld, unnamed industry experts believe that BLACKPINK will probably not renew their contracts with YG Entertainment as the odds are stacked against them. Additionally, BLINKs want BLACKPINK to have better opportunities and flourishing careers.
A BLINK writes out of concern for the Pink Venom singers:
“Hope they have more comebacks and freedom.”
BLACKPINK fans express their concern for the Pink Venom singers ahead of the group’s contract renewal
BLACKPINK fans express their concern for the Pink Venom singers ahead of the group’s contract renewal with YG Entertainment this year. Most fans believe that the entertainment company has not done justice to BLACKPINK’s talent and star power despite them being one of the biggest musical artists in the world.
They have also expressed their disappointment that the Pink Venom singers are deprived of more comebacks, solos, and lesser music albums in general.
BLINKs have pointed out a unique pattern wherein YG Entertainment abandoned their existing girl group to launch a new one instead. BLINKs stated that 2NE1 were also facing contract renewals in 2016.
The girl-group debuted on August 8, 2016. Three months later, on November 25, 2NE1’s group activities ceased to exist.
At the time, it was reported that YG Entertainment chose to invest all their resources in their new girl group BLACKPINK over 2NE1. Fans have pointed out that a similar situation might arise in 2023, when the Shut Down singers' contract renewal will be discussed. Additionally, the company is planning to launch their new girl group Baby Monsters.
Fans are wondering if history will repeat itself and the Pink Venom singers will leave YG Entertainment in search of better opportunities.
Some opined that the members are a force to reckon with and are well-established names in the industry. Each of them - Jennie, Lisa, Jisoo, and Rosé are talented and have already commenced their solo careers with music releases, acting projects, and brand commitments.
However, what is to be noted is that if at all the Pink Venom singers decide to leave YG Entertainment, they will have to forgo the band name as the copyright will belong to the agency.
YG Entertainment is reportedly planning to offer BLACKPINK millions for contract renewal
As per media reports, YG Entertainment is reportedly planning to shell out $16.2 million USD per member or ₩20.0 billion KRW as a signing bonus to woo the Shut Down singers to stay back in their group.
The total cost would be $65.0 million USD for the next two-three years at least. The company will try to make a solid profit in the time period.
YG Entertainment has had an unfortunate year so far when it comes to retaining their long-time artists. iKON left the agency to join 143 Entertainment. BIGBANG‘s T.O.P and Daesang also quit to pursue their solo endeavors.
Taeyang moved to THE BLACK LABEL and only G-Dragon stayed back in the agency. TREASURE’s Mashiho and Bang Yedam left the group last year and actor Kang Dong-won quit YG Entertainment to establish his own agency.
Additionally, member Lisa has received a whopping $81.2 million USD from foreign companies to leave YG Entertainment and join forces with them.
BLACKPINK members are currently busy with their overseas schedules. The Pink Venom singers are headlining the BORN PINK World Tour and will be partaking as one of the three headliners at this year’s Coachella in April before finally participating in the BST Hyde Park 2023 festival in July.