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BLACKPINK fans are ecstatic following news reports on November 20, 2023, stating that industry insiders indicate the K-pop girl group is going to expand its group operations with YG Entertainment. Negotiations to extend the group members' contracts with the agency for group activities are reportedly nearing completion, in accordance with a report by the South Korean media organization Yonhap News.
Even with the latest update, fans are unpleased as they wait for YG Entertainment to finally announce its agreements with the group members. However, an X user, @bravskie, stated, "They will stay as a group and also can focus on individual endeavor. More freedom I guess."
It is unclear, nonetheless, if the members will decide to extend their separate management agreements with the organization. In response to media allegations, YG Entertainment reiterated its prior stance, which was disclosed in a regulatory disclosure last Tuesday, November 14.
The company stated that nothing has been determined and that it is "still negotiating" the issue. If a deal is achieved, the company has stated that it will make the findings public.
"Longest Contract Renewal": Fans are getting impatient over the delay on BLACKPINK's contract renewal status
The question of whether the four members of BLACKPINK would extend their exclusive agreements with the agency is subject of intense discussion because the group contributes significantly to YG's sales. The seven-year contracts that Rosé, Lisa, Jisoo, and Jennie had with YG when they made their debut as BLACKPINK in 2016 dissolved in August 2023.
Munhwa Ilbo, a South Korean news website, reported on November 20 that the BLACKPINK members have allegedly given their consent to 'group-based' activities. However, it was further reported that contracts for two members have already been inked.
Nevertheless, there are allegations stating that the exclusivity agreements that YG Entertainment had with each member of BLACKPINK did not work out as expected. According to the sources, members wish to focus on their individual projects moving forward and merely join collectively for group activities.
Nevertheless, a choice about the contract's renewal has not yet been made. Given that BLACKPINK is currently the biggest female group in the globe, local media sites have speculated that the agency would probably have trouble renewing the contracts.
The share price of the entertainment label has been declining since August 2023, and the stock price fell by 16% in September 2023 due to the uncertainties of BLACKPINK's contract renewal. However, as a result of whispers that only Rosé would continue to operate with YG, on Monday, November 20, the label's share prices increased by 3% in response to the most recent news.
Meanwhile, the BLINKs—the official fandom name—have shown their unanimous support for Jennie, Rosé, Lisa, and Jisoo and have expressed that they would respect the members' decisions unwaveringly. However, fans are dissatisfied with YG Entertainment and their delay in reaching a final verdict since it has been months and the announcement has been long overdue.
A fan, @LalisaTheAce, tweeted on X and wrote, "Longest Contract Renewal...I think we should get an award for the Most Patience Fandom."
What does an exclusive contract between an artist and a company mean?
When an artist and a business enter into an exclusive contract, the artist's original work can only be sold, licensed, or transferred to the contractual party. It cannot be sold or licensed to a third party by the artist. In addition, ownership and intellectual property rights related to the work are transferred to the contractual party. Here, the contractual party would be YG Entertainment.
For example, for the duration of the contract, if an artist (BLACKPINK members) registers with a record label (YG Entertainment), the record company will have exclusive rights or ownership of the artist's work. Both documented and, occasionally, unrecorded rights are included in this.
As a rule of thumb, unless one is completely certain and knowledgeable of something, it is regarded as unwise to sign such a contract. It is usually advantageous for artists to keep full rights to their creations and to profit from their sales. However, it is strictly advisable to seek legal counsel during such agreements.
In general terms, an artist is compensated for both their compositions and master recordings. These compensations may come from live performances, public streaming, mechanical royalties from the online or offline sale of each song, sync licensing, or sampling—that is, when the song is used entirely or in part in audio-visual content—or just audio.
Furthermore, royalties (or revenue) and other income can also be earned through branding and intellectual property rights registration, such as through the Korea Intellectual Property Rights Information Service (KIPRIS). In the meantime, BLACKPINK member Jennie has applied to trademark her name 'Jennie Ruby Jane' under 10 separate categories in the KIPRIS.
Meanwhile, BLACKPINK member Lisa became the first K-pop female soloist to get featured on the Billion Club: The Series by Spotify for surpassing 1 billion streams on her solo single Money.
Furthermore, Rosé was invited to the Asia-Pacific Economic Cooperation (APEC) summit to discuss mental health and its importance on November 17, 2023.
