Uncertainty lingers despite BLACKPINK's contract renewal
BLACKPINK performs at the Coachella Stage during the 2023 Coachella Valley Music & Arts Festival in Indio, California, April 15. Courtesy of YG Entertainment
By Dong Sun-hwa
K-pop girl band BLACKPINK has renewed its contract for group activities with YG Entertainment, which has been representing the quartet since its debut in 2016. This development comes amid ongoing uncertainty regarding the individual contract extensions of all four members — Jisoo, Jennie, Rose and Lisa.
YG revealed Wednesday that the singers have renewed their contracts as a group based on mutual trust and that it would give BLACKPINK its unwavering support to match the group's global presence. It added that the quartet would release a new album and embark on a large-scale world tour in the days ahead.
After announcing that it would maintain its partnership with its most bankable group, YG saw a spike in its stock price. It soared to 60,400 won ($46) on Wednesday afternoon — more than a 25 percent jump from the previous day.
However, it remains to be seen whether all BLACKPINK members will extend their contracts as individuals, following in the footsteps of the Grammy-nominated boy band BTS. Earlier this year, all seven members of BTS renewed their contracts with their agency, HYBE, for the second time. HYBE, founded by Chairman Bang Si-hyuk, has been managing BTS since its debut in 2013.
In the case of BLACKPINK, speculation is rife regarding the individual plans of the members. Thai member Lisa has been rumored to have turned down a contract renewal offer as an individual twice. Some reports claim that Jennie and Jisoo are considering establishing their own management companies.
If the members opt not to extend their individual contracts with YG, they are likely to put more emphasis on building their solo careers, coming together for BLACKPINK activities as and when their schedules permit.
Each member of BLACKPINK has carved out a distinct personal brand, amassing over 70 million followers respectively on social media. They have expanded their artistic horizons beyond group activities, with each member releasing solo albums and Jisoo and Jennie venturing out into acting.
Their influence extends into the fashion world as well, with each serving as a brand ambassador for renowned high-end fashion houses — Jennie for Chanel, Rose for Saint Laurent, Lisa for Celine and Jisoo for Dior.
Given their collective and individual global stardom, it is speculated that the members may not rely solely on YG's support to sustain their flourishing careers.
From left, Lisa, Rose, Jisoo and Jennie of K-pop girl band BLACKPINK pose with their honorary Member of the Most Excellent Order of the British Empire (MBE) medals at Buckingham Palace in London, Nov. 22. Reuters-Yonhap
Nevertheless, BLACKPINK's contract renewal as a group is a blessing for YG, which has been experiencing a major crisis over the past few years. Yang Hyun-suk, who returned to the company in January as a chief producer for new girl group BABYMONSTER after stepping down as CEO in 2019, was recently sentenced to six months in jail, suspended for a year. The sentence relates to charges of blackmailing a former idol trainee in an attempt to thwart an investigation into a drug scandal surrounding B.I, a former member of YG boy band iKON.
YG also faced a huge loss of intellectual property when all members of BIGBANG, one of the biggest groups it formed, left the company. The members of iKON also chose not to renew their contracts with the agency. Thus, as of now, all eyes of the K-pop industry are fixed on whether YG will be able to make a breakthrough with the support of BLACKPINK.
BLACKPINK, best known for its hits such as “How You Like That” (2020), recently ended its second world tour — the largest-ever world tour for a K-pop girl group, which attracted 1.8 million concertgoers across the globe, earning an estimated $260 million gross.
In addition to their touring success, BLACKPINK boasts a remarkable online presence, with over 92 million subscribers on YouTube, making them the most-followed musicians on the platform globally.
Highlighting their international acclaim, the quartet was honored last month with the Member of the Most Excellent Order of the British Empire (MBE) by King Charles III. This accolade was in recognition of their efforts to promote environmental sustainability, as ambassadors of the 2021 United Nations Climate Change Conference under the U.K.'s presidency.