SEOUL – Shares of YG Entertainment fell more than 13% on Thursday following a media report that some members of K-pop supergroup Blackpink were not renewing their contracts with the agency.
Some Blackpink members have decided to leave YG, while only one member has renewed her contract with the agency, local media reported. Daily Sports Seoul This was reported with reference to unknown sources in the entertainment industry.
The agency said in a statement that negotiations for contract renewals with the members are still ongoing and nothing has been confirmed.
There have been rumors for months that Thai-born Lisa Manoban might leave the group and pursue a solo career.
According to earlier South Korean media reports, Lisa’s proposed contract extension was worth 50 billion South Korean won ($37.6 million).
Over the past two months, there have been rumors that YG is struggling to reach a new deal with its biggest stars. Exclusive contracts between an artist and a Korean agency are usually for a maximum of seven years.
All seven members of BTS, K-pop’s biggest boy group, have renewed their contracts with agency HYBE, the company said Wednesday, and the group is currently on a “hiatus” as some of them undergo mandatory military service in South Korea.
Blackpink debuted in 2016, and the group’s agreement with YG is reportedly set to expire this August, although the company has never explicitly confirmed this.
Top K-pop stars reportedly earn around $1 million a year as a base salary under the terms of their contracts with their agencies. Buri Ram-born Lisa, 26, is said to have a net worth of around $25 million from her earnings from performing as well as commercial endorsements.
The news that four BLACKPINK stars – Jisoo, Jennie, Rosé and Lisa – may be looking for a new home comes as BLACKPINK wrapped up their Born Pink World Tour, the largest world tour ever for a K-pop girl group.
The last two performances took place last Saturday and Sunday in Seoul.