YG Entertainment shares fell the most in more than a year today, following news that a member of the group Blackpink is said to have refused to renew his contract.
During the trading session on September 15, shares of entertainment company YG Entertainment (South Korea) lost nearly 9% at one point, down to 73,500 won (55 USD). This was the biggest one-day drop of this code since September 2022. At the end of the session, the decrease narrowed to 3%.
YG shares plunged after South Korean news site Star News reported that Lisa, a Thai member of the girl group Blackpink, had twice rejected the company’s contract renewal offer. The new contract is said to be worth around 50 billion won ($37.6 million).
Four members of Blackpink: Rose, Lisa, Jisoo, Jennie (from left to right). Photo: YG
On TVReport today, a YG spokesperson said the company "is discussing a contract renewal with Lisa" and "the above rumor has not been confirmed."
In mid-July, Munhwa Ilbo reported that Lisa "could not reach an agreement" regarding her contract renewal. Newsen later reported that YG Entertainment responded to questions about the matter, saying that contract renewal negotiations were still underway. However, Munhwa Ilbo revealed that "the disagreement between the two sides is still quite large."
Blackpink debuted in August 2016 and are considered one of YG's most successful groups. Korean groups usually sign seven-year contracts, meaning their contracts expired last month. YG has not yet confirmed whether any members of Blackpink have renewed their contracts.
The group is currently on its global Born Pink tour, which attracted around 1.5 million viewers in 41 cities, including Hanoi in late July. Born Pink began in October 2022 and will conclude with two shows this week in Seoul.
Blackpink is the first Asian artist to headline Coachella, one of the world's biggest music festivals, this year. They also hold the Guinness World Record for the most viewed YouTube channel in the music industry.
July figures from Touring Data, an independent box office tracking platform, show that Blackpink's 40-show Born Pink World Tour grossed an estimated $163.8 million, with more than 900,000 tickets sold. The group averaged more than $4 million per show with about 22,600 attendees. The figures do not include 24 shows that have yet to be tallied.
Ha Thu (according to CNBC)
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