Blackpink will stay with the Korean pop agency YG Entertainment for more years to come!
Following the announcement of the renewal of exclusive contracts with all four members of the renowned K-pop girl group, YG Entertainment experienced a significant surge in its stock value, soaring by up to 29%, according to CNBC.
Contract Renewal of Blackpink
Closing at 48,000 South Korean won ($36.58) per share on Tuesday, YG Entertainment's stock witnessed a remarkable rebound on Wednesday. The intraday trading peaked at 61,900 South Korean won per share, reflecting a positive market response to Blackpink's contract renewal news.
The renewal of contracts brings potential resolution to the prolonged contractual uncertainties surrounding the popular K-pop group's relationship with the entertainment agency.
Throughout the contract negotiation rumors, YG Entertainment's stock experienced fluctuations, mirroring the perceived uncertainties in the negotiation process.
The specific terms of the renewed contracts were not immediately disclosed, and the announcement did not provide details regarding whether the members had individually or collectively renewed their agreements.
Rumors on Blackpink Contracts Put to Rest?
Towards the end of November, the South Korean media outlet Munhwa Ilbo reported that there were no plans for Blackpink members to extend their exclusive individual contracts with YG Entertainment. Instead, the members were only expected to continue their group activities as Blackpink under the label.
"Exclusive contracts between each member and YG Entertainment were not signed. In the future, they plan to carry out individual activities and come together only for Blackpink activities," Munhwa Ilbo previously reported.
The stock value of YG Entertainment has faced declines whenever there was speculation in the South Korean media suggesting that Blackpink members might choose not to proceed with the renewal of their contracts with the agency.
But these uncertainties may be put to rest with the reports that the girl group would continue to be represented by the company.
Blackpink recently achieved a significant milestone when they became the first K-pop group and non-British musicians to be honored with Member of the Order of the British Empire medals by British monarch King Charles III on November 22.
This recognition was bestowed in acknowledgment of Blackpink's advocacy efforts at the COP26 climate talks held in Glasgow in 2021.
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