YG Entertainment shares increased nearly 30% this morning after news that all four members of girl group Blackpink renewed their contracts.
On the morning of December 6, shares of Korean entertainment company YG Entertainment skyrocketed as soon as the market opened. At one point, this code increased nearly 30%, reaching 61,900 won, after YG announced that Blackpink members had renewed their exclusive contracts.
Terms of the new contract were not disclosed. YG’s announcement also did not specify whether the members would renew as individuals or not.
YG stock has gone through a turbulent period in the past few months, due to rumors that some members of this group did not renew their contracts. At the end of November, website Munhwa Ilbo (Korea) reported that the members will not renew their exclusive contract with YG, but will only continue with group activities.
Blackpink members at Buckingham Palace (UK) in November 2023. Photo: Reuters
Previously, in September, Star News (Korea) also reported that Lisa – a Thai member of girl group Blackpink – twice refused contract extension offers from the company. The new contract size is said to be about 50 billion won (37.6 million USD).
Blackpink debuted in August 2016 and is considered one of YG’s most successful groups. Korean groups usually sign 7-year contracts, meaning their contracts expired in August.
This group has just completed the Born Pink World Tour with 66 shows in many locations around the world, including Hanoi . Total trip revenue reached about 260.6 million USD with nearly 1.5 million tickets sold. On average each night, this group earns more than 4.65 million USD with about 26,500 spectators. The above numbers do not include 10 shows that have yet to be counted.
This year, the four girls are the first group of Asian artists invited to perform at Coachella – one of the largest music festivals in the world. They also hold the Guinness World Record for the YouTube channel with the highest number of views in the music industry. This group’s songs are famous among Asian youth and gradually spread their influence to Europe and America.
