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YG Entertainment's shares suddenly increased by as much as 29% not long after it was revealed that the four members of BLACKPINK have renewed their contracts with the agency. They are said to have signed an exclusive contract as a group.
YG Entertainment Inc. has been BLACKPINK's home agency for the past seven years, and Rose, Lisa, Jisoo, and Jennie decided to extend their contract. The announcement comes after months of speculations that the four members are leaving the company.
YG Entertainment's Stock Surge
According to CNBC, shares of the top K-pop talent agency soared after the four member's contract renewal. YG Entertainment's stock reportedly closed at KRW48,000 or about $36.58 per share on Tuesday, which is close to its low record this year of KRW47,000. But the next day, on Wednesday, Dec. 6, it increased at the open and reached an intraday high of KRW61,900 per share.
The confirmed renewal will now officially bring an end to the drama involving the BLACKPINK members and contract negotiations with YG Entertainment. Then again, the terms agreed by both parties were not revealed to the public. Plus, it is not clear if the new agreements are for long-term or short-term partnerships.
Global Popularity of BLACKPINK
Reuters reported that for months, YG Entertainment suffered unsteady share prices as reports stated that there is no assurance that BLACKPINK is renewing their contracts. Many publications said the four members may also sign with different talent agencies, putting their group promotion at risk.
These negative news reports put great pressure on YG Entertainment's stocks, which sent the number up and then suddenly declined. Now, fans will be relieved of worries as the girl group will continue to promote together under one agency.
"With strong trust, we signed an exclusive contract for group activities after having serious discussions with BLACKPINK," YG Entertainment said in a statement.
In any case, BLACKPINK is popular around the world, and it has also set a Guinness record for being the most-viewed channel on YouTube, with more than 90 million subscribers. Their concerts in various countries are always sold out as well.
Photo by: YG Entertainment Website
