NEWARK, NEW JERSEY – AUGUST 28: BLACKPINK performs onstage at the 2022 MTV VMAs at Prudential Center … [+]
K-pop girl group Blackpink are currently in the midst of negotiations with their record label YG Entertainment to renew their contracts with the company. The discussions have been ongoing for weeks, if not longer, and now the continued uncertainty around the quartet’s future is hurting the label financially.
On September 21, the price of YG Entertainment’s stock fell significantly. CNBC reports that the worth of the company’s stocks dipped by more than 13%. That day, the price closed at 69,200 won ($51.68) per share, which marked the lowest figure in months.
This isn’t the first time that YG’s shares have been negatively impacted by the negotiations, or, more specifically, by the fear held by investors that the company won’t be able to resign its biggest group. Earlier in September, as reports began to surface that Lisa, one of the four members of the band, might not be continuing with them, stock prices fell about 9%.
It’s clear that as more time passes and it seems less and less likely that Blackpink will continue exactly as they have for the past several years, investors are becoming increasingly nervous.
The falling stock price has been attributed to new reports in the South Korean media that not only is Lisa eyeing other companies and a different future, but most of the members may be doing the same. According to information from “multiple music industry officials” reported by Sports Seoul, only Rosé is expected to renew her contract with YG Entertainment. Her bandmates Jennie, Jisoo, and Lisa are reportedly exploring offers from other record labels.
Despite the ever-fluctuating stock price and ongoing and increasingly detailed reports regarding Blackpink’s contract negotiations, YG Entertainment told Reuters that negotiations are still ongoing with he musicians and their teams and that no official decisions have been reached.