Will BLACKPINK Renew Contract With YG? Media Gives 3 Reasons It 'Won't Be Smooth'
From betting rumors to trademark issues, BLACKPINK drew attention to whether the members will renew their contract with YG Entertainment in August or not. Here are 3 THINGS they have to consider, according to K-media.
BLACKPINK Lisa Reportedly Receives 100B KRW-Offer To Leave YG
Attention is continuously focusing on whether BLACKPINK, which is set to mark its seventh anniversary this year, will be able to renew its contract with YG Entertainment. Their current contract is expected to expire in August.
BLACKPINK
On January 23, the Munhwa Ilbo, WikiTree and various media outlets including industry officials predicted that it is not impossible, but "it will not be smooth."
Ahead of the quartet's re-signing, there are already reports that the worth of BLACKPINK, who has been dominating as a global superstar over the past seven years, has risen tremendously.
BLACKPINK Lisa
In fact, among the members, Lisa, who holds massive power in Asian markets such as Thailand and China, reportedly received 100 billion KRW (about $81.2 million) to leave YG Entertainment and work abroad.
Compared to K-pop idols' annual salaries, this is a huge sum of money and is difficult to ignore. Showing the amount of money that the unnamed company is also willing to bet on the idol, shows how relevant the member and BLACKPINK are in the industry.
BLACKPINK Jisoo
Surely, Lisa isn't the only member who received such offers.
In 2021, Jisoo also secured her position in the high-end fashion house, Dior, after its current CEO Pietro Beccari announced that they will take the idol if YG decided to fire her.
Will BLACKPINK Break '7-Year Curse'? Here Are 2 REASONS They Might Renew Contract
However, BLACKPINK members do not decide their future just based on the level of the down payment.
Aside from money, the singers should also consider if they want to continue working as a team, despite their respective success in the music scene as soloists and fashion world as global ambassadors.
BLACKPINK
Given that the quartet considered BLACKPINK as their family and their bond is indestructible, they will surely prefer to be BLACKPINK.
But, only when they join hands with YG, which holds the "BLACKPINK" trademark can they maintain their original form– which means they may opt to renew their contracts.
Also, the success of re-signing will depend on YG Entertainment's terms and the condition itself.
Industry insiders predicted that YG should offer a down payment of at least 20 billion won ($16.3 million) per member to renew its contract with BLACKPINK.
The world tour, which is currently underway by the "Pretty Savage" singers attracts about 120,000 won ($98) per ticket, a total of 1.5 million people. Considering that the sales of the performance alone are 180 billion won ($146.3 million), YG is expected to offer a considerable down payment to catch BLACKPINK, considering all other activities such as album sales, music revenue, and commercial filming.
BLACKPINK's current world tour will be completed in June. It is only two months before the contract expires.
Should the group renew its contract with YG?
BLACKPINK
Meanwhile, BLACKPINK will perform at the Coachella Valley Music and Arts Festival in Colorado, California, in April. This time, BLACKPINK will stand as a headliner, and this is the first time an Asian artist will be a headliner.
The 2023 Coachella will run for two weeks from April 14 to 16 and April 21 to 23. It is known that it can be watched live on YouTube.
READ MORE: 9 K-Pop Groups Whose Contracts Will Expire in 2023
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Written by Eunice Dawson.
