YG quashes rumors of 41B won contract fee to BLACKPINK
South Korean entertainment agency YG Entertainment has categorically dismissed rumors of a 41B won payment to internationally acclaimed K-pop group, BLACKPINK, as part of their contract renewal. The conjecture originated from the company's recent financial report, which revealed a substantial down payment for "intangible asset" of 41M won in 2023, Koreaboo reported. This led to speculation that this payment was solely for BLACKPINK's contract renewal, a subject that has been in the limelight since last year.
Why does this story matter?
The financial report—published on Thursday—disclosed that YG had made a down payment to secure an exclusive contract with a specific artist or group. Given the company's absence of new signings in 2023 and the ongoing discussions about BLACKPINK's contract renewal, netizens deduced that the payment was for BLACKPINK. Moreover, in the South Korean industry, down payments made for an artist's exclusive contract are typically categorized as "intangible assets." However, YG Entertainment has now staunchly refuted these assumptions.
YG Entertainment has come clean about the payment details
On Friday (local time) YG Entertainment debunked the circulating rumors, asserting that the down payment "was not made exclusively" to BLACKPINK. The company explained that this expenditure encompassed "several other contract renewals" and was not solely allocated for the girl group, which was formed in 2016 under the agency. Despite this clarification, YG refrained from revealing any specific details about BLACKPINK's contract renewal.
Contract renewals: Story so far
With BLACKPINK's contract with YG set to expire in August last year, the label released a statement in July confirming that contract renewals were currently under discussion. Later, on December 5, the company confirmed that all four members had renewed their contracts for group activities. The statement further mentioned that they "agreed not to proceed with additional contracts for the members' individual activities."
Recent activities and future plans of BLACKPINK
Meanwhile, BLACKPINK launched their second studio album Born Pink in September 2022 and commenced the Born Pink World Tour on October 15, 2022. At present, individual members are concentrating on solo pursuits: Jisoo has launched her agency named Blisoo; Lisa has launched her own company called Lloud; and Jennie has introduced her company Odd Atelier. Rose is yet to disclose her future plans. Despite their individual ventures, all four members remain part of BLACKPINK.