The news about the end of BLACKPINK’s contract with YG Entertainment has now become a hot topic in town. With the K-pop group making it big in the international world of music, the question remains as to whether the girls will be back with the agency or not. Not only fans but the investors are also keeping a close eye on the group. As mentioned in multiple reports, the agency will reportedly give a clear answer on August 8, 2023. Coincidentally, it also happens to be BLACKPINK’s debut anniversary.
The Agency’s Response
Earlier, many people had sought answers from YG Entertainment, asking whether they would be providing any statement regarding the contract renewal of BLACKPINK. For the unversed, the group will also complete its world tour in August. However, some industry insiders are raising suspicions about the potential delay in the declaration. Moreover, there are speculations that the down payment for each member’s contract renewal could be around 1.5 billion Korean won (1.16 million USD approximately). This amount is not uncommon in the industry. Earlier, K-pop groups like BIGBANG and TWICE have received similar down payments in their previous contract renewals.
Falling in love with our V-BLINKs all over again😍 We had a blast thanks to your heated energy🔥 cảm ơn bạn hẹn gặp lại lần sau✨#BLACKPINK #블랙핑크 #BORNPINK #BLACKPINK_WORLDTOUR #BLACKPINK_BORNPINK #HANOI #YG pic.twitter.com/d65wfXAtm8
— BLACKPINKOFFICIAL (@BLACKPINK) August 4, 2023
The Whopping Deal for BLACKPINK
What sets YG Entertainment’s profit distribution model apart from other companies is that the agency only takes away 20 percent of BLACKPINK’s profits. On the other hand, most agencies for other K-pop artists claim 60 to 80 percent of the profits. This unique approach has caught the attention of investors. As mentioned earlier, they are closely monitoring the situation and plan to re-evaluate the agency after the announcement of BLACKPINK’s contract renewal status.
The Group’s Activities
On the other hand, BLACKPINK’s activities have continued to thrive despite the contract renewal discussions. YG Entertainment recently announced that the music video for “Pink Venom” surpassed 700 million views on YouTube. The achievement is remarkable, considering that it took approximately 350 days since its release on August 19, 2022, to reach this milestone. Moreover, “Pink Venom” set a world record for a female group by garnering 90.4 million views on YouTube within 24 hours of its release. It also became the fastest K-pop girl group music video to reach 100 million views, achieving the milestone in just 29 hours and 35 minutes.
As fans eagerly await the announcement of BLACKPINK’s contract renewal status, it is yet to be seen what call does YG Entertainment take in the coming days.