Shares of K-pop management agency YG Entertainment dropped almost 7% on July 12, 2023, after reports emerged that the contract renewal for Lisa, one of the girl group Blackpink, is in doubt. YG shares traded at 73,900 Korean won at 2.41 pm KST, the lowest level since May 11, when it closed at 66,700 Korean won apiece.
According to an exclusive report by South Korean media outlet Munhwa Ilbo, Lisa has “been unable to find an agreement” regarding a contract extension with YG Entertainment. The report also claimed that “the difference between the two sides is quite large“.
YG Entertainment responded to the report by saying that contract renewal discussions were underway but did not confirm or deny the rumors. Blackpink — consisting of Lisa, Jisoo, Jennie, and Rosé — has been one of YG Entertainment’s most successful K-pop groups.
The group debuted in August 2016 and has since achieved worldwide recognition and popularity with their songs such as “Ddu-Du Ddu-Du”, “Kill This Love”, “How You Like That”, and “Lovesick Girls”.
YG Entertainment stock plunges 7% on Blackpink member’s contract renewal:
Shares of K-pop management agency YG Entertainment dropped almost 7% after reports emerged that the contract renewal for a member of girl group Blackpink is in doubt. Here’s everything you need to know about the Korean Wave or Hallyu. pic.twitter.com/xBfYA2iELv
— CNBC International (@CNBCi) July 12, 2023
The group has also broken numerous records and collaborated with international artists such as Lady Gaga, Selena Gomez, Cardi B, and Dua Lipa. The group’s contract with YG Entertainment is expected to expire in August 2023, as K-pop groups typically sign seven-year contracts.
According to Munhwa Ilbo, the contract renewal process with the other three members of Blackpink is proceeding relatively smoothly. However, Lisa’s contract status has caused anxiety among the fans of Blackpink, who are worried that the group might disband or lose their popularity.
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Fans have expressed their support and love for Lisa and the other members on social media, using hashtags such as #ALWAYSWITHYOULISA and #BLACKPINKFOREVER. Lisa is the only foreign member of Blackpink, hailing from Thailand.
Fans on Twitter flooded the hashtag ‘ALWAYS WITH YOU #LISA:
“Fans on Twitter flooded the hashtag ‘ALWAYS WITH YOU #LISA’, sending it to trending status in the 🇺🇸 US, with more than 206k tweets at press time.
Amid the rumors, @ygent_official’s shares fell 7% yesterday to its lowest point since May 11, per CNBC.”
— LALICE UPDATES (@LaliceUpdates) July 13, 2023
She is known for her rap skills, dance skills, and charismatic stage presence. She is also among the most popular and influential K-pop idols, with over 60 million followers on Instagram and over 10 million subscribers on YouTube.
She recently released her solo debut single album Lalisa, which topped the charts in various countries and received positive reviews from critics. It is unclear whether Lisa’s rumored contract dispute will affect Blackpink’s musical style or direction.
Fans hope the group will continue to make music and perform together regardless of their agency. Neither Lisa nor YG Entertainment have officially confirmed or denied the reports of her departure from YG Entertainment.