Blackpink management company's stock continues to fall

Following news that only one member of the girl group Blackpink has renewed her contract, shares of YG Entertainment, the group's management company, have plummeted for two consecutive sessions.

At the close of trading on September 22, shares of entertainment company YG Entertainment (South Korea) fell nearly 5% to 65,800 won (about 49 USD). This is the lowest level since the end of May. In the previous session, this code fell up to 13.3%.

YG Entertainment shares plunged after Sports Seoul reported yesterday that three of the four members of girl group Blackpink would not renew their contracts with the company. The site quoted " music industry officials" as saying that Jisoo, Jennie, and Lisa would sign with other agencies. Only Rosé renewed with YG.

Sports Seoul said the three members are "discussing the final details" so that even though they sign contracts with different companies, they will still have 6 months of activities each year as Blackpink members.

Four members of Blackpink: Rose, Lisa, Jisoo, Jennie (from left to right). Photo: YG

YG Entertainment told Reuters that they are still discussing the contract and no decision has been made. Last week, Korean news sites also reported that Lisa, a Thai member of Blackpink, twice rejected YG's contract renewal offer. The contract is said to be worth around 50 billion won ($37.6 million).

Blackpink debuted in August 2016 and are considered one of YG's most successful groups. Korean groups usually sign 7-year contracts, meaning their contract expired in August.

Last week, the group completed their Born Pink world tour. This is the largest world tour by a Korean girl group. YG said the event attracted 2.1 million people worldwide , with 66 performances in 34 cities, including Hanoi in late July.

Blackpink is the first Asian artist group to headline Coachella, one of the world's largest music festivals, this year. They also hold the Guinness World Record for the most viewed YouTube channel in the music industry.

Ha Thu (according to CNBC, Reuters)

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