Entertainment

YG Entertainment plans to offer millions dollars to BLACKPINK to renew contract: Report

K-pop girl band BLACKPINK's contract with label YG Entertainment is going to end in August 2023

Zaid Bin Amir

YG Entertainment plans to offer millions dollars to BLACKPINK to renew contract: Report

K-pop girl band BLACKPINK's contract with label YG Entertainment is going to end in August 2023

YG Entertainment plans to offer millions dollars to BLACKPINK to renew contract: Report
YG Entertainment plans to offer millions dollars to BLACKPINK to renew contract: Report

BLACKPINK's  music label YG Entertainment  is reportedly preparing  to shell out millions of dollars to the group to renew  their contract with the company,  Koreaboo reported.

BLACKPINK's contract with the music label will be ending in August of this year and industry insiders recently claimed that Lisa is receiving an overseas offer of 81.2 million USD.

The insider spilled the beans to the outlet: “From what I understand, [agencies] in countries like China expressed their desire to offer guarantees around ₩100 billion KRW (about $81.2 million USD) won to Lisa, who has complete influence in not only her home country of Thailand but the Southeast Asian market."

"When you take into consideration the scale of the Korean market, it’ll be hard for [Korean agencies] to handle that kind of offer, " they explained.

Now, several Korean media outlets reported that YG Entertainment is preparing to shell out 16.2 million USD per member as a bonus for BLACKPINK to renew their contract with them.

According to Nate News, “Industry insiders are anticipating that YG will offer a down payment of at least ₩20.0 billion KRW (about $16.2 million USD) per member to keep BLACKPINK… Contract renewals are usually for 2~3 years.”

“If the rumors are true and they give each members ₩20.0 billion KRW (about $16.2 million USD), for a total of ₩80.0 billion KRW (about $65.0 million USD), YG will need to calculate if they’ll be able to make a profit within that time period,” they continued.

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