K-pop superstars Blackpink have renewed their agency contract as a group, ensuring that the quartet will continue to perform together.
This follows months of contract negotiations during which fans feared the group could split up.
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In a statement on Wednesday, YG Entertainment said “an exclusive contract for group activities based on strong trust” has been signed.
Blackpink, formed in 2016, has become the world’s biggest K-pop girl group.
The new contract is believed to be among the most lucrative signed by any music group this year.
The agency also said Blackpink plans to “repay their fans around the world with activities that match their global status in the K-pop scene with new albums and world tours.”
Details of the new group contract are not immediately clear, and YG’s statement also did not mention the agency’s individual contracts with Jisoo, Lisa, Jennie, and Rosé. South Korean news agency Yonhap reported that these contracts are still being negotiated.
According to previous South Korean media reports, if the four stars choose not to renew their individual contracts, they are free to pursue solo careers under different representations. This means that they would perform as a group only when their schedules allow.
It is very rare for K-pop groups to fully reunite after some members leave or refuse to renew individual contracts with their management. This has happened to popular YG acts such as Bigbang and 2NE1.
Local newspaper Munhwa Ilbo reported in November that no Blackpink member had agreed an individual contract with YG and that there were offers from rival agencies worth “tens of billions of won” ($1=₩1314).
Now their fans, who have been on tenterhooks since the group’s contract expired in August, are overjoyed by the news.
“See you next tour,” a post liked more than a hundred times on X, formerly known as Twitter, reads.
“The biggest girl group in the world is there to stay! Blackpink will and will always remain as four,” says another X user.
YG’s share price closed more than 25% higher on Wednesday. However, the company’s stock market value is still almost 30% lower than it was six months ago.
The four members, all in their 20s, are celebrities in their own right. Their official YouTube channel has more than 92 million subscribers, while each of them has more than 70 million followers on Instagram.
They have represented some of the biggest fashion brands, such as Chanel and Dior, and headlined major international music festivals, such as Coachella and BST Hyde Park.