BLACKPINK’s agency is reportedly planning to shell out $16.2 million per member to woo them into renewing contracts

According to Korean media reports, BLACKPINK’s agency, YG Entertainment, is reportedly planning to pay each member $16.2 million in an effort to convince them to renew their contracts and stay with the agency.

As is standard for K-pop contracts, it is reported that BLACKPINK’s seven-year exclusive contract with YG Entertainment will come to an end. Various Korean media outlets have reported that YG Entertainment is taking extreme measures to ensure that all four BLACKPINK members renew their contracts with the agency.

According to Nate News, YG Entertainment is reportedly planning to shell out $16.2 million per member as a signing bonus in a bid to convince the members to stay back with their home agency.

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BLACKPINK’s Lisa has reportedly received a staggering $81.2 million from a foreign company

BLACKPINK is undoubtedly one of the biggest and most popular K-pop artists in the world, and currently one of YG Entertainment’s most prized artists in their repertoire.

Critics and the media believe that renewing contracts with all four members of BLACKPINK will be a big achievement for them, as this has not been a particularly successful year for YG Entertainment when it comes to artist retention.

Additionally, various media outlets have been reporting that Lisa has reportedly received a staggering $81.2 million (₩100 billion KRW) from foreign companies in a bid to woo her into joining their company.

Nate News further expanded that not only is the LALISA singer multi-talented but a Thai national with unprecedented popularity in countries like China and Japan as well. Further, Nate stated that, considering the scale of the Korean market, it will be hard for YG Entertainment to match that offer.

Now YG Entertainment is reportedly planning to pay each member $16.2 million (20.0 billion KRW) to retain them in the company. Contract renewals are usually for 2-3 years, and YG Entertainment not only has to successfully retain all four Pink Venom singers but also generate a profit within the contract period to recover their investment.

In December, there was news that the Pink Venom singers were leaving YG Entertainment in favor of joining their associate label, THE BLACK LABEL, headed by their producer and long-time collaborator Teddy Park. For the unversed, an associate company means that the parent company (YG Entertainment) controls between 20 and 50 percent of the company. At the time, YG Entertainment categorically denied the news, stating it wasn't true.

YG Entertainment lost multiple notable talents at the end of 2022. All six iKON members left the agency to give their careers a renewed direction. BIGBANG lost three of its most prominent members. T.O.P. and Daesung left YG Entertainment to pursue their solo endeavors, and Taeyang signed with YG’s subsidiary agency, THE BLACK LABEL.

TREASURE’s Mashiho and Bang Ye-dam left the group, and actor Kang Dong-won left YG Entertainment to reportedly set up his own agency.

A certain section of fans also believe that YG Entertainment is launching Baby Monster to mitigate the potential failure to close the renewal deal with the Pink Venom singers.

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BLACKPINK drops limited-edition BORN PINK Vinyl

A couple of days ago, BLACKPINK dropped the limited edition vinyl of their sophomore album, BORN PINK.

The baby pink vinyl comes with

• 72 page photobook
• a BLACKPINK-branded vinyl protector grip
• double-sided poster
• Cork mat
• a set of six large photo cards
• A random selfie photo card featuring the girls
• a photo sticker set of four
• A pop-up card

The talented Pink Venom singers will headline Coachella alongside Frank Ocean and Bad Bunny and will headline the BST Hyde Park 2023 festival on July 2, 2023, in London.

BORN PINK World Tour is scheduled to end sometime in June, with additional dates to be announced later.