Share prices of YG Entertainment drop after failure to renew contracts for individual activities with Blackpink members
KUALA LUMPUR, Jan 11 —The stock price of YG Entertainment continues to decline after the company failed to renew the contracts for individual activities with Blackpink members.
At the close on Wednesday, YG Entertainment’s shares traded at 44,800 won (RM158.12), the same as the previous trading day, Allkpop reported.
At one point, the share price dropped to 44,050 won (RM155.45) or a 1.67% decrease from the previous day’s opening and marking a new 52-week low.
Analyst Lim Soo-jin from Daishin Securities said failure by YG Entertainment to secure contracts for individual activities with Blackpink members has contributed to the slide.
She added that with the adjustment of the annual outlook for Blackpink activities this year, a downward revision of revenue estimates is inevitable.
The quartet renewed their contract with YG Entertainment on December 6 but on 29 December, the company announced that they would not be pursuing separate contracts for individual activities.
The group debuted on August 8 2016 and in September 2022, they made history as the first K-pop girl group to top the US Billboard 200 and the UK Official Albums Chart with their second full-length album, Born Pink.
They also successfully wrapped up the highest-grossing world tour in the history of girl groups at US$148.3 million (RM688.41 million), drawing 1.8 million fans globally in 2022 and 2023.
In an unrelated development, Jennie’s song One of the Girls, a collaboration with The Weeknd and Lily Rose Depp, returns to the Hot 100 this week, appearing at number 69 on the chart show, marking a new high point for the tune.
With this, One of the Girls instantly becomes the highest-charting song of all time by a South Korean solo female musician on the Hot 100 and Jennie beats her Blackpink bandmate Rosé, who laid claim to this specific bit of history for nearly three years.
Rosé’s single On the Ground stood as the highest-charting hit in the history of the Hot 100 by a South Korean female artist working on their own.
That track, which was released in 2021, peaked at No. 70, Forbes reported.
