YG Entertainment denies renewing BLACKPINK’s contract for a high sum of money

On March 22, YG Entertainment issued a statement clarifying some points regarding the contract renewal of its star group BLACKPINK, as the girls revealed a few months ago that they renewed with the company, although they didn’t give many details about it.

Now, the Financial Supervisory Service’s electronic disclosure system business issued an extensive report revealing that the South Korean label in 2023 took out more than $30 million for intangible assets.

This means that the downpayment of an artist’s exclusive contract is considered an intangible asset for entertainment companies and recognized as an expense by applying a flat-out rate method according to the contract period.

So after YG revealed this information, a lot of speculations started to flood social media that this was the amount of money YG paid BLACKPINK to renew their contract, with each member receiving around $7 million.

But YG denied this rumor, claiming that this money was not only directed to BLACKPINK. A representative of the company claimed that they renewed and signed new contracts last year, and among all those of course BLACKPINK was included, but all that money was not only directed to the 4-girl group.

The label also added that they could not share exact details about the figure of the contract with BLACKPINK, but denied that it was 30 million dollars. Meanwhile, Jisoo, Jennie, Lisa and Rosé although they renewed their contract with the company as a group, they are managing their solo careers in labels created by themselves.