In a current improvement, YG Entertainment (YG) has come ahead to refute the swirling speculations surrounding the hefty contract renewal charge allegedly supplied to the members of BLACKPINK. The assertion, issued on March 22, KST, aimed to make clear misconceptions concerning the reported astronomical figures.

The hypothesis arose from the disclosure of economic info via the Financial Supervisory Service’s digital disclosure system enterprise report. This report revealed that YG had amassed a considerable sum of roughly ₩41.2 billion (approx Rupees 2,55,80,00,000) in unique down cost for intangible property in 2023, studies Koreaboo.

Typically, within the leisure trade, such down funds for an artist’s unique contract are categorised as intangible property and are recognised as bills by making use of a flat-out price methodology based mostly on the contract interval. Consequently, this disclosure led to speculations that the funds have been disbursed to BLACKPINK members for the renewal of their contracts, with every member allegedly receiving round ₩10.0 billion (roughly Rupees 61,86,00,000).

However, YG has moved swiftly to dispel these notions, asserting that the reported sum was not completely allotted to BLACKPINK. A spokesperson for the corporate clarified that over the earlier yr, that they had engaged within the renewal of a number of mental property (IP) contracts and the signing of recent ones, all of which have been encompassed inside the reported bills. While particular particulars concerning the BLACKPINK contract weren’t disclosed, YG confirmed that the complete sum was not earmarked solely for this function, studies Koreaboo.

“Last year, there were renewals and new contracts not only for BLACKPINK but also for many other intellectual properties. Although we cannot disclose all contract details, the reported amount cannot be considered as a down payment solely for BLACKPINK,” a YG consultant instructed Yonhap News in response to queries.

The disclosure of YG’s substantial funding raised eyebrows, notably in mild of the unique group contracts signed with all 4 BLACKPINK members in December.

Meanwhile, all 4 members of woman group BLACKPINK renewed their contract with YG final yr they usually have determined to handle their solo careers individually.