YG Entertainment plans to pay BLACKPINK $1 million to renew their contract: Report
BLACKPINK’s contract with YG Entertainment will end in August this year and industry insiders have revealed that the music label is preparing to offer BLACKPINK millions of dollars to renew its contract, Koreaboo reported.
According to the insider report, Lisa receives an overseas offer of $81.2 million. “From what I understood, [agencies] in countries like China have expressed their desire to offer guarantees of about KRW 100 billion (about $81.2 million) earned to Lisa, who has full influence not only in her home country, the Thailand, but also in the Southeast Asian market.
“When you take into consideration the size of the Korean market, it will be difficult for [Korean agencies] to manage this kind of offer,” they explained.
Now, several Korean media outlets have reported that YG Entertainment is preparing to pay out $16.2 million per member in bonuses for BLACKPINK to renew their contract with them.
According to News from Nate“Industry insiders predict that YG will offer a down payment of at least KRW 20.0 billion (approximately $16.2 million) per member to keep BLACKPINK… Contract renewals are usually 2-3 years.”
“If the rumors are true and they give each member 20.0 billion KRW (about $16.2 million), for a total of 80.0 billion KRW (about $65.0 million), YG will have to calculate if they will be able to make a profit within that time,” they continued.