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YG Entertainment Stock Surges 30% as BLACKPINK Members Renew Contracts Amid Speculation

All BLACKPINK members renew contracts with YG Entertainment, leading to a 30% stock price surge
South Korea
y 122870.KQ K-Pop Mid and Small Cap 2000 Entertainment 100
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On Wednesday (6th), South Korea’s YG Entertainment made a significant announcement that all four members of the renowned girl group BLACKPINK have officially renewed their contracts with the company. This news resulted in an impressive surge of nearly 30% in the company’s stock price.

Recent speculations circulating in the media suggested uncertainty about some BLACKPINK members choosing not to renew their contracts, causing fluctuations in YG Entertainment’s stock prices. In response, the company issued a statement on the 6th, clarifying, “With strong trust, we and BLACKPINK have signed an exclusive contract for group activities after serious discussions.” Additionally, sources hinted at ongoing negotiations for exclusive contracts concerning individual activities within the group.

BLACKPINK, having already achieved a Guinness World Record for the most-watched music channel on YouTube, enjoys a massive and growing fan base. The members are involved in diverse personal business activities, with their influence extending beyond music. Last month, BLACKPINK took a notable stance on climate change awareness, earning recognition from King Charles III of England. The news of the contract renewals contributed to a remarkable 29% increase in YG Entertainment’s stock price, reaching 61,900 won, the highest in over three weeks. The announcement reaffirms BLACKPINK’s commitment to their agency and solidifies their status as influential figures in the entertainment industry.

KPOP and Korean Entertainment ETF (NYSEARCA: KPOP) was yesterday’s biggest price hike among all global ETFs.

 

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