All seven BTS members renew contracts with BigHit, Rosé of Blackpink confirms contract with YG Entertainment
YG Entertainment denies reports of some Blackpink members leaving the label as shares drop
It’s official—all seven members of K-pop group BTS have renewed their contract with Bighit Music. Fans are ecstatic, as this means they can look forward to the return of their favourite K-pop idols as one group.
On September 20, BTS’ label, HYBE, shared: "We have completed the board of directors' resolution to renew the exclusive contract for seven members of BTS. With all members signing a second contract renewal, the group will be able to continue even after 2025 when they complete their military service."
After making their debut in June 2013, BTS members renewed their contract in October 2018, almost a year before their original contracts were set to expire.
Typically, K-pop groups sign seven-year contracts with labels. BTS’ next contract renewal was due only in 2025. This is the second time the group has renewed their contracts early, signaling their continuation as a team after wrapping up all their military enlistment duties by around 2025.
Following the confirmation, BTS’ RM posted a photo of his contract on social media, along with a message for Armys (BTS fans).
“BTS members are currently on a hiatus from group activities as they focus on solo endeavours. In the midst, members have moved ahead with their mandatory military service as well, with the hope of reconvening as a group in 2025. HYBE has confirmed that all the seven members of BTS have renewed their contract and will stay together post 2025.”
In a statement, HYBE shared that to celebrate this, BigHit Music will donate 1 billion won (Dh2,733,962) to Unicef (United Nations Children's Fund).
YG Entertainment denies reports of some Blackpink members leaving
However, fans of K-pop Blackpink are keenly watching reports of the girl group’s contract renewals, which are unsure at the moment.
On September 21, shares of K-pop agency YG Entertainment fell 13.28 per cent after South Korean media started reporting that three out of four members of the K-pop group Blackpink will not renew their contracts with the label.
Hitting its lowest level in almost five months, the stock closed at 69,200 won (Dh189.24) per share.
According to cnbc.com, this is its lowest level since May 11, when it closed at 66,700 (Dh182.41) won.
On Wednesday night, South Korean entertainment websites reported that while Rosé will renew her contract with YG Entertainment, members Jisoo, Jennie and Lisa are reportedly negotiating to transfer to other agencies while participating in Blackpink activities for six months of each year.
The reports cited “multiple music industry officials”.
However, YG Entertainment has denied the reports. In a statement, the agency said that talks to renew the members’ contracts are still ongoing and nothing has been confirmed, according to the news agency Reuters.
Earlier this week, the girl group wrapped up its ‘Born Pink’ world tour with a two-day encore concert in Seoul. With over 60 shows around the world, it became the largest world tour done by a K-pop girl group, attracting millions of fans.