K-pop girl group Blackpink topped 10 billion streams on Spotify, becoming the first girl group in history to achieve such a feat.
K-pop girl group Blackpink. Image Credit: Jisoo/Instagram

Blackpink fans are excited after news reports announced today that the K-pop girl group is likely to extend its group activities with YG Entertainment, according to industry sources.

According to a report by the South Korean news agency Yonhap, the group's members are in the final stages of negotiations to renew their contracts with the agency for group activities.

However, whether the members will renew their individual management contracts with the agency remains uncertain.

Responding to media reports, YG Entertainment said: "Nothing has been decided,” adding that it is "still negotiating" the matter, reiterating its earlier position announced in a regulatory filing last Tuesday.

The company has said it will announce the results if a deal is reached.

The reports put an end to much anticipation and speculation regarding the future of the girl group under their debut agency.

Rose, Lisa, Jisoo and Jennie debuted as Blackpink in 2016 and their seven-year contracts with YG expired in August.

Blackpink accounts for a significant portion of YG's sales.

The entertainment label, had been witnessing a slump in share prices.

Following reports that only Rose would remain with YG, while the other members would leave, the company's stock prices plummeted by 13 per cent at one point.

However, with the latest reports, the label saw a 3 per cent rise in share prices on Monday, November 20.

In a statement issued a few days ago, YG stated that the agency is now in talks with the members about extending their contracts.

A recent South Korean news website Munhwa Ilbo's report: "Blackpink consents to 'group-based' activities. Two members' contracts have already been signed."

However, some reports claim that exclusive contracts between YG Entertainment and each member did not go as planned.

Members want to pursue their own projects going ahead and just get together for Blackpink group activities, the reports speculated.