YG Entertainment shares shoot up after Blackpink contract renewal

<img width="562" height="375" src="https://www.leaprate.com/wp-content/uploads/2019/02/asian-markets.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2019/02/asian-markets.jpg 1000w, https://www.leaprate.com/wp-content/uploads/2019/02/asian-markets-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2019/02/asian-markets-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2019/02/asian-markets-500×334.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>The promoter indicated the renewed contract includes the planning of a new album and Blackpink world tour. This news fanned the fires of other K-pop stocks, with HYBE Co., Ltd. (352820.KS) and JYP Entertainment Corporation (035900.KQ) shares leaping by 8.5% and 7%, respectively.</p>
<p>Blackpink splashed onto the music scene in 2016 and has since become one of the world’s most popular girl bands. They broke Billboard records with songs such as Shut Down and Pink Venom and became the first K-pop headline act at Coachella.</p>
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<p>YG Entertainment needed this boost as many questioned its ability to sign and retain top-earning artists. The company’s stocks crested in May but have since declined by close to 50% when whispers emerged that Lisa, one of the Blackpink members, may leave the group.</p>
<p>In this volatile industry, K-pop agencies need core performers on their promotions list to generate revenue. After making the contract renewal public, Bloomberg quoted Yang Hyun-Suk, the founder of YG Entertainment, who stated:</p>
<blockquote><p>We are more than thrilled to finally make an official statement that YG will continue the intimate relationship with Blackpink. As the group represents YG and K-pop itself, they will certainly endeavour to shine brilliantly in the global music market.</p></blockquote>
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