It's a Thai starlet phenomenon - S. Korea's entertainment outfit YG shares price drop on news Lisa Blackpink will not renew contract

THE THAIS lovingly call her La Lisa. This Thai starlet who is just about in every billboard in Thailand is proving to be a real powerhouse in the entertainment industry right now.

The YG Entertainment stock in South Korea dropped by nearly 9% on Friday after reports in South Korean media stated that Lisa Blackpink of the K-Pop girl group BLACKPINK has rejected a contract renewal offer from the agency.

The stock price of YG Entertainment experienced its most significant one-day drop since September 2022.

South Korean news agency Star News reported that Lisa, a Thai member of the K-Pop girl group, rejected the contract renewal offer from YG Entertainment. The reported value of the contract was approximately 50 billion Korean won (approximately US$37.6 million or 1.3 billion baht).

This report follows news in July stating that Lisa had not yet made a decision regarding the contract with YG Entertainment.

Around that time, South Korean media also reported that YG Entertainment's management was in negotiations with Lisa, but reports from Korean newspapers indicated that both parties had significantly differing opinions.

Meanwhile, YG Entertainment has issued an official statement addressing the contract renewal of BLACKPINK's Lisa. Responding to speculation about Lisa's contractual situation, YG Entertainment provided a statement to a South Korean media outlet.

They said, "We are still discussing contract renewals with Lisa. The rumors that are going around are nothing that is confirmed."

Earlier, it was reported that BLACKPINK member Lisa had reportedly turned down a significant contract renewal offer from YG Entertainment, despite months of negotiations.

Many media outlets also she has many reasons for turning down a contract renewal offer of US$40 million (RM187 million). According to media outlets, the idol has received several multi-million dollar contracts from global labels, including some from Thailand.

Outside of music, Lisa has been making waves in the fashion industry as a brand ambassador for luxury fashion house Celine and Italian jewellery brand Bvlgari.

BLACKPINK burst onto the K-pop scene on August 8, 2016, and celebrated their 7th anniversary this year. BLACKPINK was the hit new girl group launched by YG after a seven-year gap following 2NE1, the company's previous successful girl group.

Besides top selling albums and singles; the group's triumphs extended to sell-out concerts, despite their relatively limited discography.

They also harnessed the synergy of each member's individual charm. This was witnessed by their massive YouTube channel subscribers, personal Instagram followers, and their presence as global ambassadors for prestigious luxury brands.

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