Blackpink renews contract with management agency

K-pop girl group Blackpink. Photo from Blackpink Lisa's Instagram

"We are happy to continue our relationship with Blackpink," Yang Hyun-suk, founder and chief producer of YG Entertainment, said in a press release.

"We will provide our best support so that Blackpink may keep on shining as not only our company's iconic artist but also that of K-pop. We send our unwavering support and trust in their paths to come."

The company’s shares rose 29% following the news, the biggest intraday jump in over a decade, reported the South China Morning Post.

According to South Korean news site Korea JoongAng Daily, the management agency and the girl group’s members are still discussing details about contracts regarding the artists’ solo activities. Still, a new album and an upcoming world tour have already been planned for the quartet.

Blackpink debuted in 2016, consisting of the still-unchanged lineup of Jennie, Lisa, Jisoo and Rosé. The group has since achieved international success with hits like "Ddu-Du Ddu-du," "Kill This Love," and "Pink Venom."

The group’s Born Pink world tour began late last year and has grossed around $260.6 million so far, with 1.5 million tickets sold.

It is already the highest grossing girl group tour of all time, surpassing the previous record set by the Spice Girls' 2019 Reunion Tour ($78.2 million).

Their contract with YG Entertainment is believed to have ended in August this year, leaving fans to speculate about their future activities up until the announcement of their contract renewal.