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BLACKPINK Jennie’s label debut and G-Dragon's exit triggers hefty market cap slide for YG entertainment
YG Entertainment stock continues to fall due to G-Dragon's departure, BLACKPINK's Jennie unveils her solo label, OA, adding to YG Entertainment's struggles
The YG Entertainment roller coaster just took a stomach-churning dip, leaving investors with sweaty palms and K-Pop fans grappling with mixed emotions. With the exit of BIGBANG’s G-Dragon a veteran of YG, the K-pop agency faced another setback after Jennie announced her venture into the world of labels. Although BLACKPINK as a group has renewed the contract with the agency, the individual contract negotiation of the members still remains under wrap.
YG market cap drops by $64 Million amidst G-Dragon's exit
YG Entertainment's stock continued to fall for the fourth day in a row as of December 22, closing at 52,000 won (around 40 USD). Recent events involving G-Dragon are the main cause of the 5.11% decline, which has a ripple effect on the stock performance of the company across the board. This downturn led to a loss of approximately 83.5 billion won (around 64 million USD) from the company's market capitalization, which currently stands at 963.9 billion won (742.6 million USD).
On December 21, the singer of BANG BANG BANG inked an exclusive deal with Galaxy Corporation after parting ways with YG Entertainment. At the press conference, Jo Sung Hae, the director of Galaxy Corporation, discussed G-Dragon's joining the agency and emphasized his scheduled comeback in 2024.
BLACKPINK Jennie’s venture into the label world
Amid the company's ongoing struggle with declining stocks, it faced another setback when BLACKPINK member Kim Jennie unveiled her label, OA. The announcement was made on December 24. In a statement, the SOLO singer said “I'm excited about what's to come, as I start my solo journey in 2024 with a company that I have established called OA. Please show lots of love for my new start with oa and of course, BLACKPINK.” Now, expectations for solo ventures from other members are running high.
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