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YG Entertainment denies spending US$30million on BLACKPINK contracts

YG Entertainment has refuted reports that it spent US$30million on BLACKPINK‘s contract renewals.According to a business report released by the company on March 22, YG Entertainment had stated a KRW41.2billion (about US$30million) sum for intangible assets last year.Per Korea JoongAng Daily, this is an accounting practice commonly used by music labels in South Korea when funds are needed for contract renewals. Of note, last year YG Entertainment had secured the contract renewal of K-pop girl group BLACKPINK for group activities, following a months-long negotiation process.However, YG Entertainment has since denied that all the funds were used for that purpose, in a statement to Korea JoongAng Daily. “There were various other contract renewals as well as new contracts formed over various intellectual property,” a YG Entertainment spokesperson said.The label added that it “cannot disclose the contract details”, but noted that “the amount in question cannot be considered exclusive to BLACKPINK’s contract extension”.In the same report, Korea JoongAng Daily also noted that YG Entertainment said that it is “planning” for group activities from BLACKPINK.
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Here are all the winners from the 33rd Seoul Music Awards
NCT Dream win the ceremony’s Daesang (grand prize) for a second consecutive year, while BTS, SEVENTEEN, NewJeans and more took home various other prizes in numerous categories.SEVENTEEN bagged the trophy for Best Album with ‘FML’, a mini-album released in April 2023, while rookie girl group NewJeans went home with the award for Best Song for ‘OMG’, which released in January 2023.Meanwhile, K-pop titans BLACKPINK and BTS were each awarded the World Best Artist Award and World Trend Artist Award respectively, while Rookie of the Year went to two acts: RIIZE and ZEROBASEONE. Both boybands also took home two of the 18 Bonsangs (main prizes) given out that evening.Daesang (Grand Prize)NCT DreamBonsang (Main Prize) winners aespa (G)I-DLE IVE BTS’ Jimin BTS’ Jungkook Kang Daniel Lim Young-woong NCT Dream NewJeans NMIXX RIIZE SEVENTEEN STAYC Stray Kids Sunmi BTS’ V Young Tak ZEROBASEONEWorld Best Artist AwardBLACKPINKWorld Trend Artist AwardBTSRookie of the YearRIIZE ZEROBASEONEBest Performance of the YearBilllieFan Choice of the Year VOST Award EXO’s Baekhyun – ‘Hello’ from Dr. Romantic season threeBallad AwardDay6’s YoungKBand AwardXdinary HeroesTrot AwardYoung TakR&B/Hip-Hop AwardDynamic DuoDiscovery of the Year FIFTY FIFTYK-pop Special Award Sandara ParkGlobal Producer Award GOT7’s Mark Tuan, Youngjae and BamBamNew Wave Star AwardKISS OF LIFE PLAVE YujuY Global Special Awardn.SsignPopularity Award Kim Ho-joongBest Thai ArtistFourth Gemini NuNew Zee Pruk
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