Recently, reports on BLACKPINK’s contract renewal have been flooding the Internet, as the group’s contract with their management agency YG Entertainment expires in August.
Whether all four members of BLACKPINK―JENNIE, JISOO, ROSÉ and LISA―will renew their contracts with YG Entertainment or will any of them part ways with the agency is the hottest topic online.
While K-pop fans were busy discussing BLACKPINK’s contract renewal situation, they noticed that another popular K-pop act NCT also made debut in the same year as BLACKPINK―2016.
Once they discovered that, some fans could not stop wondering if NCT also had to negotiate the conditions of their new contract with SM Entertainment this year.
Then on July 17, SM Entertainment shared a comment on this matter that concerned some fans as well as those holding SM Entertainment stocks, as any issues like legal dispute, disbandment and departure of certain members are likely to drag the stock price down.
SM Entertainment made it clear that despite having debuted in the same year as BLACKPINK, none of the members of NCT’ contract expires until the end of 2024.
“When the members of NCT signed with us, we factored in elements such as their military enlistment and overseas activities, so their contract periods are set longer than seven years, which is the standard length of contract for pop singers set by the Fair Trade Commission.”
“Not every single NCT member’s contract ends at the same time, but there are certainly no members whose contract expires this year. Their contract will begin to expire starting from the end of next year or later.”, they added.
Consisting of 20 members, NCT is sometimes operated as a 20-member group, but mainly as different units such as NCT 127, NCT DREAM, NCT U, NCT DOJAEJUNG and WayV.
(Credit= SM Entertainment)