July 7, 2025
SEOUL – YG Entertainment, once home to Korea’s most influential K-pop groups, is under mounting pressure to develop its next major intellectual property. While the company remains one of the so-called “Big Four” K-pop agencies — alongside SM, JYP and Hybe — it has yet to introduce a new act that rivals the global dominance of its legacy stars.
The last truly game-changing group YG Entertainment debuted was Blackpink, nearly a decade ago in 2016. Since then, it has launched Treasure in 2020 and Babymonster in 2024. However, neither has reached the level of superstardom expected from a YG act. Only Babymonster is positioned to carry the YG banner forward — and even that momentum is fragile.
According to K-pop Radar, which tracks global artist data, only Blackpink and Babymonster made the Korean top 20 list for 2024, in 14th and 19th place, respectively. The rankings, released in February, showed Blackpink dropping one spot from last year — edged out by the return of BTS members Jin and J-Hope from military service — while still maintaining a strong presence. Babymonster made a notable leap, entering the top 20 for the first time after being unranked in 2023.
On the global chart, by contrast, BTS and Blackpink remained in the top tier, while Babymonster showed remarkable growth by securing the No. 4 spot.
Other YG acts like Treasure and Winner failed to appear in either ranking. Big Bang, now a trio following the departures of Seungri and T.O.P, also did not make the global list.
On the International Federation of the Phonographic Industry’s 2024 list of the world’s top 10 recording artists, no YG acts — not even Blackpink — were featured. The only K-pop groups that made the list were Seventeen of Pledis Entertainment at No. 3 and Stray Kids of JYP Entertainment at No. 5.
While Babymonster has gained visibility on global charts, public perception suggests otherwise.
“For a girl group from one of the industry’s top agencies, Babymonster hasn’t stood out compared to similarly timed debuts,” said music critic Lim Hee-yun. “It’s been nearly two years since Babymonster’s debut, and neither Treasure nor Babymonster has shown particularly remarkable growth. YG needs to try again.”
Financial indicators reflect this as well. Despite Babymonster’s recent releases, the group’s impact on YG Entertainment’s stock performance has been negligible.
Blackpink remains YG Entertainment’s most valuable asset. In August 2023, the company initially failed to secure a full-group contract renewal with the quartet, signing only individual activity agreements instead.
During the months of uncertainty that followed, YG posted an operating loss of 20.5 billion won ($15 million). The full-group contract was eventually renewed in December, but the episode underscored just how critical Blackpink is to the company’s financial stability.
Last month, optimism returned when YG announced upcoming activities for Blackpink and other artists. The company’s stock jumped from 87,000 won on June 27 to 95,200 won on July 1, but dipped again following renewed public scrutiny over Yang’s trial for alleged luxury goods smuggling.
The fact that Blackpink’s group activities still move the needle underscores how little YG Entertainment has done to secure a generational handoff.
YG Entertainment’s historical strength came from betting big on high-impact acts. But in today’s hypercompetitive K-pop market — where even mid-tier agencies are churning out breakthrough talent — waiting for another Blackpink-tier hit may no longer be a viable strategy.
YG Entertainment is currently betting heavily on the launch of its next rookie girl group set to debut later this year. Yang has described the group as “the new protagonists of YG’s girl group legacy,” signaling a make-or-break moment for the agency.
“Hundreds of groups debut every year,” Lim said. “Even if you have a strong lineup, it’s important to nurture the next group early. That’s how you build a sustainable revenue model. Loyal fans — the core consumers of K-pop — expect high moral standards and emotional dedication from artists. A single controversy can alienate them, or cause them to shift to a newer, more appealing rookie.”
