Blackpink promised a new album and world tour after all four members — Jisoo, Jennie, Rosé and Lisa — agreed to renew their contracts with YG Entertainment and continue their group activities as a quartet, their agency YG Entertainment said.

The four members' individual contracts are still being discussed, meaning they could sign with other agencies for their solo careers but still continue their schedules as Blackpink under YG Entertainment.

"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."

Blackpink debuted on Aug. 8, 2016 as YG Entertainment's second girl group to come after 2NE1. It shot up to the top of the charts with its meteoric debut track "Whistle" (2016) and has been keeping the throne as queen of K-pop ever since.

In 2018, Blackpink became the first K-pop girl group to land a track on the Billboard Hot 100 singles chart with "Ddu-du Ddu-du," along with the EP that included the song "Square Up" also peaking at No. 40 on the Billboard 200 albums chart.

YG Entertainment's shares had been falling since late August when the agency failed to give a prompt answer on the members' contract renewal — which should have come after the standard 7-year contract ended that month.

Shares fell from their peak of 95,200 won ($72.5) in May to 48,000 won as of Tuesday but shot up to 61,900 won at around 9:25 a.m. after the news broke. It was trading at around 58,000 won as of 10:30 a.m.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]