With a market value exceeding 50 billion KRW, Lisa is pivotal to the integrity of BLACKPINK as a whole.
Lisa, a member of BLACKPINK, whose contract with YG Entertainment (YG) has come to an end, has always been followed by such descriptors. While there might be a possibility of renewing contracts with Jennie, Rosé, and Jisoo, the consensus is that YG will have a harder time re-signing Lisa. Indeed, the market value that Lisa holds globally is astoundingly high. It would not be an overstatement to say she has the highest value among all K-pop girl group members to date. Rumors abound from Thai companies offering 50 billion KRW to even higher bids from Chinese agencies, mainly concerning signing bonuses and contracts.
Last September, Lisa performed at the risqué 'Crazy Horse' show in Paris, France, which highlighted the silhouette of the body. The show is quite provocative, featuring performers in a near-nude state enhanced by strategic lighting, though not directly exposing nudity to the audience. Interestingly, the strongest reaction to this show came not from Lisa's homeland Thailand or from Korea, which made her a star, but from China. After Lisa appeared in the show, her official Weibo account in China was abruptly closed.
Weibo operates almost as an arm of the Chinese authorities, serving as the alternative to Instagram in China, where censorship is strict. The sudden shutdown of Lisa's Weibo account without warning implies that the Chinese authorities took issue with her activities. International media took note; according to CNN on the 1st (Korean time), Lisa's Weibo account was closed with a notice stating it had received reports of violations of laws and Weibo community regulations. Some Chinese netizens are known to have filed complaints about the risqué photos from Lisa's show.
CNN reported that it was unclear what complaints were filed but suggested, "Controversy arose in China after Lisa's appearance at 'Crazy Horse,' and it seems likely that complaints were made leading to the deletion of her account." Before this incident, Lisa had been freely active in China. What's more notable is that the Weibo accounts of other BLACKPINK members Jisoo, Jennie, and Rosé remain active. Why has China taken such a drastic step against Lisa?
While BLACKPINK has made notable achievements in the American pop scene, Asia remains their main stage, with the bulk of their sales also heavily skewed towards Asia. Lisa is no exception. The value of the members' assets, their 'worth,' is usually estimated based on their standing within the Asian market. Lisa enjoys immense popularity in Thailand, where she is treated like a state guest, and is the most popular member in Southeast Asia. However, there are limits to the growth of markets like Thailand, Vietnam, and Korea, and the influence of China, with its considerable market size, cannot be ignored. Isn't it the benchmark for the global market?
Assuming that China's disregard would not deal a significant blow to Lisa, who is valued between 50 billion to 100 billion KRW, would be a mistake. The central global markets, such as the United States and European countries, consider East Asian markets like Japan, China, and Korea pivotal, but China is the most sensitive among them. A considerable amount of added value is generated in China, and the sales figures are high. Especially in culture, entertainment, and beauty markets, China's scale is overwhelming. While Korea is doing well in the cultural content market, ultimately it is the consuming country that generates revenue in the market. In the cultural market, Korea is the producer of high-quality content and outstanding K-pop artists, while China and other global countries are the consumers.
This is why Lisa could become the face of luxury brands like Bulgari and Celine. No matter how much Korean consumers indulge in luxury goods, they cannot match the scale of consumption in China. Ultimately, Lisa was meant to appeal to Chinese and Southeast Asian consumers, but Weibo suddenly closed her account. How did Bulgari and Celine react? They swiftly removed content related to Lisa.
A mere closure of a social media account in China led to global companies deleting Lisa's photos. Lisa's market value, now emerging as a major free agent, will be influenced by the public opinion formed in China thereafter. Can Lisa regain the favor of the Chinese public, which is known to be hard to persuade and holds conservative tendencies once turned away?
