The globally renowned K-pop girl group Blackpink’s exclusive contract with YG Entertainment ended in August, but it remains unclear whether or not the group will renew their contract with the agency and rumors over the group's future have continued to circulate.

The rumors were further fueled after Blackpink's Rose was spotted in Paris with Ron Perry, the chairman and CEO of Columbia Records.

A picture of Perry talking with Rose was shared among Blackpink’s French fan community on Monday, leading to speculation that Rose might be joining the American label.

The US-based Columbia Records houses some of the biggest names in pop, including Celine Dion, Beyonce, Adele and Harry Styles.

But some of Rose's fans also speculate that she might be working on a new solo album with the US label, as many K-pop solo album releases are done with the help of a US-based record label to improve the album's reach to international listeners.

Industry insiders also noted the possibility that YG is having a difficult time trying to keep Lisa at the agency, as she is reportedly being offered between 50 billion won ($36.84 million) and 100 billion won by other agencies in Southeast Asia.

“YG’s contract with members of Blackpink is in a difficult position. There have been reports that some of the members are establishing their own agency and that a member’s parent was spotted getting in contact with various investors for meetings,” reported YouTuber Lee Jin-ho, a former local K-pop reporter, earlier this month.

He added that it would also have been difficult for Lisa to take part in the French Cabaret Crazy Horse performance if she had extended her exclusive contract with YG.

Last month, there was a local report that Jennie, Lisa and Jisoo had left YG leaving only Rose with the agency.

It also said that Jennie, Jisoo and Lisa had inked a deal with YG to continue working as Blackpink for six months of a given year, even if they had signed an exclusive contract with a different agency.

This report alone caused YG’s stock price to drop 13.28 percent on Sept. 21.

YG Entertainment refuted such reports saying that “nothing has been decided yet.”

Analysts, however, say YG is likely to stand strong without Blackpink because they have a solid foundation.

“YG hit an operating profit of 9.3 billion won for the second half of 2022 when Blackpink was not actively contributing (to the agency). This means that it is possible for the agency to make around 10 billion won in half a year without Blackpink,” said analyst Lee Sun-hwa from KB Securities.

“YG’s boy group Treasure is also expected to contribute (profit to the agency) by expanding its global fandom this year, and the agency’s new girl group Babymonster, which is set to debut in the fourth quarter of this year, will strengthen the agency's artist pipeline."