PSY has parted ways with YG Entertainment.

On May 15, the agency revealed through an official statement, “YG Entertainment and PSY have decided to conclude our exclusive contract. Through deep conversations with PSY, YG Entertainment has decided to respect PSY’s thoughts of craving new challenges.

The statement continues, “YG and PSY have been together with special trust for the past eight years. We provided endless support to PSY’s overflowing energy and passion for music, and we were also moved together as ‘Gangnam Style’ gained worldwide popularity.”

“Regardless of an exclusive contract, YG and PSY’s close relationship will last forever. We are cheering on PSY’s great new beginnings and wish for his health and happiness. We express our deep gratitude to the fans who have loved PSY as a YG artist until now,” YG Entertainment concludes.

PSY signed with YG Entertainment in 2010 and renewed his contract once to spend a total of eight years at the company.

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