On July 28th, at the women’s artistic gymnastics qualifiers of the Paris 2024 Olympics, Mexican national representative Alexa Moreno made her entrance. Known as the first Mexican gymnast to win a medal at the World Championships in Doha, Qatar, in 2018, she is a beloved national figure in Mexico, receiving adoration akin to South Korea’s Yuna Kim.
Wearing a red outfit, she began her routine to a familiar background music. The medley included ‘Thunderous,’ ‘Maniac,’ and ‘Rock’ by Stray Kids, a K-pop group that has dominated the Billboard 200 chart five times consecutively. Her love for Stray Kids was even highlighted in Mexican newspapers.
TWICE Takes Over Nissan Stadium
On the same day, at Japan’s largest stadium, Nissan Stadium, TWICE made history. Following TVXQ and Seventeen, they became the third K-pop group and the first female act to perform there. With a capacity of 70,000, the venue was packed despite the scorching heat of 34°C. Over two days, they performed in front of 140,000 fans.
Celebrating their ninth year since debut, TWICE has become a household name in Japan as well. Their setlist was rich with 29 songs in Korean, Japanese, and English, including hits like ‘TT’ and ‘Fancy,’ where local fans sang along in Korean. This concert marked the end of their ‘Ready To Be World Tour,’ which attracted around 1.5 million fans globally.
JYP Entertainment: A Diverse Lineup
Last year, JYP Entertainment’s stock rose by about 116% in the first half but fell by 25.69% over the past six months, closing at 56,400 won on the 2nd. What caused this decline, and can it rise again? Let’s dive into the fourteenth story of ‘Profitable Here and Hip’ focusing on ‘JYP Entertainment.’
On August 4th, at the Incheon Pentaport Rock Festival, fans cheered as a band took the stage. They had been waiting for days, despite being dispersed by the organizers. This band is DAY6, JYP’s first band, formed in 2015. Initially struggling with dance, member Sungjin, along with Young K and Wonpil, shifted to forming a band. They practiced tirelessly, composing around 100 songs and eventually debuting with ‘Congratulations’ in 2015.
DAY6’s popularity grew gradually, but it was only after all members completed their military service in their eighth year that they began to gain mainstream recognition. Their appearances on various shows, including MBC’s ‘Hangout with Yoo,’ and songs like ‘You Were Beautiful’ and ‘Time of Our Life’ saw a resurgence in popularity. They even performed at the first-ever ‘CGV Cleaning Time Show’ during the KBO All-Star Game last month.
Stable Management System
JYP’s diverse lineup includes globally popular boy groups and girl groups, as well as bands with mainstream appeal. In 2022, all nine members of TWICE renewed their contracts, followed by all eight members of Stray Kids this year. This stability is crucial for consistent activity planning. Veteran members of 2PM, like Jun. K, Nichkhun, Wooyoung, and Junho, now serve as non-executive directors.
Since 2016, JYP has implemented a ‘label system,’ allowing for more autonomy in decision-making. This system, now adopted by others like SM Entertainment and HYBE, was pioneered by JYP. Notably, most JYP songs no longer feature the signature “JYP” at the start, as creative control lies with each label. Stray Kids, for instance, handle their own choreography, music, and fashion, contributing to their trendy image.
CEO Jung Wook, who has been with JYP since 2007, ensures the smooth operation of the company. Even founder Park Jin-young requires board approval for his projects. Jung Wook is known for attending all artist performances, viewing it as a duty of an entertainment company CEO.
Up-and-Coming Artists
Despite JYP’s success, new artists have yet to fully bloom. Mirae Asset Securities maintains a ‘Buy’ rating but lowered the target price to 75,000 won, citing revenue concentration on senior artists and increasing cost ratios. Analyst Kim Kyu-yeon noted ongoing business restructuring and additional staffing for each label as factors for reduced operating profit margins. NH Investment & Securities also retained a ‘Buy’ rating but adjusted the target price to 80,000 won.
Nevertheless, Stray Kids’ continuous Billboard Hot 100 successes and tour scale indicate rapid growth in their Western fanbase. Girl group NMIXX is gaining fans through college festival performances, showcasing their solid vocal skills. New boy groups ‘LOUD’ and ‘NEXZ’ are also building their recognition. Park Jin-young has expressed confidence in DAY6’s talent and dedication, believing they would eventually be acknowledged by the public. His leadership style has evolved from ‘detailed management’ to ‘trust and delegation,’ which he hopes will continue to shine.
Reference: https://n.news.naver.com/mnews/article/023/0003850481?sid=101
