JYP Entertainment is getting a new building. And the label is mainly reaping the rewards of their artist TWICE’s global earnings.
According to a report by Koreaboo, the value of the label’s stocks exponentially along with the skyrocketing success of the nine-member K-pop girl group since they debuted in 2015. Based on records, the profits of JYPE doubled from last year’s numbers and their business profits rose by 442 percent which is a tremendous achievement for any business.
Because of TWICE’s growing popularity since they released their first single “Like OOH-AHH,” “Cheer Up,” “TT,” “Knock Knock” and now “Signal”, JYP Entertainment managed to cash in on the girls’ success in the Korean and international markets. The first half of 2017 has not even finished but JYP has already net ₩21.9 billion KRW in sales profits and ₩3.8 billion KRW in business profits. This translates to a combined estimated total of almost $23 million USD.
The new office building to be purchased by JYP Entertainment will be situated near Seoul’s Olympic Park. The building will be a huge step up from their building in Chungdam which they have occupied since 2002. The new office building is considered a prime location as it is also near the business district as well as landmarks like the Lotte Tower and the Han River Park. The move is also considered to be a strategic one as JYP Entertainment seeks to the establishment of partnerships among nearby locations and businesses to promote Hallyu content.
It can be recalled that JY Park sold their current JYP Building in December 2014 to Choi KI Won for ₩ 7.6 billion KRW. JYP Entertainment continues to use the office under a three-year lease agreement with the new owner, All Kpop reported.
At the time of the sale, it was not elaborated why JYP boss JY Park decided to sell the building, citing only personal reasons. However, it was rumored that he was hoping to establish a new headquarters for his label.