Fran (frantastic) wrote in omonatheydidnt,
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omonatheydidnt

JYP Entertainment liquidates U.S. based company ‘JYP Creative’

It’s been belatedly revealed that JYP Entertainment liquidated their subsidiary U.S. company, ‘JYP Creative‘, which they established back in November of 2011 in the U.S., after 1 year in November of 2012.

JYP Entertainment, headed by J.Y. Park, invested $1.2 million into the subsidiary for their activities in the U.S. However, JYP Creative recorded a net loss of 119 million KRW ($106,000) in 2011, and the loss continued, resulting in a net loss of over 1.7 billion KRW ($1.5 million) in 2012.

To help with JYP Creative activities, J.Y. Park had opened up his Korean BBQ restaurant ‘Kristalbelli‘ in New York, but it’s said the restaurant has faced losses as well. However, for the time being, the restaurant will continue to operate.

Although they’ve liquidated their American firm, the agency states that there is no change in promotion plans for their artists.

JYP Entertainment assured, “There is no problem with the agency artists promoting domestically or internationally.”

They continued, “Currently, 2PM, miss A, and other agency artists are promoting more within Asia like the countries of Japan and China, rather than the U.S. There is no immediate plans for promotions in the U.S., so there is nothing that has changed because the American firm has been dissolved.”

Source: Money Today, Newsis, Sports Seoul + akp
Tags: economics, jyp entertainment
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