JYP Entertainment Corporation (Korean: JYP 엔터테인먼트) is a South Korean multinational entertainment and record label conglomerate established in 1997 by J. Y. Park. It is one of the largest entertainment companies in South Korea, and operates as a record label, talent agency, music production company, event management, concert production company and music publishing house. In addition, the company operates various subsidiary ventures and divisions worldwide.
Notable artists include 2PM, JJ Project, Got7, Day6, Twice, Stray Kids, and Itzy. It has also handled Rain, g.o.d, Wonder Girls, 2AM, Miss A, 15&, and Baek A-yeon.
1997–1999: Formation and first generation K-pop artist
JYP Entertainment was founded in 1997 by South Korean singer-songwriter J. Y. Park as Tae-Hong Planning Corporation, which eventually became JYP Entertainment in 2001. In 1997, the company signed its first artist and female solo artist, Pearl. In 1999, SidusHQ introduced singer-songwriter and JYP Entertainment founder Park Jin-young to be their producer and mentor.
2000–2009: Early success and second generation K-pop artists
In December 2000, JYP Entertainment signed Rain as a trainee, who made his debut two years later.
He became the first Korean Global solo artist that expanded outside of South Korea and become successful. Rain later opened a subsidiary label named J. Tune Entertainment.
On December 27, 2002, The company's first boy group was a four-member vocal oriented group Noel, but they failed to attract popularity. JYP turned his focus to the duo brothers "One Two"" in 2003 and in 2004, after the boy band g.o.d.'s group contract with Sidus HQ ended, they signed a contract with JYP Entertainment.
Other notable artists that debuted during these era includes: Noel, Park Ji-yoon, Byul, Lim Jeong-hee, One Two, Ryanga Rhanga, and IVY.
Mainstream success of its second generation artists
In May 2006, JYP formed its first girl group, Wonder Girls, who became a commercial success and was the first South Korean group to enter the Billboard Hot 100 in 2009 when their song "Nobody" charted at No. 76. Their success lead to a management deal with the Jonas Group, which allowed the Wonder Girls to open the Jonas Brothers's world tour in select cities.
In 2008, the competitive reality series Hot Blood Men was created, pitting two teams of male trainees against each other for the chance to debut. The winning group, One Day, was later split into two boy band, 2PM and 2AM;both debuted that same year. 2AM was jointly contracted with Big Hit Entertainment. Later in October, JYP Entertainment opened the JYP Beijing Center as their China branch. The same year, CAA (Creative Artists Agency) included JYP Entertainment in its roster of high-profile clientele.
2010-2019: Early success and third generation K-pop artists
Expanding its endeavors in 2010, JYP Entertainment acquired J. Tune Entertainment. KMP Holdings was also established via a joint venture between JYP Entertainment and several other large record labels. The subsidiary AQ Entertainment was later formed and introduced the Chinese-Korean girl group Miss A.
In November 2011, the US-based subsidiary JYP Creative was established and it was reported that Park invested approximately US 1.2 million dollars in the branch. However, after a year of operation, the company reportedly saw a net loss of around US 1.5 million dollars by the end of 2012, forcing the CEO to liquidate the branch and close all US operations, including the New York branch. The same year, Park Jimin, winner of the competitive TV series K-pop Star, and Baek Yerin, a female trainee and contestant on the show Star King, debuted as the duo 15&.
In 2012, JYP Pictures signed a contract with China Eastern Performing Arts Group to co-produce a movie Hold Your Hand, featuring actors whom belonged to JYP Entertainment. The subsidiary AQ Entertainment became defunct that December, after which the girl group Miss A was moved to the main label JYP Entertainment.
In December 2013, JYPE announced that J. Tune Entertainment had been officially merged with JYP Entertainment.
Third generation artists' prominence and business expansion
In January 2014, the seven talent agencies behind KMP Holdings, formed a collective bond partnership and bought 13.48% of KT Music's stocks, leaving KT Corporation with only 49.99%. That same month, Got7, the labels' first boy group since the debut of 2PM and 2AM in 2008, made their debut.
2AM's joint contract of Big Hit Entertainment with JYP Entertainment expired later that April, after which three of the 2AM members returned to JYP, while member Lee Chang-min stayed with Big Hit in order to continue with his solo career and as part of the duo Homme. In late August, JYP Pictures and Dongyang World Culture Communication produced the drama Dream Knight, starring Got7 members.
Season three K-pop Star winner Bernard Park signed a contract with JYP to start his solo career. On December 17, 2014, it was reported that J.Y. Park sold JYP Entertainment's HQ building in Cheongdamdong, Seoul to Choi Ki Won, the sister of SK Group's chairman Choi Tae Won, for about $7 million, on the term that JYP Entertainment will still use the building for three years on rent.
In 2015, the subsidiary Studio J was formed, debuting its first artist, G soul, on January 9. Two groups were formed that year: the girl group Twice, whose members were chosen from the competitive reality show Sixteen, and Day6. In March 2015, 2AM members Seulong and Jinwoon departed from JYP Entertainment because of their contract expiration, while Jo Kwon renewed his contract. JYP Entertainment later signed a contract with Jax Coco, a Hong Kong-based coconut product company. JYPE and Jax Coco planned to launch coconut oil, coconut flakes, and other related products at major department stores and supermarkets in South Korea.
Venturing into the Chinese market, JYP Entertainment established a music distribution partnership with China Music Corporation in February 19, 2016. This was followed by JYP Entertainment jointly establishing the Beijing Xin Sheng Entertainment Co. Ltd. with Tencent Music Entertainment the same year, which oversaw the debut of the boy band Boy Story. Got7 member Jackson Wang later announced his solo endeavors in the country.
On July 1, 2017, JYP Entertainment acquired a property worth 20.2 billion won (US$18 million) in Seongnae-dong, Gangdong District, Seoul, South Korea to be used as its new office. A partnership with DailyMotion, Europe's largest video platform, was also signed to open its artist channel on its platform to secure a more global fan base. They also entered into a music business agreement at SK Telecom headquarters in Euljiro in 2018 with SM Entertainment, Big Hit Entertainment, and SK Telecom to Start a Contents Distribution Business and to cooperate with the development of B2B music distribution business and B2C music service platform business.
In the first half of 2018, JYP Entertainment became the second largest entertainment company in South Korea when their total market capitalization surpassed YG Entertainment, largely due to the success of Twice. It was the first time that JYP Entertainment had placed second among the Big 3 large companies, with SM Entertainment retaining the top position. Later that year, JYP surpassed SM to become the largest among the big 3 large companies. In May 2018, JYP became the only Korean entertainment company to rank in the Financial Time "FT 1000: High-Growth Companies Asia-Pacific" list, charting at No. 177 out of all 1000 companies and No. 12 out of all 104 Korean companies. In 2018, JYP Entertainment debuted another boy group called Stray Kids, named after the 2017 reality show of the same name.
Stray Kids is the first dance oriented group to produce their own music since their debut from JYP On November 1, 2018, JYP Entertainment launched a new program with Mnet named "Super Intern", which showcased the intern process at JYP Entertainment, but the main goal was to turn the interns into permanent marketing management staff for each division of artists. The show started to air on Mnet TV on January 24, 2019.
On January 29, 2019, JYP Entertainment collaborated with Japanese Sony Music to create a local girl group. Park Jin-young held a press conference on local media at Tokyo Sony Music headquarters on the afternoon of January 7, 2019, and gave a presentation on the idea and prospect of Japanese girl group production. The idea of 'GIRLS GROUP PROJECT', a joint project of JYP and Sony Music, was first presented by Park Jin-young during a special lecture at the '2018 Macquarie Emerging Industries Summit' held at the COEX Auditorium in Samseong-dong, Seoul. The project, dubbed Nizi (Rainbow) Project, will start in April 2019, where the selection process of Japanese-speaking 15-22-year-old girls will start in 8 Japanese cities, Hawaii, and Los Angeles, of which 20 will be sent to the JYP Building to be trained for 6 months, with a survival show that will document the process until the eventual 9 members make their debut in November 2020.
On January 21, JYP Entertainment announced they would be debuting a new girl group named Itzy, On the same day, the group's official YouTube account was created and the label's official channel shared a video trailer unveiling the five members. On February 12, the group released their debut single album, It'z Different, with its lead single "Dalla Dalla".
On the March 11, 2019, JYP Entertainment reached a new partnership with Sony Music Entertainment's The Orchard. JYPE will distribute both digital and physical releases to key markets in the US, Europe, and beyond through The Orchard to “expand the label’s presence around the world."
On the 9th of June, 2018, Fanling culture media (JYP China) trainee Yao Chen placed 5th in the finale of 'Produce Camp 2019' with 10,764,262 votes and has successfully made the final lineup of project group R1SE after participating in the survival show Produce Camp 2019. Becoming the first signed artist under the company.
On the 24th of July, 2019, JYP Entertainment has announced they will be closing their acting division and some of their actors will be moving on to a new company. The new company they are moving to will be a start-up company that has been created by JYP Entertainment's Vice President Pyo Jong Rok called NPIO Entertainment. With their announcement, JYP Entertainment has revealed that their popular actors such as Jang Hee Ryung, Park Si Eun, and Ryu Won will not be staying on board with the new jointly managed label.