JYP announces the establishment of JYP USA, “We aim to expand to the North American market in earnest”
JYP established JYP USA, a local agency in North America. They plan to use this as a global post to expand to the North American market in earnest and maximize their activities on a global scale.
JYP Entertainment announced on March 15th that they would expand to the North American and global markets in earnest, saying, “JYP USA was set up to attempt new strategic evolutions and establish a North American base for our artists and businesses in the North America and global markets, where KPOP will continue to develop”.
JYP USA, which will be launched as a new agency, is in charge of the full-fledged development of its artists in the North American market.
Earlier on the 11th of last month, JYP announced the expansion of their strategic collaboration with the No.1 music label in North America – Republic Records of Universal Music Group for the development of Stray Kids and ITZY, following TWICE. Working with Republic Records, TWICE recently sold out all tickets for all 7 shows in 5 cities in North America and ranked 3rd place on the Billboard Chart with their 3rd full album. Therefore, Stray Kids and ITZY are also expected to achieve more remarkable results in the future by enhancing synergy through the establishment of JYP USA.
In response to the news, Republic Records’s Chairman Monte Lipman said, “The establishment of JYP USA is seen as an organic evolution of Park Jin-young’s vision and JYP’s outstanding management capabilities. Through this, KPOP will expand globally, and TWICE, Stray Kids, ITZY, will also gain greater achievements in the U.S. We are very happy and highly anticipated that we can join JYP’s evolution and rapid development in the North American market by expanding the strong partnership between the two companies.”
In addition, JYP USA is planning to strengthen its foundation for JYP’s new artists, Xdinary Heroes (XH) and NMIXX, to advance to North America in the future.
As a global post for the entire business centered on the North American market, JYP USA will not only enlarge its existing business globally but also develop a new North American-based business model and expand strategic collaborations. It also aims to create a new growth engine by establishing a 360° multi-value chain that encompasses the world by promoting the expansion of KPOP’s unique fandom-based business model in the U.S and global markets.
Through this, the company plans to increase its corporate value based on strengthened global extensibility as well as lay the foundation for a leap forward as the No.1 global company in the name and in reality.
Just as how NiziU succeeded in Japan, JYP is also striving to discover and foster local artists in North America. It plans to expand the application of JYP’s localization strategy “Globalization by Localization” to the U.S.
JYP, the first Korean entertainment to challenge entering North America in earnest, is drawing keen attention as they are ready to take a huge step in this market again with the establishment of JYP USA.
