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YG Entertainment To Invest Nearly $100 Million Into K-Pop Culture Venue

By Steven Koh | January 17, 2015 05:58 PM EST

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YG Entertainment recently held a ceremony for investors in the K-pop cluster composition center in Uijeongbu.

On the 16th, YG president Yang Min Suk,  Gyeonggido official Nam Kyung Pil, and Uijeongbu mayor Ahn Byeong Yong all attended the YG Global Cluster ceremony held in Uijeongbu City Hall to sign a memorandum of understanding.

YG entertainment plans on bringing this 49,600㎡ K-pop influenced complex by December 2018, where the glamorous venue will contain a space for musical creation, performance facilities, and a recreational tourism complex.  

"With a total of about 100 billion won (nearly 100 million USD) invested in the complex, the venue will be equipped with small and large performance venues, exhibitions showcasing Asia's top music, a core infrastructure supporting educational studio sessions, a section for fashion and cosmetics, an outdoor seated sports arena, and more." YG claimed.

"It will truly be a multi-faceted cultural complex."

A YG representative also stated, "through this ceremony, YG plans on embarking on the start for the nation's first K-Pop Global Cluster."

"The abilities of YG entertainment will be utilized in creating permanent performance and exhibition venues, tourism and retail complexes, and a platform where a wide range of music can be created and supported."

Additionally, "the arena will be the first commercialized K-pop based infrastructure in Gyeongido, where it will benefit the community and economy through job opportunities, tourist attractions, and a nurturing of creative music interests.

Gyeonggido official Nam Kyung Pil stated, "The move will undoubtedly be a promising growth factor for the economy, as countries will utilize creative content made in Korea and treat it as a commodity. The Kpop cluster will serve as a tool for expanding horizons and will undoubtedly be a win-win situation for all sides involved."

YG entertainment currently serves as a leader in global entertainment with its team of musical artists and actors. The creation of the K-pop cluster will undoubtedly be a great method of expanding business, profiting the economy, expediting trade, and cultivating the music industry.

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Editor's note: An earlier version of this article wrongly converted 100 billion KRW into USD. The above figures have since been corrected.

Tagged :  yg, K-Pop, Cluster, Yang Min Suk

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