On the latest episode of Mnet's TMI News, J.Y. Park was unveiled to have lost billions of won in the past, before he produced his current idol groups.
On July 28, TMI News discussed the Korean celebrities who gained high income and those who suffered a lot of losses.
Among the stars who lost a big amount of money is J.Y. Park. This was the time when his company, JYP Entertainment, is yet to debut more idol groups, such as Miss A, GOT7, TWICE, and others.
TMI News Discloses J.Y. Park's Financial Loss before Launching Miss A, GOT7, TWICE, and More
At present, JYP Entertainment is one of the largest entertainment companies in South Korea owing to the global popularity of its idol groups: TWICE, DAY6, Stray Kids, ITZY, and more.
But before these K-pop acts debuted, JYP Entertainment's founder J.Y. Park had difficulties in expanding his business, causing him to lost billions of won.
According to TMI News, J.Y. Park was planning to enter the US market in the past and so he purchased a building, which will serve as his headquarters in the country.
It was said that J.Y. Park dreamed of debuting junior idol groups through collaborations with famous producers; however, he had difficulties in doing so.
In 2007, JYP Entertainment debuted their first girl group, called Wonder Girls. The agency had a little bit of success as the band's songs became instant hits such as "So Hot" and "Nobody."
In 2009, Wonder Girls' "Nobody" was released as a single in the United States and it became the first-ever K-pop group song to enter the Billboard Hot 100 - the song took the No. 76 spot that time.
But, Wonder Girls had no other remarkable achievements other than their first Billboard Entry, and it was said that JYP Entertainment fell into capital erosion in 2009.
TMI News revealed that J.Y. Park suffered a financial loss of 10.3 billion won over three years. Because of this, he started to liquidate a total of 1.8 billion for two years, targeting the US market.
In addition to this, the "Asian Soul" dreamed of starting up a food business, called J Food, but it was reported that he had a net loss of 2.38 billion won.
Overall, J.Y. Park lost approximately 14.5 billion won due to business failures and expansion into the United States.
Nevertheless, JYP Entertainment's founder was admired after leaving the famous saying, "I have gained 100 billion won worth of wisdom," pertaining that he had learned a valuable lesson rather than regretting his decisions.
JYP Entertainment Debuts More Idol Groups following J.Y. Park's Financial Loss
After losing tens of billions of won in 2009, J.Y. Park decided to debut more idol groups starting with Miss A in 2010.
Miss A is one of the legendary girl groups in K-pop. The quartet was considered a monster rookie at the time of their debut as their single "Bad Girl Good Girl" quickly topped the Gaon Digital Chart, attained an all-kill on domestic charts, and earned the group their first-ever music show win.
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Miss A's "Bad Girl Good Girl" went on to become the "Song of the Year" at the 2010 Mnet Asian Music Awards (MAMA) and became the top-selling single in Korea in the same year.
After Miss A is GOT7, who is currently among the biggest K-pop boy groups. This band garnered attention for their live performances that usually includes street dancing and elements of martial arts.
GOT7 was then followed by DAY6 and TWICE that both debuted in 2015. These two have also established themselves as among the best groups in K-pop at present.
JYP Entertainment went on to launch Stray Kids in 2018 and ITZY in 2019.
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Written by Mhaliya Scott