It might not be Michael Jackson's "Thriller," but the new 2NE1 video for the song "CRUSH" has been given a budget of nearly half a million dollars, thanks to a vote of confidence from the CEO of their record label YG Entertainment, Yang Hyun Suk.

According to a press release issued by YG on Thursday, the 2NE1 music video's $470,000 price tag is beyond the scope of anything the label has ever attempted.

"The music video of 2NE1's latest title song, with the largest budget for the group [or the label up to this point], requires a high level of computer graphic work," Yang said.

"So a teaser video will be unveiled first on Feb. 24, and then a completed version on Feb. 28."

According to the label, 2NE1 will unveil the rest of their new material at a pair of concerts in Seoul on the first two days of March.

The label has yet to reveal who directed the new video, only offering the information that "it is done by someone completely new who has never worked on music videos yet."

The "CRUSH" album will feature 10 new songs by 2NE1. According to Yang, each of the songs received as much attention as if it were a single.

"Since this is the first 2NE1 album in many years, rather than focusing on the structural aspect of the overall album, we put more thought and effort into choosing every single song, as though each one of them was the title track," he explained.

According to Yang, 2NE1 frontwoman, CL, increased her level of creative participation on "CRUSH," contributing several original songs to the album.

"The part that you have to really look at in 2NE1's new album is that CL, the leader, included a whopping three songs that she composed, for the first time ever in her life," he wrote.

"You are the ones to judge the quality of her music. But when I first listened to CL's very own song, the one word that described my feeling was 'surprised.' Which is only natural, because I have known CL for eight years and I never expected her to produce a song like this, and the song was too good to be her very first one."