YG invests 100 billion won for the new K-POP Cluster campaign in Korea
YG Entertainment has invested 100 billion KRW ($93MM USD) for YG Global K-POP Cluster Creation Agreement campaign with Kyunggido and Euijeongbu. This investment will establish a brand new K-pop concert complex in Korea.
On January 16th (KST), Nam Kyung Pil, the governor of Kyunggido, Ahn Byeong Yong, the mayor of Euijeongbu, Yang Min Suk, the CEO of YG Entertainment, and YG Plus are holding an opening meeting for their joint YG Global K-POP Cluster Creation Agreement campaign.
Until 2018, YG will aid with the construction of five grand concert halls, exhibition halls, resident hotels, production studios, pension, cosmetics, cultural stores, and recreational areas for outdoor sports. In grand sum, YG is expected to invest around 100 billion won into this project.
According to YG, they will utilize this complex as their Multi-Asia & America headquarters to audition and select talent from all around the world. Also, YG hopes to establish an advanced base for K-pop creation, distribution, and consumption alongside the Paju and Goyang’s Culture and Arts Cluster.
Euijeongbu states that “With the establishment of the K-POP Cluster, we will create around 600 new employments, which will not only be prioritized for the local residents but also revitalize the economy of the neighbourhood.”