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YG ENTERTAINMENT CLOSING DOWN ITS DANCE ACADEMY
🕑 Added 2024-09-02 09:00:48 +0000 UTChttps://n.news.naver.com/mnews/article/015/0005026814?sid=101
MY THOUGHTS: I think YG is slowly being forced to face their real financial realities. After LVMH pulled out their investment, they sold their gold business and is now closing their dance academy. They've been in the "fake it till you make" it state for so long and it worked for them splendidly but cracks are showing. For the employee, I do hope they get their acts together.
In the last several years, YG has drastically slimmed down its business in an effort to fix its finances. It faced several challenge. First was the Burning Sun scandal. It involved Seungri, a former members of BIGBANG. He was accused and convicted of forcing women to do sexual acts and filming them. He was convicted and spent 18 months in jail.
YG's founder, Yang Hyun Suk, was convicted of threats of retaliation on a former YG trainee. He is the current producer of Babymonsters.
LVMH pulled out its investments which started a string of financial challenges for YG.
They first sold 100 percent of its share in Greenworks, an operator of the country's top golf reservation platform XGOLF
It also sold controlling stake in its production studio, Studio Plex.
This quarter, YG also reported 2.1B KRW/ $1.575M of Bad Debt from Blackpink's Tour.
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YG Entertainment (122870) is currently undergoing liquidation procedures for its dance management and academy label, YGX, as part of a strategic move to streamline its operations and enhance profitability by focusing on its core business.
On the 28th, a representative from YG Entertainment (hereinafter referred to as YG) commented on the decision to liquidate YGX, stating, "We are committed to improving profitability by maintaining a strong and competitive business structure that aligns with our primary business objectives."
Founded in 2018, YGX has managed dancer talent and operated an academy, contributing significantly to YG's success. YGX dancers have not only choreographed performances for YG artists but also shared the stage with them, creating powerful synergies. Additionally, they have produced choreography for other agencies and conducted training programs. In 2021, YGX dancers gained widespread attention through their participation in Mnet's 'Street Woman Fighter.'
While the company is undergoing liquidation, its functions are expected to be absorbed by YG. A YG representative stated, "We established a global training center last March, and we plan to integrate YGX's expertise internally. This will enhance our competitiveness in discovering new talent while continuing to strengthen the capabilities of our current artists."
Comments
Sunny
I hate to see what they have done to their female trainees, in different documentaries, plus they well, Black Pink is no one I care to listen to, or to let my girls watch at all. I'll leave it at that.
Bungluna
Papering the house never works as well as having real fans.
