SM, YG, JYP, and Big Hit Entertainment are large entertainment agencies that lead the Korean pop culture world and infuse the Korean Wave around the world. These four places are often referred to as the “Big Four” in the entertainment industry. Big Hit Entertainment has been smaller than FNC Entertainment, which includes “FT Island” and “AOA,” but has now become the most lucrative entertainment agency as “BTS” has become a global hit.For about 10 years, it has been leading the popularity of Korean culture in Southeast Asia, China, Japan, and now North America, Central and South America, and Europe.There are Wonder Girls, TWICE (JYP) and BTS (BIG HIT),Big Bang, BLACKPINK (YG), and Super Junior, EXO (SM)

The main business structure of entertainment agencies is to manage singers and actors, produce and distribute new content, hold concerts, and make and sell related goods. For this reason, entertainment agencies have no choice but to focus on their entertainers. However, many ordinary people dream of joining entertainment agencies while dreaming of “coincidence.”As of the third quarter of last year, SM, JYP, and Big Hit saw significant improvements in sales and operating profit. SM Entertainment’s sales in the third quarter of last year were 403.7 billion won (consolidated) and operating profit was 30 million dollars. Operating profit increased 4.5 times from the same period last year. JYP also did well last year. As of the third quarter of last year, sales were $80 million and operating profit was $18 million. Operating profit increased 59% from the same period last year.

Big Hit Entertainment’s sales are expected to reach $20 million last year as BTS became a global hit. On the other hand, YG was directly hit by sales as its main artists, Big Bang members, joined the army. Sales in the third quarter of last year fell 20% year-on-year to only $20 million. Operating profit also fell by a third. The operating profit of the four major entertainment agencies is expected to improve significantly this year and next year. Stock industry sources estimate the operating profit of the four major entertainment agencies this year in the same order as last year’s Big Hit >SM >JYP >YG. Big Hit succeeded in extending its seven-year contract with BTS last year, and its performance is expected to improve further as it will introduce a new boy group this year. Eugene Investment & Securities estimated Big Hit Entertainment’s sales of $25 million and operating profit of $10 million this year. This is nine times the operating profit of three years ago.

Stock industry sources estimate that SM Entertainment’s sales this year are $70 million and operating profit. The figure is about 100 billion won more in sales and 15 billion won in operating profit than last year. This is because artists such as EXO, SHINee, and Red Velvet still form large fandom, and sales of overseas music and video platforms are increasing significantly. The same goes for JYP. Girl group TWICE has become a popular female group in Japan, and the five-member new girl group is expected to debut in February this year, which is expected to increase profits.

YG, which was hit by the absence of Big Bang last year, is expected to see its sales and operating profit improve as BLACKPINK gained popularityYou can see the number of people and the resignation rate of the four major agencies in detail. SM is the largest of the four major agencies. SM has a total of 431 employees. Considering that the average number of people in the same industry is 37, it is huge. The second largest is YG (360 employees). JYP is the third with 215 employees, and Big Hit is the smallest with 138 employees. YG has the highest resignation rate last year. 138 people (38% of the total) of YG Entertainment resigned within a year. It is analyzed that the sharp ‘drop in sales over the past year has also affected the resignation rate.

SM had the second highest resignation rate. During the year, 126 employees, or 29% of the total, left the company, and 166 employees (39% of the total) newly joined the company. A netizen who said he was an employee of SM said on a credit magazine bulletin board, “You have to work hard enough to put your soul into it to enter the company only by looking at it.” Thirty-eight people, or 18 percent of the total, left JYP for one year, while Big Hit had a 17 percent (24 employees) for one year. A netizen, a JYP employee, wrote on the credit magazine board, “Take a look at yourself first, those who have placed their positions in time to emphasize personality to trainees and artists.”The welfare of the four major entertainment agencies is far better than that of other entertainment agencies. YG will scout four famous hotel chefs to provide various home-cooked meals such as Korean food, Western food, and snacks for free. YG also creates a “pop-up day” every quarter to support cultural life such as bowling and watching movies among employees. It also provides telecommunication and self-development costs and supports housing lease and monthly rent loans.

JYP also cares a lot about welfare. In September last year, JYP’s head Park Jin-young wrote on his social media, “If we have achieved plans to secure an eco-friendly office where no toxins come out, organic food-oriented organic restaurants, and space for employees to rest and eat, we will do our best to improve welfare.”SM supports all employees to receive medical checkups worth 300,000 won at 11 hospitals, and provides long-term employees with vacation fees and resort accommodation rights. On the company’s important anniversary, all employees, including celebrities, go to workshops abroad. Big Hit is also creating a free company atmosphere by implementing an autonomous commuting system and all employees calling each other “nim” without positions. There is a 100% paid maternity leave for up to 180 days, and Culture Day is held every month to enjoy cultural life. We also set up a game zone with a game PC and a playstation in-house

EJ Song

ASIA JOURNAL

On May 2nd, this year’s Met Gala event was held with a theme paying homage to a quintessential era of American history, the Gilded Age. The Gilded Age marked a period of rapid economic growth in America due to industrialization and the influx of foreign – largely Chinese and European –  immigrants that contributed largely to the labor force of that time. This is why it only made sense to see the numerous Asian celebrities make their way onto the infamous red carpet at New York City’s very own Metropolitan Museum of Art.

Like every other year, the 2022 Met Gala is held as a fundraising event for the Metropolitan Museum of Art’s Costume Institute and only the elite are invited to grace those iconic Met stairs while donned in elegantly designed attire. Prior to recent years, it was a bit more uncommon to see Asian faces on the attendance roster. However, with the surge of K-Pop and Asian-centered films such as “Parasite,” “Crazy Rich Asians,” “Shang-Chi and the Legend of the Ten Rings,” and most recently “Everything Everywhere All At Once,” fans are starting to see more familiar faces at high-profile events.

Spectators of the Gala were buzzing at the appearances of Asian and Asian American celebrities such as Grammy award winner Olivia Rodrigo, Youtuber-turned-hit-musician Conan Gray, “The Venom” star Riz Ahmed, “Crazy Rich Asian” actress Gemma Chan, Chinese-American Olympian Eileen Gu and many more.

Actress and model Hoyeon Jung from “Squid Game” graced the red carpet wearing a cutout Louis Vuitton mini-dress and natural makeup inspired by the oil paintings from the Gilded Age. Her prep team entirely consisted of Korean staff, and her makeup artist, Nina Park, even told Vogue, “We feel deeply connected and proud to not only support Hoyeon but also see how amazing it is for the world to take notice of and support a Korean actress and show. It feels like family and is so surreal.”

Another A-lister to attend was NCT’s Johnny Suh, donning a three-piece satin suit designed by Peter Do. The Chicago-born K-Pop star told Vogue, “Growing up as a teenager in the States, I’ve always seen all of the stars I loved attending.” Do, a Vietnamese-American designer, joined him on the red carpet. He expressed his attention to detail when it came to constructing the outfit and explained, “We took the traditional satin lapel of a tuxedo—which was popularized throughout America in the Gilded Age—and decided to render the whole suit in a sleek black silk crepe backed satin.”

Not only did this event open up doors for Asian and Asian American celebrities but it spotlighted the many amazing Asian staff and designers who took part in bringing all these looks together. Seeing how foreign immigrants played a big role in building the foundations of the U.S., the representation of Asian American and Pacific Islander groups in events emphasizing American culture proves to be important.

JULIE KIM

ASIA JOURNAL