Park Ji-won is a writer for The Korea Times who has been covering a wide range of topics from Korea’s culture to its politics. An avid journalism enthusiast to the core, Ji-won brings a thoughtful and unique perspective to every topic she covers. On weekends, you'll often find her contemplating life’s purpose on a yoga mat — with a cup of quality tea in hand. A native Korean speaker by birth and fluent in English through her work, she went to college in Japan and is learning Chinese and French — hoping to add Polish, Russian and Thai to the mix.
Entertainment companies leaving expensive Gangnam District
Seen is Yongsan Trade Center, in Seoul, April 8, 2020, which will be used by Big Hit Entertainment from this year. Korea Times file
By Park Ji-won
By Park Ji-won
Gangnam District has long been home to large entertainment companies, such as SM Entertainment and Big Hit Entertainment. Many K-pop entertainment companies, some statistics say more than half, are known to have offices near the district's Apgujeong area. Back in the 1990s and 2000s, the area was considered a trendy part of Seoul, frequented by young people involved in the music industry.
Also, since the introduction of Mnet, a music cable channel, in 1995, many music-related companies such as recording studios gathered in the area and there were many high-end hair and makeup salons around which catered to young performers. By setting up offices in the area, entertainment companies could recruit idol trainees and create all their content nearby.
However, this long-held trend is coming to an end as those entertainment companies are moving their facilities to other areas of Seoul, looking for larger spaces for bigger projects amid the expansion of the K-pop industry into the global market in recent years. Also, staying in the area has become less beneficial as more major broadcasters and cable channels such as Mnet and CJ ENM have since moved to Sangam-dong, in northwestern Seoul. Along with the firms producing more in-house content and releasing it online, entertainment companies have become less bound by geography.
Big Hit Entertainment is planning to move to the Yongsan Trade Center, central Seoul, in the first half of the year. The management company of global K-pop sensation BTS has leased the entire building, which has 26 floors and seven basement levels, and was completed in December last year. The company earlier said that it decided to move its facilities as part of efforts to expand its business globally by securing more space following a drastic increase in its staff.
Founded in 1995, SM Entertainment, which manages multiple K-pop groups such as EXO, NCT, and Red Velvet, is also planning a move. The company will set up shop in Seongsu-dong, eastern Seoul, within this year, according to insiders. This is the first time for the company to move its headquarters. SM has several buildings in areas such as Apgujeong-dong, Samsung-dong, and Cheongdam-dong, all in Gangnam. An official said that the company is planning to reorganize the group's businesses and move some of them to the new Seongsu-dong building.
JYP Entertainment, which manages TWICE, ITZY and more, already left Gangnam in 2018, moving to a renovated 10-story building in Seongnae-dong, eastern Seoul, which has all-in-one production facilities including dance and vocal studios and recording rooms.
YG Entertainment, founded in Hapjeong-dong in Mapo District, western Seoul in 1998, has never left the area since its establishment and appears to have no relocation plans. The company responsible for BLACKPINK built a 9-story building next to its headquarters in September last year. The new building is 10 times larger than the original and has spaces designed to allow artists to practice and create music, in addition to a cafeteria and gyms. The company earlier said that it will try its best to contribute to raising awareness of K-pop in the global market by fostering new artists.