SEOUL, Jan. 18 (Korea Bizwire) — YG Entertainment signed a MoU with the Gyeonggi-do to develop a 100 billion won (US$ 92 million) K-pop culture and business cluster at a 49,600㎡ site in Sangok-Dong, Uijeongbu by December 2018. YG Entertainment co-CEO Yang Min-suk signed the MoU at a ceremony held on January 16.
According to YG Entertainment, the global K-pop cluster will be composed of large concert halls, small to medium multiplexes, exhibitions on East Asian music, music studios, music institutions, shops and tour districts.
Yang said that YG Entertainment is committed to the K-pop project, and that it would invest its best in developing the cluster into a success. He also said that the cluster will be a new ecosystem for the Korean music business, supporting musicians’ creative activities and providing business opportunities, and it will be at the heart of the city of Uijeongbu.
He promised to make the project ‘a hub of the music business,’ committing to developing the community’s economy and creating jobs.
Nam Kyung-pil, Governor of Gyeonggi-do, said that the content business is the new driving force in the Korean economy, and he hopes that the K-pop cluster would grow into one of the most important entertainment complexes in the world.
By Celena Jang (email@example.com)