Park Jin-young says four agencies chose to forgo higher profits to drive cross-industry growth
Park Jin-young, JYP Entertainment’s founder and co-chair of the Presidential Committee on Popular Culture Exchange, rejected allegations of preferential treatment involving his agency in preparations for a global K-culture festival during a parliamentary audit held at the National Assembly in Seoul, Wednesday.
The high-stakes hearing focused on “Fanomenon,” a multi-day K-pop festival and awards initiative scheduled for December next year. His agency, together with three other entertainment agencies, has been spearheading the project since early this year. The event is anticipated to draw more than 500,000 visitors, with an estimated economic impact approaching 1 trillion won ($735.8 million).
However, critics argue the project only serves the interest of the entertainment companies.
“The four agencies can do much more business doing other things instead of organizing ‘Fanomenon,” Park said during the hearing.
“All the companies had to sacrifice so much for this. It was really tough to pull off. But everyone made a bold decision to commit because they saw the long-term vision — the ripple effect this will have on Korea and how it will spill over into other industries,” he said. “So calling this a ‘special privilege’ or ‘preferential treatment’ just doesn’t sit right.”
Rep. Bae Hyun-jin of the conservative People Power Party was particularly critical of the four agencies establishing a joint venture to run the state-backed project without a standard public bidding process.
Scrutiny also centered on revelations that JYP Entertainment had preemptively applied for overseas trademark rights to “Fanomenon” in markets including the U.S., Japan and Mexico.
While acknowledging procedural flaws, Park defended the intent behind the filings.
“Because JYP already had a dedicated team in place, taking steps like filing in advance before transferring the rights to the government or a dedicated entity is certainly not entirely normal,” Park said. “However, it stemmed from a desire to do things well and a concern that someone else might preemptively claim the trademark.”
He added that JYP intended to transfer the trademark rights once the official event entity was fully established.
When questioned why the government was involved in an enterprise that private companies could execute for profit, Park reiterated that the scope extends beyond music: “If you strictly consider the four biggest agencies, it would be better for us not to do this. We are taking this on to drive cross-industry growth into areas like gaming and fashion.”
Park also rejected the idea of political motives behind his public involvement.
“Even if the president — or someone higher than the president — asked me, I wouldn’t do it unless it were for the good of our country,” Park told lawmakers. “I am not the type of person who gets intimidated or takes orders from anyone. If this project succeeds, it benefits Korea, and our nation’s sons and daughters will reap the rewards. I am not doing this for the president or the ruling party. I don’t even know when the next general election is. Please, trust me.”
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