1. What Is K-pop?

                                  

     Have you checked the Billboard Hot 100 recently? If you check the Billboard charts, you can easily find out that a strange Asian man is ranked #2 on the chart now.

This is the first time that I have seen an Asian man on the Billboard chart in my lifetime. His artist name is PSY. He is a South Korean singer-songwriter and producer. Most of the people in the U.S. probably know him as the guy who does the funny horse dance with his song ‘Gangnam style.’ However, we should understand why this Asian man is ranked #2 on one of the most famous and effective music charts in the world as entertainment industry professionals. 

                                         

    Have you heard of ‘K-pop’ or ‘Korean waves?’ K-pop is a music genre made up of all different types of popular music originating in South Korea. Many teenagers from not just Asia, but also other parts of the world, are listening to it and becoming fans of K-pop now. Since K-pop has became a popular culture and genre, many people have bought Korean products related to K-pop and watched Korean TV shows. As a result of this cultural phenomenon, the Korean entertainment industry has grown hugely and people have started to call this cultural phenomenon the Korean waves.
                                        

     

   There are three major Korean entertainment companies that are leading this phenomenon. YG entertainment, SM entertainment, and JYP entertainment are companies that are generating the Korean waves. Especially YG entertainmentCompany, which is the agency of PSY. 2nel and BigBang from the same company are focusing on taking their steps to the U.S. market now as well. Since 2011, 2ne1, who is an electronic and dance group, consists of 4 female members who have worked with famous rapper and producer Will.i.am to produce the album for their debut in the U.S. Also, BigBang who is a band consisting of 5 male members, and very popular in Asia and Europe, have a plan to debut in the U.S. with their huge success from other parts of the world.
 

   However, there are many things that the YG entertainment company should be concerned about when they try to enter the U.S. entertainment market. They need to understand the cultural differences and work with a good partner that has a lot of experience in the market. Most of the people in the U.S. have no experiences with Asian music and culture. YG will need to make sure their music is good enough to be accepted by the Americans without losing their identity that makes them unique. Another thing that the YG entertainment should consider is making a good partnership with major entertainment companies in the U.S. In order to succeed in a huge market like that of the U.S., they have to understand what strategies will be needed and will have to make a solid business plan to last into the future.
                                   

   Last month, PSY made a new contract with Island Record under Universal Music Group. Under the Island Recording label, there are huge stars such as Mariah Carey, Justin Bieber, Bon Jovi, and Jennifer Lopez. I think that having a good and strong business partner is a smart move for YG to enter the market. This will be a good opportunity for their future business. I hope PSY’s huge success will be a good opportunity for YG entertainment. Not only for other talented singers under the YG entertainment, but also for other good entertainment companies in Korea. I also hope that many entertainment business students in the U.S will take their steps to the other huge markets like Asia because I’m not talking about music that I love to listen to, I’m talking about smart business.