SEOUL, South Korea (FNN NEWS) – South Korea’s top three entertainment companies, YG Entertainment, SM Entertainment, and JYP Entertainment are in for a rollercoaster ride this month thanks to challenges and scandals.
YG Entertainment’s scandal, which kick-started the bad publicity of South Korea’s entertainment market, includes former Big Bang member Seungri’s Burning Sun scandal in which he and other Korean idols and police officials were involved in a sex crime known as Molka, the online distribution of non-consented sex videos taken of women.
Sex service suspensions are raised again as police receive testimony from a person involved in the case who stated that Yang Hyun Suk, founder and former CEO of YG Ent. directed her to mobilize ten prostitutes for an arranged trip to Europe and testified that Yang’s previous statements that he “didn’t know why she mobilized the women” are believed to be false. If the claim is proven to be correct it can cause another ruckus in the entertainment industry.
SM Entertainment faces turmoil from controversy over discredited capital outflow and lack of trust from their shareholders as their main boy group, EXO, prepares for military enlistment, while their rookie group NCT has yet to expand its profile sufficiently.
JYP Entertainment forecasts signs of instability as they suffer from rumors involving GOT7’s Mark in a hidden camera scandal. Girl group members Mina and Dahyun of TWICE are missing scheduled activities and events due to fatigue and other health problems.
Reportedly all three companies’ shares have fallen tremendously. According to AllKpop.com, YG’s shares continue to plummet and have lost market shares of over 500 billion won, SM’s shares that once stood at 47,000 won have slumped to 38,500 won, and JYP shares fell more than 30% from 32,500 won in April.
As of now, there seems to be no predicted solution to this growing crisis in South Korea’s Entertainment industry, as it is a stake of more damage causing concern for many fans and officials.
Xarria Rhodel is a Florida National News contributor. | firstname.lastname@example.org