K-pop mogul J.Y. Park appointed to minister-level cultural role; JYP shares surge

Park Jin-young, or J.Y. Park, performs on a K-pop stage

South Korea has elevated one of its most recognizable music figures, Park Jin-young, or J.Y. Park, to a minister-level government position – proof to the growing strategic weight of K-pop in the country’s global diplomacy.

The Office of the President said on Tuesday that it created a new Presidential Commission on Popular Culture Exchange, appointing Park, 53, as co-chair alongside Culture Minister Choi Hwi-young.

The role carries the same rank as a cabinet minister.

Park Jin-young, or J.Y. Park, who founded JYP Entertainment, the label behind god, Rain, Wonder Girls, 2PM, Twice, Itzy, Nmixx and Stray Kids, has been appointed to Korea’s minister-level cultural role

Explaining the decision, Kang Hoon-sik, chief of staff at the presidential office, described Park as “a symbol of K-pop’s globalization” who pioneered efforts to bring Korean pop music to the US.

“This appointment is also a response to growing global curiosity about how the Korean government is supporting K-pop, particularly with projects such as KPop Demon Hunters gaining popularity,” Kang said.

Park, who debuted as a singer in 1994 with hits such as Honey and She Was Pretty, went on to found JYP Entertainment Corp. in 1997.

JYP Entertainment, the Korean record label giant founded by J.Y. Park

FATHER OF GOD, RAIN, WONDER GIRLS, 2PM, TWICE, ITZY, NMIXX, STRAY KIDS

Over nearly three decades, he has produced and nurtured groups, including god, Rain, Wonder Girls, 2PM, Twice, Itzy, Nmixx and Stray Kids, making him one of the most influential figures in the Korean music industry.

In a social media post following the announcement, Park admitted to hesitations about taking on a government role.

“The thought of being involved in government work was a heavy burden,” he wrote. “But K-pop is facing a very special moment right now, and I felt it was essential to seize it. My dream remains for K-pop to be loved around the world.”

Twice (Courtesy of JYP)

He added that he will focus on shaping institutional support that could help the industry grow further.

INVESTORS WELCOME THE MOVE

Investors welcomed the move.

Shares in JYP Entertainment, where Park remains chief creative officer and the largest shareholder, jumped 5.95% in after-hours trading on alternative stock exchange Nextrade to 80,100 won in late Tuesday trade, reversing earlier losses in the regular session.

Stray Kids, a boy band of JYP Entertainment, debuted in 2018

Market watchers said expectations of policy support for cultural exports, a flagship pledge of President Lee Jae Myung’s “five cultural powerhouses” agenda, buoyed sentiment.

Government officials said the new commission is intended to coordinate cultural diplomacy and support the global expansion of Korean popular culture, reflecting Seoul’s effort to leverage its entertainment sector as a pillar of soft power.

By In-Soo Nam

isnam@hankyung.com

Jennifer Nicholson-Breen edited this article.

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