“Keyeast and JYP Entertainment enter into agreement to jointly produce television series in 2009”

“Keyeast and JYP Entertainment enter into agreement to jointly produce television series in 2009”

- First domestic television series about a performing arts school
- From large-scale auditions to producing, direct participation by Bae Yong Joon and Park Jin Young
- Discovery of new stars plus a new source of revenue. New business model that utilizes the strengths of both parties

In 2009, Bae Yong Joon and Park Jin Young will produce the first Korean drama based on a performing arts school.

The Asian cultural content company Keyeast (www.keyeast.co.kr) officially announced on January 6, 2009 that it has entered into an agreement to produce the television series with the music production and management company JYP Entertainment (www.jype.com).

The television series, which has tentatively been given the title “Dream High,” will show the growth of the school’s students as they share diverse experiences and overcome difficulties and conflicts. This project has attracted much attention in the entertainment world. Viewers are expected to see an entertaining program of singing and dance performances. In addition, people are excited about the prospect of being able to see what actually happens in the Korean entertainment industry.

The largest shareholders of Keyeast and JYP Entertainment, Bae Yong Joon and Park Jin Young respectively, have shown much interest in the project and they will directly participate in the production process. There is much anticipation as to the synergy effects resulting from the combination of two of the most influential stars in and out of Korea.

Bae Yong Joon will participate in the planning, scripting, and producing of the television series, while Park Jin Young will participate in the planning process plus the writing, composing, arranging of music and the vocal and dance training of the young stars. In addition, the parties are in talks, which have been going well, about the possible appearance in the television series by both of them.

Keyeast and JYP Entertainment will establish a limited liability company this month in which both companies will contribute capital and through which the parties will proceed with all matters related to the television series, such as casting, auditions, and production.

There are many reasons behind the excitement for this project. First, Keyeast and JYP Entertainment plan to discover new entertainers, who excel at singing and acting, through large-scale auditions. In addition, the two companies will work together in producing derivative sources of income by means of exploiting other areas of business, including merchandising, music sales, the soundtrack, copyright licenses, and set construction.

A spokesperson for Keyeast stated that “both companies are excited about and have agreed to create content, which is based on the Korean format but which will be popular worldwide, through the combination of the network and know-how of both companies, which are leaders in the entertainer management business and which have experience entering into the US and Japanese markets.” The spokesperson then stated that “through thorough planning regarding the domestic and foreign markets based on the management experience of both companies, we will create content which will have appeal in all parts of the world.”

A spokesperson for JYP Entertainment said that “we are very happy to be able to enter into the video entertainment field, for which we have always had much interest, with a reputable partner, and as an indication of the high level of our interest in this project, Park Jin Young has said that he wants to be personally in charge of the production and directing with respect to the music and choreography of the television series.” The spokesperson then went on to say that “we will devote all of our energies to the television series, which will be one of our key projects in 2009.”

The industry is very excited and curious about how both companies will approach this television show model, which has been utilized in other foreign markets to produce new stars and chart-topping soundtracks.

Keyeast and JYP Entertainment are planning to broadcast “Dream High” in the first half of 2010.

[KEYEAST]