JYP Entertainment’s Strategy for High Contract Renewal Success: Patience and Trust
JYP Entertainment has garnered attention for its effective strategy in securing high rates of contract renewals with its artists. A recent discussion on an online community board highlighted how the company, under the leadership of Park Jin Young, approaches contract negotiations with a focus on patience and trust.
Suzy’s Contract Renewal
In 2017, Suzy, a former member of miss A who debuted in 2010, faced her contract renewal with JYP Entertainment. During this period, Park Jin Young chose not to pressure her with frequent communications, understanding the stress such interactions could cause.
“During that time, Park Jin Young purposefully did not contact her much, knowing how much pressure it would be if the CEO kept contacting her during contract renewal season. He respected her and gave her the time she needed,” stated the original poster on the community board.
After a significant waiting period of four months, Suzy decided to renew her contract. Park Jin Young expressed his nervousness regarding potential conditions she might request, but Suzy kept her demands minimal.
When asked about her choice, Suzy shared her thought process: “Do I work with the people I’ve always worked with and continue going forward, or challenge myself with new people and a new environment?” She ultimately chose to stay with JYP Entertainment, the company that had launched her career.
Trust and Gratitude
This approach of patience and respect has been a recurring theme at JYP Entertainment. Even after Suzy‘s contract concluded in 2019, the company’s statement was filled with gratitude and support for her, reflecting the mutual respect central to their relationship.
The success in contract renewals extended to other artists like TWICE and Stray Kids, who have also renewed their contracts with JYP Entertainment, further proving the effectiveness of this strategy.
JYP’s Philosophy in Action
The philosophy of giving artists space and time to decide their future while maintaining a supportive, trusting relationship has proven successful for JYP Entertainment. This method not only fosters loyalty but also demonstrates a commitment to the well-being and autonomy of their artists.
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