South Korean top actors turn to launch independent agencies

The file photos show South Korean top actors Jung Woo-sung (L) and Lee Jung-jae. (Yonhap)

SEOUL (Yonhap) — South Korean top actors are rushing to set up their own agencies to secure more income and flexibility in schedule. The move is especially popular among certain “hallyu” stars, or South Korean celebrities followed globally, with skyrocketing annual income.

Among the latest development of such trend are hallyu star actors Lee Min-ho, Jung Woo-sung and Lee Jung-jae, who left their former agencies to launch their own in May.

The undated file photo shows Actor Lee Min-ho. (Yonhap)

On May 4, Lee Min-ho moved from Starhaus Entertainment to a new management firm MYM Entertainment. The new company is co-managed by the actor’s sister and Starhaus chief executive Jang Young-hoon, but his sister will be fully in charge of the 28-year-old Asian star’s income.

At MYM, Lee Min-ho gets to pick his own schedule as well, meaning that he is no longer obliged to attend ceremonies and events against his will or be accompanied by actors of low popularity in public as a “package deal.”

“The move is aimed at providing a better environment for Lee Min-ho,” an official of Starhaus said.

Two weeks later on May 19, Jung Woo-sung and Lee Jung-jae, having been friends and colleagues for more than 20 years, co-founded Artist Company.

“After lengthy discussions and deliberation, Lee Jung-jae and Jung Woo-sung joined hands to create a reasonable and systematic management company,” Artist Company stated at the time of launch.

Actors Jung Woo-sung (far L) and Lee Jung-jae (far R) appear on the ad poster of menswear Lotoco Intimo that they co-founded in 2007. (Yonhap)

The two top actors’ startup plans to hire experienced actors and rookies after the company gets on track.

Market observers expect that the new company is in good hands, since its co-founders have tried business partnerships in the past. Having co-starred in film “City Of The Rising Sun” (1998), they engaged themselves in fashion apparel businesses, such as menswear brand D’Urban and underwear brand Lotoco Intimo in 2007.

Earlier in February, another top hallyu actor, Hyun Bin, launched his own agency, VAST. In April, actor Lee Jung-jin and television persona and comedian Kim Je-dong separately launched their own agencies.

Upon setting up a company of his own, Kim said, “I decided to start an independent company, with the increasing load of personal engagements, such as operating the foundation.”

The file photo shows South Korean actor Hyun Bin. (Yonhap)

Experts say that starting an independent company is a worthwhile shot for top stars of large earnings.

A company with many talents cannot spare undivided attention to one super star. Herein lies the problem, because independent agencies with exclusive management work better for a leading actor who earns the majority of the agency’s income.

Since the actors themselves have to concentrate on their career, they prefer to have their family members manage their income. Additionally, this will save the actors on commissions, deducted from the star’s entire income and paid to the agency.

Some of the top-earners of the Korean entertainment industry are Kim Tae-hee, Jang Keun-suk, Rain, Hyun Bin, Seven and Ko Hyun-jung.

Some of the top actors let go of their acting careers and fully committed themselves to management, exemplified by Keyeast chief Bae Yong-joon, a hallyu star best known for the hit television series “Winter Sonata.” Other star-turned-businessmen include YG Entertainment chief Yang Hyun-suk, the former member of rock band Seo Taejin and Boys, and TNNation Entertainment chief Tony Ahn, the former member of idol group H.O.T.

South Korean celebrity couple Rain (L) and Kim Tae-hee pose in a social commerce company ad. (Yonhap)

Vulnerabilities also abound in setting up an independent agency.

Like other small-sized talent agencies, one-star agencies may lack experience and know-how in business management, since acting and business are two separate worlds.

Startup agencies may struggle in making subtle business decisions.

Among the hurdles for self-managed star agencies are larger-than-expected maintenance expenses, which rendered many stars to shut down their businesses, according to experts.

One Comment

1. Mazlum Kortas

   April 16, 2017 at 4:51 AM

   I’ve worked with Hollywood stars and I’m a professional stuntman in korea doing teaching

   I’ve got good references contact me on email we can arrange interview weekend

   Reply