Top mobile operator funnels $4.5 million in P Nation
SK Telecom, Korea’s leading mobile telephony service provider, invested around $4.5 million in P Nation, an agency that was built by singer Park Jae-sang, better known as Psy.
The Seoul-based company said on April 8 that it acquired 11.1 percent of the agency, which Psy founded early this year after he left YG Entertainment at the end of his contract in 2018.
That means that Psy’s new company is valued at around $40 million.
An SK Telecom official said that the investment is related to the operator’s new venture in the fifth-generation mobile services, which started early this month here for the first time in the world.
“SK Telecom seems to decide to channel funds into P Nation as the carrier needs to secure quality digital contents in order to win out in the stiff competition in the 5G telecom services,” a Seoul analyst said.
Together with business bellwether SK Telecom, other two wireless operators of KT and LG Uplus also launched the 5G services last week.
The 5G services enable users to download an entire high-definition film in a fraction of a minute.
Psy is a singer, rapper and songwriter. He gained global spotlights in 2012 with his single “Gangnam Style.” Back then, his music video for “Gangnam Style” topped 1 billion views on YouTube for the first time in the website’s history.
Still, it is one of the most viewed videos on YouTube.
He announced the launch of P Nation via social media this January to attract a few famous entertainers including rapper Jessi and K-pop diva HyunA.
“I’ve established a company. A name of which is P NATION. I would like to share things that I’ve learned as a PD/manager/director of PSY for 19 years,” he said at the time.
“Allow me to make a playground for passionate players chasing their dreams with sweats!!^^”