YG PLUS launches Korea's first art label 'PEECES'.. “Utilizing K-pop business model”
Fusing the expertise of an entertainment IP specialist, PEECES is poised to become the first domestic art label, introducing a neo art business model. The name PEECES is a combination of "Art Piece" and "Peace," encapsulating YG Plus's vision to enable easy and comfortable enjoyment of art in daily life.
While the domestic art market turnover surpassed 1 trillion won in 2022, indicating rapid growth, the perceived entry barriers for the general public remain high. A YG Plus representative stated, "We will attempt to enter the artist management business in the domestic art market with a new perspective that transcends genres, utilizing the advanced K-pop business model" and added, "Just as K-pop has achieved global success, PEECES will play a pivotal role in popularizing K-art and opening the era of global art."
Jeong Seon-jeong leads PEECES at YG Plus
Jeong Seon-jeong, who leads PEECES at YG Plus, expressed in a recent interview held at the IFC YG Plus building in Yeouido, Seoul, that "YG's strength lies in having various intellectual property (IP) commercialization know-how and management techniques." She emphasized the goal of PEECES to break away from the traditional framework of the art world, aiming to create a structure where artists can expand their intellectual property through various channels and mutually benefit from YG's management expertise and content planning.
Starting with the aspiration to comfortably enjoy art in daily life, PEECES aims to move beyond the confines of the art world. Jeong, who accumulated experience in the art world through artwork auctions and sales at Seoul Auction, found the art industry's relatively slow response to change frustrating. After joining YG Plus last year and preparing projects, she realized that artists also face challenges. Artists aspire to expand their influence, diversify their activities, and reach a broader audience beyond social media. However, they encounter limitations in interacting with their fan base. Jeong stated, "Artists also feel the need for promotional activities and communication with fans, but there are many conservative aspects in domestic galleries," expressing regret that even artist introduction videos and interviews have limited room for change.
Continuing its efforts, PEECES has recently recruited sculptor Oh Jaehoon, known for breaking preconceptions about upcycling by creating popular lighting pieces from various materials. Oh Jaehoon, who has already collaborated with companies like IKEA, expressed anticipation for working not only with new brands but also with various other artists through YG Plus. In an interview, Oh Jaehoon mentioned, "I look forward to collaborating not only with new brands but also with various other artists."
PEECES aims to establish its presence in the art world through various activities such as collaborative projects and exhibitions among artists, in addition to brand collaborations and merchandise ventures.
The inaugural exhibition of PEECES, titled 'House of Taste,' also emphasized collaboration among artists. In the long term, PEECES plans to explore collaborations with YG artists such as rapper, lyricist, and art enthusiast Song Minho.
However, not all artists were favorable towards commercialization or brand collaborations. Among young artists, there were many who rejected brand collaborations.
PEECES had two criteria for selecting exclusive artists. First, the artist should be recognized for their skills in the active art scene. Second, they should have diverse fields for collaboration and be open to collaborations. The first artist recruited under these criteria is Baek Hana, who showcases a unique and unconventional style through various works such as paintings and illustrations, gaining recognition in the art scene. According to industry insiders, Baek Hana's artwork prices significantly increased after signing an exclusive contract with YG Plus.
Jeong stated, "There is a weary feeling about collaborations that are considered meaningless enough for every brand to collaborate if a certain trend is popular. We will seek various synergies with the mindset that collaborations should be rare and different." Moreover, she highlighted the importance of distinctive collaborations and expressed the intention to explore diverse synergies.
Looking ahead, YG Plus plans to participate in art fairs such as KIAF and Art Busan, aiming to solidify its presence within 2 to 3 years.
