YN C&S's I-DMC Project Advances in midst of CJ Live City Project Cancellation
YN C&S is YGE's real estate venture for content creation spaces.
At the 2024 Northern Gyeonggi Future Vision Forum in Uijeongbu, YN Culture&Space (YN C&S) CEO Yoo Hae-min discussed the Immersive Digital Media Center (I-DMC) project, which aims to establish Uijeongbu district as a key hub for K-content production.
YN C&S is formed by YG Entertainment, Naver, Nexon, Wizzworks, and NP. CEO Yoo Hae-min remarked, “Following the end of the COVID-19 pandemic, the K-content market has faced a unique crisis. With increased reliance on OTT platforms, production costs have risen, and to mitigate risks, the diversity of creative content has diminished.”
He emphasized, “At I-DMC, anyone can create their own content, and if diverse creations are achieved, it will be Korean talents, not just concentrated global capital, who benefit.”
The project will bring YN C&S’s headquarters, key personnel from shareholder companies, and various industry professionals to Uijeongbu, boosting the local economy and positioning the city as a digital media hub. The forum, attended by over 200 business leaders and citizens, demonstrated strong community support for the initiative.
This forum is held in the wake of the recent cancellation of CJ ENM ‘s CJ Live City, a project to create a massive K-content complex in Goyang. It was scrapped after eight years of planning. .”
Uijeongbu Mayor Kim Dong-geun emphasized the city’s commitment to leading the K-content industry, highlighting the I-DMC’s crucial role in enhancing South Korea’s global digital media presence. The I-DMC is expected to significantly impact both the local economy and the broader K-content sector.
