KB renews endorsement contracts with Seunggi & Kim Yuna for 2013 – Most banks “change all endorsement models”

Entertainment News [October 29, 2012] Kim Yuna and Lee Seunggi’s heartwarming encounter gained a lot of attention. The two recently filmed a CF together for which they both have been participating in as endorsement models. After having filmed separately, they appeared a bit awkward when coming together and seems like they couldn’t even make eye contact! After breaking out into laughter a few times, they were able to wrap things up with a hi-five. Often referred to as Nation’s siblings, seeing the two of them together is great and heartwarming.

English: LSGfan, video: vakaala

Most banks “change all endorsement models”
English: LSGfan via Hankook Ilbo

[October 25, 2012] Many banks that employed top endorsement models are one by one changing their models or halting use altogether.  Despite using top models, many banks haven’t reaped significant commercial effects or benefits and with the current state of the economy, many companies are trying to reduce costs where they can.

Woori Bank did not renew actor Jang Dong Gun’s endorsement contract when it expired at the end of July.  Mr. Jang was active as an Woori Bank endorsement model since 2010 and earned $688,000 (USD) per year.  According to a bank representative, as a cost-cutting measure, they decided to stop commercials for the time-being.

WaeHwan Bank also plans to let endorsement contracts with both actress Ha Ji Won and premiere league soccer player Ki Sung Yong expire in November of this year and January of next year respectively.  WaeHwan Bank is considering using a regular model in place of Mr. Ki since it is hard to set up times to film commercials and the like as Mr. Ki is abroad most of the time playing soccer.  They also felt burdened about using two top models when the economy isn’t that great.

ShinHan Bank is considering whether they should renew their contract with music director Park Colleen in November or not.  After gaining a lot of popularity upon appearing on a variety show, ShinHan Bank chose Ms. Park as their endorsement model in November 2010.  However, it is true that Ms. Park is not as popular as she was before.  Furthermore, recent unfavorable attention from news associated with her family makes the decision to offer a renewal more complicated.

On the other hand, there are banks who plan to stick with their endorsement models.  KB Financial Group has employed actor Lee Seung Gi and athlete Kim Yuna since 2008.  Both Mr. Lee and Ms. Kim renewed their endorsement contracts for 6 months at the beginning of this month, and thus, KB does not have immediate plans to change their main models.

Also, IBK Bank has reaped top effects in using TV personality MC Song Hae as their endorsement model and they are in talks to renew his contract at the end of the year.

I’m really impressed that KB Bank is keeping both Seunggi and Yuna on.  I think the above article is incorrect…  Yuna has been a KB model since 2008 and Seunggi came on in November 2009.  I still remember that first KB CF he did with his video camera at the fish market!  Loved it!

With the winter olympics coming up, I can see KB sticking with world champion and gold medalist skater Yuna.  But with all the other banks making cuts in this slow economy, not sure if we’ll get to see Seunggi with KB after April of next year.  Huhuhu.  Hope the economy picks up again soon!  Then we don’t have to worry about that.

Of all the banks, IBK followed by KB, experienced top favorable commercial effect.

Endorsement models don’t always come cheap, so I get the cost-cutting…

Rate (1 year, USD) — CF model — Bank

$642,000 — Lee Seunggi — KB
$917,000 — Kim Yuna — KB
$367,000 — Seol KyungGu — NongHyup
$367,000 — Song KangHo — Nong Hyup
$367,000 — Choi MinShik — Nong Hyup
$138,000 — Park Colleen — ShinHan
$367,000 — Ki Sungyong — WaeHwan
$459,000 — Ha Jiwon — WaeHwan
$688,000 — Jang Donggun — Woori
$275,000 — Park Shihoo — WooChae
$275,000 — Song Hae — IBK

English: LSGfan via MoneyWeek

Seunggi’s rate is pretty impressively high!  But he definitely works hard for KB!  Always doing lots of KB-related public service and community events work.

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2 Responses

  1. I hope you and your family are doing well and are safe! Thanks for all you do!

  2. this is what I mean with selling image..
    Seung Gi has passed the phase when he sold his popularity, what he sell now is his image as a clean and trusted person, thus, by this his image fit a bank Image very well.

    He maybe not starring many CF, but his own price skyrocketed, and I love that fact, less work, gained more, he deserved this :)

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