South Korean K-Pop company SM Entertainment is expanding its presence in Southeast Asia, planning to set up its headquarters in Singapore, where it is also looking to launch a retail business.
The plan has been confirmed by the entertainment company CNBC December 1st.
SM Entertainment founder Lee Soo Man CNBC conversation Last month, there were plans to see the creation of a new K-Pop group called NCT Singapore, but it’s unclear if that could come to fruition.
Lee, who is about to get his hands on a feature-length documentary about his life, told the press in November that he had developed a “culture technology” (or CT) where potential singers and dancers go through four He said SM Entertainment recruits and produces talent through the system. Stages: casting, training, marketing/management, and production.
“SMS [production method] Become a model to produce K-POP, SM’s CT [the] world CT.The future of culture technology is a fundamental vision [of] SM entertainment. And now, we are building a new cultural ecosystem by evolving CT from a technology for creating culture to a technology for creating a cultural ecosystem.”
Lee is best known for bringing K-Pop to the world stage. His SM Entertainment, which he founded in 1995, is behind the biggest K-Pop artists like SUPER JUNIOR, Girls’ Generation, SHINee, EXO, Red Velvet, KANGTA, BoA, TVXQ!, NCT, aespa, etc. I’m in
SM Entertainment has not disclosed any plans to invest in its Singapore headquarters. CNBC The office also “manages joint ventures in Indonesia, Vietnam and Thailand, [its South Korea office] For other related ventures and projects.
The company is also “in the process of hiring more local talent, which is expected to increase the number of full-time staff.” It is also “considering recruiting local undergraduates or recent graduates for internships.”
At its Singapore headquarters, SM Entertainment will launch retail operations including cafes, merchandise stores and pop-up exhibitions. CNBC report.
That’s because the company continues to capitalize on potential revenue streams. The company’s third-quarter revenue reached KRW 238.1 billion ($183 million), up 65.4% year-on-year, and net profit reached KRW 29.2 billion.
SM Entertainment already has a strong presence in Southeast Asia. In Indonesia, the company’s branches have earned brand endorsements such as Choi Siwon’s Mie Sedaap and Sasa from his K-pop boy band Super Junior, and NCT Dream’s Somethinginc and Lemonilo. CNBC.
Lee further said CNBC That SM Entertainment is planning to create new groups or sub-units such as NCT Tokyo and NCT Saudi.
In August, the company signed a memorandum of understanding (MOU) with the Saudi Arabian Ministry of Investment (MISA), announcing its expansion in the Middle East.
The plan includes promoting S-Pop (Saudi pop) by discovering and producing local artists and launching a “metaverse platform for sharing Korean and Saudi culture”.
News of the launch of the Singapore headquarters comes amid reports of tensions between the company’s shareholders and Lee. The founder may relinquish his role as chief producer at the end of the year after SM Entertainment cut ties with the private company he wholly owns.
Lee remains the sole largest shareholder of SM Entertainment.
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