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South Korea-based K-Pop company SM Entertainment is expanding in Saudi Arabia.
The company’s chief producer, Soo-Man Lee, signed a Memorandum of Understanding (MOU) with the Saudi Arabian Ministry of Investment (MISA) to enter the local market and facilitate joint projects.
The MoU signing ceremony was held on Friday (August 19) at the headquarters of SM Entertainment in Seoul, South Korea.
Lee was also joined by SM Chief Executive Officer Sung-Su Lee, SM SEA and MENA Branch Head Kyung Jin Han and Saudi Arabia Investment Ministry HE Deputy Fahad Al-Naeem.
Through this commercial agreement, SM said it will actively promote S-Pop (Saudi pop music) through the discovery and production of local artists.
The company also plans to build “a Metaverse platform to share Korean and Saudi cultures.”
SM also plans to open a music venue on the Red Sea coast, saying it will be “able to host music festivals all year round”. The company also plans to create various content and products.
In an announcement about SM’s plans in Saudi Arabia, the company said it met with Saudi investment officials who visited SM’s Seoul office on June 30 to present “the vision and direction for the development of Saudi Arabia’s cultural industries, and to discuss how to achieve it. To collaborate with SM’s efforts in the region, sign a memorandum of understanding.”
In early 2022, SM said that Lee Kuan Yew visited Riyadh, Saudi Arabia to meet local cultural officials, and in June, Saudi Culture Minister Badr bin Abdullah bin Farhan Al Saud visited the SM office to “deeply discuss the cultural industry on development cooperation”.
“I am delighted to sign a commercial agreement with the Saudi Arabian Ministry of Investment.”
Lee Soo Man
“I am delighted to sign a commercial agreement with the Saudi Arabian Ministry of Investment,” said Li.
“I hope this agreement will bring fruitful results for myself, SM and Saudi Arabia. Through the CT (Culture Technology) system I established, I plan to tap local talents to make S-Pop and build a place that young people in Saudi Arabia can enjoy music ecosystem.
“We hope it will contribute to the development of Saudi Arabia’s future cultural industry.”
“We are very much looking forward to working with chief producer Soo-Man Lee and SM Entertainment, and we will actively cooperate.”
Fahd Naim
Fahad Al-Naeem said, “We are very much looking forward to working with chief producer Soo-Man Lee and SM Entertainment, and we will actively cooperate.”
Last month, Los Angeles-based virtual reality concert platform AmazeVR Sign a joint venture agreement With SM Entertainment and Studio KWANGYA, SM Entertainment’s New Metaverse Content Production Company Create immersive VR concerts for virtual worlds.
In June, aespa and SM Entertainment signed a global agreement and Warner Records.
Global Music Business
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