22.3 C
Sunday, December 3, 2023

SM Entertainment Outlines “SM 3.0” Global Expansion Strategy, Including Targeted Annual Sales of Approximately $1.4 Billion by 2025


Outlined in the latest series of strategic reports SM Entertainmentcompany growth plan,’SM 3.0‘, Co-CEO yes jun Announcing ambitious goals for the institution “To be the undisputed #1 K-Pop agency in the industry.”

first, ‘SM 3.0: Global Expansion and Investment Strategy‘disclose,

“By 2025, our annual sales target will reach 1.8 trillion won (approximately US$1.4 billion), and our annual operating profit target will reach 500 billion won (approximately US$384.7 million). Due to power-based internal management Structural issues, SM Entertainment’s competitive value in the market has been underestimated so far. However, if we can achieve the “SM 3.0” plan by 2025, we believe such numbers will be very easy to achieve.

Next, SM Entertainment Director Park Joon Young conveyed the company’s intention to expand its business to the global market in three stages.

“Phase 1 includes global promotion and expansion centered on domestic creative production. Phase 2 will include transferring operations including management and distribution overseas, with creative production and IP development still centered in Korea. Phase 3 It will be about building everything from creative production, A&R, management and distribution in overseas target markets.”

Regarding the global expansion strategy associated with each region, Park Joon Young explained,

“Soon in 2023, SM Entertainment will establish a corporate body in Japan with its own global operation base, including casting, training, A&B, etc. Then, starting with the debut of NCT Tokyo in the second half of 2023, the second The second phase of the global expansion project will go into establishing a global creative production and distribution agency in Japan.

In order to enter the US music market in the most effective way, SM Entertainment will seek initiatives such as strategic cooperation and large-scale investment. The strategic partnership will also introduce a global distribution center in the US, as well as the potential option to acquire an existing management facility in the country.In addition to promoting domestic artists in the US market, we plan to launch a new artist who will be cast and trained in the US in the second half of 2024

In Southeast Asia, we plan to expand the performances and events of existing artists. After that, we will gradually plan to recruit trainees with a Southeast Asian background to generate new groups for this market. “

Finally, in this strategic plan, SM Entertainment’s first virtual artist mole conveyed her greetings to the public. You can watch the full strategic plan video above.


Source link

Related Articles

Witness: Indian Actors Randeep Hooda and Lin Laishram Embrace Matrimony in a Meitei Ceremony

Randeep Hooda Indian actors Randeep Hooda and Lin Laishram recently celebrated their union in a traditional Meitei wedding ceremony held at the Chumthang Shannapung...

KathNiel Breakup Confirmed: Filipino Stars Kathryn Bernardo and Daniel Padilla Announce Split

 KathNiel After weeks of speculation, actress Kathryn Bernardo officially confirmed the breakup with her longtime boyfriend and onscreen partner, Daniel Padilla, on Thursday. In...

“Immersive Gaming Experience: Unveiling a Video Game That Educates on World War I History”

In the realm of video games, World War I takes a back seat to its successor, World War II. However, game developers like Ashborne...

“UAE National Day Weekend Celebrations: Fireworks and Complimentary Desserts Await”

Fireworks OliOli, the experiential play museum, is undergoing a redesign, introducing over 45 interactive galleries for family-friendly events. Explore "Magical Winterland," the UAE's largest...

“Exploring the World of Competitive Eating: Lesser-Known Insights from a Top Competitor, from ‘Stretch Meals’ to Rapid Consumption”

Mr Brisket in Palm Jumeirah’s Golden Mile 4 witnesses the arrival of James Webb, the fifth-ranked competitive eater globally and a physical powerhouse, preparing...

Latest Articles