South Korean K-Pop company SM Entertainment is expanding its presence in Southeast Asia, with plans to set up its headquarters in Singapore in the region and plans to launch retail operations in the region.
The plan was confirmed by the entertainment company CNBC December 1st.
SM Entertainment founder Lee Soo Man told CNBC conversation Last month, the plan was to create a new K-Pop group called NCT Singapore, but it was unclear if it would happen.
Li, who is about to receive a certificate Feature Documentary About his life, he told news outlets in November that SM Entertainment is recruiting and developing talent through a “Cultural Technology” (or CT) system he developed, in which potential singers and dancers go through four stages: casting, training, Marketing/management and production.
“Short message [production method] Already a model for making K-Pop, SM’s CT will expand to become [the] World CT.The future of cultural technology is the basic vision [of] SM Entertainment. Now, I am building a new cultural ecosystem by developing CT from a cultural production technology to a cultural ecosystem production technology,” Lee Say In a talk at Stanford University in May.
Lee is often credited with bringing K-Pop to the world stage. SM Entertainment, which he founded in 1995, is behind some of the most well-known K-Pop artists such as SUPER JUNIOR, Girls’ Generation, SHINee, EXO, Red Velvet, KANGTA, BoA, TVXQ, NCT and aespa.
SM Entertainment did not say how much it plans to invest in its Singapore headquarters, but told CNBC The office will also “manage joint ventures in Indonesia, Vietnam and Thailand, and work with [its South Korea office] Other related businesses and programs. “
The company is also “in the process of recruiting more local talent, which is expected to increase the number of full-time employees”, and is also “considering the recruitment of local undergraduates or recent graduates for internships”.
The Singapore headquarters will also see SM Entertainment unveil its retail offerings, including cafes, merchandise stores and pop-up exhibitions, CNBC reports.
As the company continues to tap potential revenue streams.The company’s third-quarter revenue surge It rose 65.4% year-on-year to 238.1 billion won ($183 million), with net profit reaching 29.2 billion won.
SM Entertainment already operates in Southeast Asia. In Indonesia, the company’s affiliates have won brand endorsements such as Mie Sedaap and Sasa for Choi Siwon of K-pop boy group Super Junior, and Somethinc and Lemonilo for NCT Dream. CNBC.
Lee further told CNBC SM Entertainment plans to create new groups or subunits such as NCT Tokyo and NCT Saudi.
In August, the company announced, expand In the Middle East, a Memorandum of Understanding (MOU) was signed with the Ministry of Investment of Saudi Arabia (MISA).
The plan includes promoting S-Pop (Saudi pop music) by discovering and producing local artists, and launching “a metaverse platform for sharing Korean and Saudi cultures.”
News of the opening of the Singapore headquarters comes amid reports of tension between the company’s shareholders and Lee.Founder can relinquish his role as lead producer end of the yearr After SM Entertainment severed ties with a private company he wholly owned.
Lee remains SM Entertainment’s largest single shareholder.
Global Music Business