Co-CEO Of SM Entertainment Talks About The Agency’s Plans For 2019 And 2020

Earlier this summer season, one in all SM Entertainment’s main shareholders, KB Asset Management, despatched a letter to the leisure company asking for some adjustments to their shareholder go back insurance policies and industry fashions.

SM Entertainment spoke back through rejecting one of the most requests and placing others into account. Since then, different shareholders like Korea Investment Management Co Ltd and Mirae Asset Global Investments Co Ltd have joined KB Asset Management to place power on SM Entertainment.

SM Entertainment’s co-CEO, Kim Young Min, not too long ago gave an interview with The Korea Economic Daily about SM Entertainment’s dispute with its shareholders, in addition to the company’s plans for 2020 and the remainder of 2019.

Kim Young Min reaffirmed SM’s choice to not merge with Lee Soo Man’s non-public corporate, Like Planning, and mentioned that although it appeared like SM was once paying Like Planning some huge cash, it was once best 5 to 8 p.c of SM’s manufacturing prices. He additionally said that SM Entertainment has been ready to reach excellent effects globally because of its contract with Like Planning.

“Producing isn’t limited only to music,” Kim Young Min mentioned. “Lee [Soo Man] is a pioneer who realized his vision of an entertainment agency that stands at the center of the current idol industry. He chooses the songs, hunts for new talent, and participates in areas like choreography, styling, and even how idols greet fans on stage.”

Kim Young Min was once additionally requested about affiliated companies that have been working at a loss, together with a cafe, lodge, and vineyard. He responded, “The culture industry, the food and beverage industry, the travel industry, and the tourism industry work together in synergy. That being said, we cannot keep accumulating losses in business. We’ve come up with an improvement plan to revive the restaurant franchise and we are integrating the various lifestyle businesses that we’re affiliated with into one company. We are taking specific steps to prevent more losses. If we cannot achieve our goals by the end of next year at the latest, and it’s determined that revival is not possible, then we will do what we need to do.”

The reporter for The Korea Economic Daily famous that SM’s effects for the second one quarter had now not been excellent and requested in regards to the company’s plans for the tip of this 12 months and subsequent 12 months.

Kim Young Min responded, “Our company’s projects are mostly centered around the second half of this year. In the first half of this year, we sold about 1.27 million albums, but we surpassed that figure in July and August alone. When EXO, NCT, and Red Velvet release studio albums in the second half of this year, there will be no problems seeing an increase in annual album sales. We also plan to release a new boy group and a new girl group next year.”

Kim Young Min additionally in brief discussed political tensions between Japan and Korea and mentioned, “Our sales in Japan are about 15-20 percent of our total. Most of that is from concerts, and we do not plan to change any of our concert plans that we already have made for this year. No one has talked about canceling them yet. But if relations between Japan and Korea keep getting worse, then it is possible that we will be negatively affected.”

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