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If CJ and SM, were to go into business together, it wouldn’t mark the first time that SM has worked with a titan of the film world.
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Quoting ‘investment banking insiders’, Korean news site AllKpop reports that it’s likely that either Kakao Entertainment or CJ Entertainment – the production company behind Korean blockbuster movie Parasite – will swoop for the stake in the music company.Ĭiting sources again, AllKpop reports further that CJ is Lee Soo Man’s preferred choice and is currently looking like the ‘strongest buyer candidate’. Sung Su Lee’s latest speech arrived several weeks after it was reported that 20% of SM Entertainment is up for sale, including over 18% of the shares owned by founder and executive producer Lee Soo Man. “It’s our goal for ‘KWANGYA,’ an infinite virtual universe, to expand as the concept of space that refers to our new location and become the landmark of SMCU.” “K-Pop fans call our relocated SM Headquarters in Seongsu-Dong and the Seoul Forest area KWANGYA,” he explained. Sung Su Lee explained that “the main keyword” of the company’s universe is ‘KWANGYA’, which he says “holds a symbolic meaning as it encompasses both real and virtual worlds”. And in May this year, SM released Episode 1 of aespa’s big-budget cinematic comic-esque film, also called Black Mamba (see below). The group’s debut single Black Mamba, released in November 2020, surpassed 21 million views within its first 24 hours. The name “ aespa” is a combination of ‘ae’ (initials for ‘avatar’ and ‘experience’) and ‘aspect’, which, SM says, represents “the meeting of another self and experiencing a new world”. The company’s big expansion into the rising virtual artist space, and its introduction of SMCU concept, arrived in October last year with the launch of aespa – a ‘Metaverse Girl Group’ featuring four human members and four virtual counterparts.Īccording to Sung Su Lee, SMCU is a “massive virtual world that starts with aespa’s storytelling”. The origins of the SMCU, Sung Su Lee told the audience last week, are rooted in SM founder and Executive Producer Soo-Man Lee’s prediction of “the future becoming a world of robots and celebrities, as well as avatars”.Īs such, said Sung Su Lee, SM Entertainment has “been preparing for the future content era for decades”.
This is achieved specifically through the company’s ‘Pink Blood Project’, a fan engagement platform that supports what it calls ‘prosumers’ – SM fans who create their own content inspired by SM’s acts. He added in his speech last week that SMCU “will not only include our original content, but also recreated by the fans”. SMCU is essentially a character-led universe akin to cinematic universes like those created by comic giants Marvel or D.C.Įxplaining the concept around SMCU at the company’s ‘SM Congress 2021’ back in June, Sung Su Lee said that it “can be thought of as SM’s metaverse, inviting K-pop fans around the world to appreciate our music and stories via various platforms”.
The executive, who joined SM Entertainment in 2005 as part of the A&R team, argued in his speech that K-pop is “not just a genre of music, but a genre of content”.Īt the centre of SM’s content strategy is the SM Culture Universe (SMCU), which, Lee explained, is a “future entertainment universe that connects the world through culture without any boundaries between reality and virtual reality”.