SM Entertainment’s SMTown entertainment complex in Seoul, South Korea in 2015. SM Entertainment declined to say how much the company is investing in its expansion in Southeast Asia, but said they are “in the process of hiring more local talent, which we hope will increase the -temporary headcount.”
Song Joon Cho | Bloomberg | Getty Images
South Korean entertainment company SM Entertainment will set up a Southeast Asian headquarters in Singapore as part of its expansion plans in the region.
The company confirmed in an email to CNBC its hiring plans in Singapore.
In an interview with The CNBC Conversation last month, SM Entertainment founder Soo-Man Lee said the company recruits and graduates talent through its “Culture Technology” system, which takes potential singers and dancers through four stages: casting, training. . , marketing/management and production.
Lee added that he would be interested in forming K-pop group NCT Singapore if the opportunity presented itself, but it’s unclear if the plans are coming to fruition.
The Singapore headquarters will also “manage joint ventures in Indonesia, Vietnam and Thailand, and liaise with [its South Korea office] for other related businesses and plans.”
SM Entertainment declined to say how much the company is investing in its expansion in Singapore, but said they are “in the process of hiring local talent, which we hope will increase the workforce.” The company is also “considering hiring local students or young professionals for internships.”
In addition, the company plans to launch a retail business in Singapore, including cafes, merchandise stores and temporary exhibitions.
SM Entertainment told CNBC that it plans to gradually expand not only to other parts of Southeast Asia, but also to the wider continent, including the Middle East.
The company’s Indonesia branch has received brand endorsements such as Mie Sedaap and Sasa for Choi Siwon of the K-pop boy band Super Junior, as well as Somethinc and Lemonilo for NCT Dream.
As for the future plans of K-pop groups, Lee told CNBC that SuperM will be announcing their comeback in early 2023. He also plans to create new groups or divisions – NCT Saudi and NCT Tokyo.
Yonhap News Agency However, in October, it was reported that SM Entertainment was ending the contract of Soo-Man Lee and his music production company Like Planning. The production contract expires on December 31st. Soo-Man Lee remains the largest shareholder of the public company SM Entertainment.