SM Entertainment is one of the top enterprises at the forefront of the Hallyu Wave. With their reputation, the company won’t be satisfied with just producing albums. The agency intends on distributing their brand all across Asia. SM hopes to breakthrough into the Chinese market with their latest project, EXO-M, their new boy group, which will be debuting soon in China. With the release of EXO-M in China, SME aims to dominate the Chinese Market, which is something that hasn’t really been fully pursued by any other company until now.
SM Entertainment representative Kim Young Min recently was interviewed by MK, where he revealed the agency’s groundbreaking, future plans. He said, “I suppose it can be said that we are working on the conditions of the market, so that our music formula will be able to break through in all of Asia. Our plan for this year is to make an impact in the Asian market, armed with the cooperation from Chinese and Japanese companies. We are continually reviewing our options while maintaining an open mind.”
According to the representative, the agency hopes to grow their earnings through music distribution. “We will be focusing on digital music distribution, not through circulation of actual CDs. Once we have launched our musical library, more business opportunities will appear,” he added.
Close to 90% of all total profits earned abroad comes from the Japanese market. SM Entertainment expects that this year will be different with the debut of their latest boy group, EXO.
EXO will be made up of two groups, EXO-K and EXO-M. The difference between the groups will be that EXO-K is formed by primarily Korean members, unlike EXO-M whose members will mainly be ethnically Chinese. What also sets these boys apart is that the two bands are slated to simultaneously make their debut in their respective countries. EXO-M will be the first all-new rookie group for SM Entertainment to officially debut in China. SM has had some prior experience in China, as the company had added two Chinese members to Super Junior in the past. The additions has lead to the creation of Super Junior-M who predominantly promotes in China.
By no means does this spell the end of SM promoting in Europe or the United States. Recently K-Pop has turned into a hot commodity in both areas. All one needs to do is take a look at the iTunes chart for proof. The Korean style of music continues to grow popular in the largest markets of the western world. SM wants to further connect with their western demographic; for starters the agency will distribute more digital music internationally with hopes of raking in larger overseas earnings. He optimistically commented about future international growth, “So far, 20% of our Facebook followers are made up of foreigners.”
Get ready to see more of SM Entertainment artists outside of promoting their music. SM Idols also will be more involved with dramas and musicals in the future. “We look to have more of our stars participate in acting.” SM also feels that the agency will have a successful year as they make advancements into uncharted business terrain and take on new ventures.
In conclusion, he said, “SM will continue to pursue new business ventures without the aid of loans. When we have enough funds secured, we shall continue to work on expanding our enterprises in Asia and beyond.”
What are your thoughts on these exciting ideas SM Entertainment has in store for 2012?