Many eyes are on SM Entertainment with its latest business move.
On February 28, the major label is in the spotlight for investing stocks into new indie label Baljunso. The former director of Can Entertainment, Kang Byung Yong, founded Baljunso in 1991. Some of the artists in the indie label include Kim Jong Seo, Jang Hye Jin, Park Sang Min, and Can.
CEO Kang Byung Yong stated on February 26, “Rather than the mainstream K-Pop scene that’s currently lead by idol groups, our main goals at Baljunso is to revive the non-mainstream scene including hip hop and band music.”
He continued, “SM Entertainment, who is leading the Korean Wave, invested shares [into Baljunso] to help globalize the diversity of K-Pop and plans to establish distribution, marketing, and additional business ideas within Korea and abroad with a cooperative relationship with Baljunso.”
“I’m aware that there are talks about how the indie scene is not doing well,” he went on. “We’re going to create a system where indie musicians will not have trouble with music production and promotional activities.”
Meanwhile, Baljunso plans to show the diversity of K-Pop through its “Baljunso Worldwide Promotion” event on March 8 in Hongdae, Seoul. The event will be streamed live through SM’s official channels Genie, Ustream, and YouTube.