Update: Million Market Confirmed To Become Label Of SM Entertainment
Updated October 24 KST:
Another label has officially been added to SM Entertainment!
On October 24, Million Market announced, “Through the investment in shares by Korea’s largest entertainment agency SM, we have joined as a label. We will grow as a global music label through our music business in collaboration with SM from now on.”
SM C&C’s CEO Kim Dong Joon will become a co-CEO of the company.
Million Market commented, “We will continue to not hold back on providing our wholehearted support so that our artists can carry out their musical talents, and with the addition of SM’s infrastructure and know-how, we will expand activities in various fields to grow as a more trendy global music label.”
SM Entertainment has reportedly acquired Million Market as an affiliate label.
On October 2, according to an industry sources, SM Entertainment secured over 50 percent of Million Market’s shares to expand its music diversity. The procedures for acquiring shares has reportedly been completed and an executive of an SM affiliate is being considered as co-chairman of Million Market.
One industry representative stated, “Just as SM created a EDM label, it seems that the company has incorporated Million Market, a company full of talented singer-songwriters and rappers, as an affiliate label to expand its diversity in music genres.”
Million Market currently houses Suran, Penomeco, Chancellor, and other talented hip hop and R&B artists. Chin Chilla (Oh Dam Ryul), Woo Tae Woon, and Lily, a rookie singer who gained attention for being MOMOLAND’s vocal instructor, are also signed to the agency.
Rapper Penomecoa released his track “Hunnit” through SM Station in 2017 and was a contestant on the sixth season of Mnet’s “Show Me the Money.”
With the addition of Million Market, there are currently four music companies affiliated with SM. These include EDM label ScreaM Records, Super Junior’s exclusive label Label SJ, and Mystic Entertainment, a music label led by Yoon Jong Shin.
Previously, SM Entertainment acquired entertainment agency KeyEast and drama production company FNC Add Culture, a subsidiary of FNC Entertainment.