SM Responds To Reports Of Lee Soo Man Considering Investing In LOONA
The news outlet Daily Sports reports that SM Entertainment founder and producer Lee Soo Man has such a high opinion of LOONA’s potential that he’s considering making a large investment in their future.
The report states that according to sources within the industry on February 28, Lee Soo Man is taking part in Blockberry Creative’s paid-in capital increase. Daily Sports describes sources as stating that Lee Soo Man has decided to make a 1 billion won (approximately $827,900) personal investment, separate from SM Entertainment.
A representative of SM Entertainment told Daily Sports, “The reports of producer Lee Soo Man’s investment are groundless.” The outlet reports that nevertheless, sources have stated that the two sides are in close talks. A source said, “I’m aware that Lee Soo Man, who sees high potential in LOONA, is in the process of making an investment.”
LOONA is a 12-member group under Blockberry Creative that made their debut in August 2018 following an introduction project that began in October 2016 and revealed the members through solo and sub-unit releases, garnering a large international fanbase even before their official debut.
Lee Soo Man took part in the production of the group’s February album “#,” which was the first time that he has produced for a non-SM artist. It’s said that he first realized LOONA’s potential after watching their cover of NCT 127’s “Cherry Bomb.”
A representative of Blockberry Creative has said, “We confirmed the album producing collaboration in the latter half of last year, and there was a positive response to the album ‘#’ that was the result of that.” Daily Sports described the source as suggesting continued collaborations with Lee Soo Man.