SM’s efforts to overcome crisis: Artists are busy with comeback and tours, are expected to take a central role in the future
On March 15th, Daily Sports reported an unexpected course of action from SM Entertainment amidst the crisis. The company states that it is in the process of starting “SM 3.0.” They affirm this is their leap to be a “global entertainment company.”
Initiating the “SM 3.0”
“SM 3.0” has been mentioned since Lee Soo Man was removed from the company’s management. Previously, the contract between Like Planning (Lee Soo Man’s own company) and SM was forced to terminate early at the end of December last year.
Daily Sports said that “SM 3.0” broke the music production rules of the former chief producer Lee Soo Man with a new strategy where domestic and foreign manufacturers will work independently. The strategy is aimed to diversify the musical styles of the SM artists.
Specifically, SM intends to bring the number of active artists to more than 21 by 2025. The company also aims to release more than 40 albums, achieve sales of more than 27 millions, and hold about 400 concerts. each year. The “SM 3.0” is expected to bring in 500 billion won in profit to the company and increase the stock value to 360 thousand won by 2025.
In addition, the company’s management plans to accelerate the promotion of “SM 3.0” by shaking hands with Kakao. Daum reported that Kakao purchased 1.23 million shares and 1.14 million shares through convertible bonds, making it the second largest shareholder of SM with 9.05% shares (about 171 million USD).
Currently, despite the company’s internal turmoil, SM artists are running on hectic schedules. Earlier this year, aespa held the first tour in their career, followed by a concert to celebrate female singer BoA’s 20th anniversary. In March, Onew (SHINee) and Kai (EXO) released their solo albums. In addition, Super Junior has just finished the concert “Super Show 9: Road” on March 11th.
Artists’ intense schedules
In the future, BoA will continue with her concert “The BoA: Musicality” next month. TVXQ is preparing for the “TVXQ Live Tour 2023: Classic” in Japan that will last until June.
In a recent interview, 4 SHINee members said that the group would have a comeback with a full group in celebrating their 15th debut anniversary. At the same time, two members Onew and Minho will hold their respective solo concerts and fan meetings in Japan.
On January 1st, leader Suho excited fans when announcing EXO’s official comeback this year. The male idol posted a photo of the members with an announcement of return as a full group in 2023. In April, the group held a fan meeting “EXO’ Clock” to celebrate their 11th debut anniversary. Apart from music, 4 members Xiumin, D.O, Sehun and Suho continue to work on their drama appearances.
Daily Sports said that Red Velvet, aespa and NCT are expected to encroach in the international market next year. The source said that Red Velvet was the only Korean group to attend the “Primavera Sound 2023” music festival in Spain in June. NCT Dream will continue their concert “The Dream Show 2: In a Dream” until May. WayV is planning to hold fan-meetings in the Philippines and Thailand.
SM also announced that aespa would participate in “The Governors Ball Music Festival 2023” in New York and “Outside Lands Music & Arts Festival” in San Francisco in June and August respectively. At the same time, the group will release a new album in early May after a period of delay resulting from the ongoing management dispute.
According to Daily Sports, SM is ushering a new era where artists take the central position, as their management company steps back behind the curtain.
Source: Zing
