SM Entertainment's SM C&C merges with Woollim Entertainment to form 'Woollim Label'
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SM Entertainment is setting their sights on the big picture as they embark on the road to become a major music company such as Universal Music Group, Warner Music Group, and Sony Music Entertainment.
Just as the three mentioned labels are major global music companies that manage various sub labels, SM will also set out to become a representative music group in Asia.
They've already kicked off the process as SM C&C has announced a merger with Woollim Entertainment to create an independent 'Woollim Label', whose music will differ from SM Entertainment's sounds with their own color of music and an eclectic lineup of artists. With its connection to SM Entertainment, SM C&C, and other global subsidiaries, a synergy effect is expected.
In addition, with SM Entertainment's global influence and network, artists now under Woollim Label like INFINITE, NELL, and TASTY will benefit, and their increased global recognition will also raise SM group's total sales and profits.
Regarding 'Woollim Label', SM Entertainment stated, "SM Entertainment will run its global music distribution and additional businesses while SM C&C will take charge of the label's functions. In terms of business structure and scale, we will acquire international competitiveness and will stand as Asia's premier music group which can compete with global major music groups. We will take our place as the first global major music group in Korea."
Source: Chosun Ilbo via Nate
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