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Posted by germainej AKP STAFF 20 days ago

SM Entertainment CEO Kim Young Min reveals label's plans for end of 2019 and 2020

AKP STAFF

SM Entertainment's co-CEO Kim Young Min revealed what's in store for the label for the rest of 2019 and 2020.

The company's major shareholder KB Asset Management requested changes to the shareholder return policies and business models, and after other shareholders like Korea Investment Management and Mirae Asset Global Investments have also put pressure on SM Entertainment. In a recent interview, Kim Young Min confirmed SM Entertainment will not be merging with chairman Lee Soo Man's company Like Planning

On the label's performance in sales for the 2nd quarter of 2019, the co-CEO said, "This year, the company focused more on projects for the second half of 2019. SM artists sold 1.4 million albums in the first half of the year. We've already surpassed that figure from July to August alone. When EXONCT, and Red Velvet release their full albums in the second half of 2019, there will be no problems in sales growth. Next year, we'll also be debuting both a new boy group and girl group."

As for affiliated businesses, such as a restaurant, resort, and winery, being run at a loss in net profits, Kim Young Min stated, "Cultural business, dining out, traveling, and tourism are all intertwined. We'll finalize our plans to revitalize these projects and make improvements. We're working on measures to prevent further losses in these areas. If we fail to reach our target by the end of 2020, we'll adjust it even further."

Kim Young Min also commented on the political issues and trade war between Japan and Korea, saying, "Our sales in Japan are about 15-20% of our total sales. Most of that is from concerts, and we don't plan to change any of the concert plans for the year. No one has talked about canceling them. If relations between Japan and Korea keep getting worse, then it's possible we'll be negatively affected."

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looveLess4,552 pts 20 days ago 0
20 days ago

"Our sales in Japan are about 15-20% of our total sales. Most of that is from concerts -- All hail concert japanese kings: TVXQ

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creamyc104 pts 20 days ago 6
20 days ago

Wow new girl and boy groups? I do hope they pay attention to all groups even if they gonna debut new ones.

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