SM Entertainment announced its business plan for 2023 on February 3 through their latest video, 'SM 3.0: IP Strategy - Multi 'Production Center/Label' System.'

Through the video, co-CEOs Lee Sung Soo and Tak Young Joon explained the direction SM Entertainment would go toward in phase 3.0 of the company. In summary, this phase looks to expand SM Entertainment's IP creation and production to the global market alongside the advancement of the company's music publishing business, multi-label system, fandom economy business, metaverse business, and more.

Additionally, SM Entertainment belatedly confirmed that producer Lee Soo Man's production contract with SM Entertainment came to an end in September 2022. Lee Soo Man will continue to support SM Entertainment as its largest shareholder, but will no longer take part in the production and artistic direction of the company's musicians.

After the announcement that Lee Soo Man will no longer be the executive producer for SM Entertainment, Korean netizens gathered to a popular online community to share their thoughts on the news. Netizens commented, "Finally," "This is good news," "Are we finally able to stop going to KWANGYA with aespa? lol," "Thank you for your hard work until now but it's time to stop," "We need to stop with KWANGYA finally," "This is good," "Wow, finally he's gone," "Yes! finally!" "This is good good," "I'm happy but also sad at the same time," and "Goodbye, we'll finally get some normal concepts."