SM Entertainment of South Korea Will Establish Its Southeast Asia Headquarters in Singapore
As part of its regional expansion aspirations, the South Korean entertainment business SM Entertainment will establish its Southeast Asian headquarters in Singapore.
The corporation revealed its hiring intentions in Singapore in an email to CNBC.
Soo-Man Lee, the founder of SM Entertainment, said in an interview on "The CNBC Conversation" last month that the company finds and develops talent using the "Culture Technology" system he created, which involves potential singers and dancers going through four stages: casting, training, marketing/management, and producing.
Lee said that if the chance arose, he'd be enthusiastic about starting a K-pop group, NCT Singapore, although it's not clear if preparations have already begun.
As well as "managing joint ventures in Indonesia, Vietnam, and Thailand, as well as engaging with [the South Korea office] for other relevant initiatives and plans," the Singapore headquarters will also be in charge of other associated projects.
The amount of money SM Entertainment is spending on its expansion in Singapore was not disclosed, but the business did state it is "in the process of hiring additional local talents, which would ideally enhance the full-time workforce count." Additionally, the business is "considering hiring local undergraduates or recent graduates for internships."
Additionally, the company intends to open shops in Singapore, including cafes, shops, and pop-up exhibitions.
According to SM Entertainment, who spoke to CNBC, the company intends to gradually grow not only to further regions of Southeast Asia but also to the entire continent, including the Middle East.
Regarding upcoming K-pop group plans, Lee said CNBC that SuperM will announce their comeback in the beginning of 2023. Additionally, he intends to establish the NCT Saudi and NCT Tokyo groups or subunits.
Source: CNBC.com, NME.com
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