Earlier this year, it was reported that Lee Soo-man, Founder of SM Entertainment (SM) and former producer, transferred his ownership stake to HYBE and is currently venturing into new opportunities. Recent reports suggest that Lee has set up a personal office in Cheongdam-dong, Gangnam-gu, as he explores new ventures. The purpose of this article is to delve into the details of Lee’s new office and shed light on his potential plans.
Lee Soo-man’s New Office in Cheongdam-dong:
According to industry veterans, Lee Soo-man has recently established his personal office in Cheongdam-dong. The exact purpose of this office is not known, but it is separate from his other business ventures, such as the technology and real estate company ‘Blooming Grace’ and the drone-related business ‘Repolux,’ both of which he founded in Seongsu-dong, Seoul, in March. Another separate company from his office is ‘Culture Technology Group Asia,’ which is involved in music publishing.
There is an opinion that Lee Soo-man’s office in Cheongdam-dong will serve as a base for gathering people associated with him. According to multiple entertainment insiders, influential figures who have ties to SM Entertainment have expressed their intention to collaborate with Lee Soo-man.
Plans and Speculations:
A prominent figure from the music industry, who recently met with Lee Soo-man, shared insights into his activities. During a phone conversation with Sports Seoul on the 27th, the industry insider revealed that Lee has established his office in Cheongdam-dong and has been meeting with acquaintances. While Lee appeared to be in good health, he remained tight-lipped about his future plans.
Some speculate that Lee Soo-man might be reentering the music industry. It has been reported that he requested the removal of a clause that restricted him from producing music domestically for three years, allowing him to engage in producing activities exclusively overseas.
There are also discussions about the potential impact on SM C&C, a variety show label under SM Entertainment. Speculations arise regarding renowned broadcasters potentially shifting their allegiances. An industry insider mentioned that while nothing has been confirmed yet, it is essential to monitor the situation closely.
Lee Soo-man’s Departure from SM Entertainment:
In February, Lee Soo-man stepped down from his position as the major shareholder of SM Entertainment by selling 14.8% of his shares to HYBE for a total of 430 billion KRW (approximately 377 million USD) at a price of 120,000 KRW per share. In a letter sent to the media in March, Lee expressed that “SM, which was founded under my name, concludes an era today” and emphasized the need for K-pop to evolve into a global music phenomenon.
As he moves forward with his plans, there is anticipation and curiosity surrounding his next steps and their potential impact on the music and entertainment business.
