Tag: Lee Soo Man

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SM Founder Lee Soo Man Delivers Keynote Speech on AI Technology

Lee Soo Man, the founder and former chief producer of SM Entertainment, has made a rare public appearance at an important event. During his appearance, Lee delivered a keynote speech on the growing influence of AI technology in the K-Pop industry.

Lee Soo Man Delivers Keynote Speech at CISAC 2024

The SM Entertainment founder attended the annual general meeting of the International Confederation of Societies of Authors and Composers (CISAC) as a keynote speaker. The event took place on May 30 KST at the Conrad Hotel in Yeouido, Yeongdeungpo, Seoul. In his speech, Lee Soo Man shared his insights on the intersection of the AI industry and K-Pop, highlighting the potential for innovation and growth within the music industry.

During his speech, Lee noted the significance of AI technology in the entertainment industry.

“AI and chatbot technology are rapidly changing the ways we communicate today,” he said. “Human-like or even more attractive models are gaining human fans. They also started communicating with fans in real-time. I think AI chatbots could become humans’ best friends and even lovers.”

He then spoke about the integration of AI and K-Pop.

“This technology will greatly contribute to improved communication with fans worldwide. The grafting of K-pop and AI is a fusion of culture and technology that promises broad interactions with fans,” Lee said. “AI already possesses amazing capabilities in text generation and image creation. But it is also true that with the advancement of AI, issues such as copyright infringement, illegal copying and distribution, plagiarism, and the exposure of unprotected creative works leading to economic losses for creators could arise.”

Lee also addressed the possibility of AI-related issues.

“Clear copyright laws need to be enacted, and the development and global standardization of copyright infringement prevention technologies are necessary. I believe that AI chatbots, avatars, and robots should be issued a kind of ID card, essentially making them part of a real-name system,” he stated.

Lee Soo Man left SM Entertainment in March last year due to internal management disputes.

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Lee Soo Man Sells His Remaining SM Entertainment Shares to HYBE

HYBE has acquired an additional 3.64 percent stake in SM Entertainment for 104.3 billion KRW (approximately 78.2 million USD). This marks a major shift in the company’s ownership landscape. This transaction involves all the remaining shares of SM Entertainment held by its founder and former chief producer, Lee Soo Man. With this development, Lee Soo Man will no longer have any stake in the agency he built in 1995, home to K-pop acts like aespa and NCT.

The backstory to this development has to do with a decision Lee Soo Man made last year. He decided to sell a 14.8 percent stake in SM to HYBE during a contentious battle for control of the company involving Kakao. This latest purchase involves his 868,948 shares going for 120,000 KRW each. This price was significantly above the current share price. This move is the result of Lee Soo Man exercising his put option. This right was agreed upon during their previous transaction in February 2023.

@iqtaehyun

i was SHOCKED when i saw this but it wont rlly affect the idols under sm. #leesooman #sm #smentertainment #nct #aespa #redvelvet #kpopfyp

♬ sad SpongeBob music – michael

HYBE now owns 12.6 percent of SM

Set to be finalized by March 7, this acquisition will increase HYBE’s stake in SM Entertainment to 12.6 percent. The initial purchase of Lee Soo Man’s shares was part of HYBE’s effort to gain a controlling interest in the agency, amounting to an investment of 422.8 billion KRW. But when Kakao emerged as the winner in the takeover battle, HYBE had to reduce its stake back to around 8 percent.

Kakao and Kakao Entertainment currently hold a combined 39.87 percent stake in SM. This means they’re the company’s largest shareholders. This intense battle reshaped the ownership structure of SM Entertainment and had significant repercussions for Kakao. Its chief investment officer, Bae Jae-hyun, is currently standing trial over allegations of stock price manipulation during the bid.

The sale of Lee Soo Man’s remaining shares to HYBE is a landmark moment in SM Entertainment’s history. It means the man who built the agency no longer has any ties to it as of this writing. As SM Entertainment turns the page, the rest of the industry is waiting to see how this development will change the K-pop scene in South Korea and beyond. – K-Pop News Writer

Featured Image: HYBE now has a larger ownership stake in the agency that was once one of its fiercest rivals. Source: X/@beyondthestarf.

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HYBE Reportedly Looking To Acquire SM Entertainment Again

Recent industry rumors have ignited speculation about HYBE Labels, the powerhouse behind BTS and other global K-pop acts, considering another move to acquire SM Entertainment. These rumors have surfaced amid reports suggesting that Kakao, the multimedia giant, may explore selling SM Entertainment, a claim Kakao has officially denied. The K-pop landscape has been buzzing with discussions surrounding potential acquisitions and their potential impact on the industry.

HYBE Labels Possibly Makes A New Move to Acquire SM Entertainment

The speculation gains context from last year’s headline-grabbing attempt by HYBE Labels to acquire SM Entertainment. The proposed deal, had it materialized, could have reshaped the K-pop landscape significantly. However, the deal fell through for various reasons, leading to a return to the drawing board for both companies.

Recent reports indicate that HYBE Labels might be considering a renewed effort to acquire SM Entertainment, potentially in collaboration with founder and former chairman Lee Soo Man. While Kakao has officially denied the rumors of selling SME, industry insiders are closely monitoring the situation, given the ongoing speculations.

Insiders suggest that other companies are also exploring the possibility of acquiring SM Entertainment, even after the reported breakdown of the deal with HYBE Labels last year. Rumors abound that HYBE chairman Bang Si Hyuk is personally approaching private equity funds with a proposal to acquire SM Entertainment. The involvement of key figures and the potential collaboration with Lee Soo Man adds layers to the unfolding narrative.

Further rumors suggest that Lee Soo Man, after selling a portion of his stake in SM Entertainment to HYBE, may seek to return to the label. This potential move raises questions about the dynamics between the founder and the company’s future direction. Additionally, companies like NCSOFT, F&F (a fashion company), and MGM (an American entertainment group) are reportedly exploring the prospect of acquiring SME.

The K-pop industry, known for its dynamism and strategic partnerships, remains in a state of flux as these rumors circulate. The potential acquisition of SM Entertainment by HYBE Labels or other entities could have far-reaching implications for the global music scene. As the situation develops, stakeholders and fans alike eagerly await official announcements that will shape the future of these entertainment powerhouses.

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