SM Entertainment embarks on a new era! In a recent report held by the agency's CEOs, its artists' debut and release plans starting in 2023 were unveiled.
SM Entertainment To Debut 4 Artists + Release 41 Albums in 2023
As part of the changes in its system, one of the biggest K-pop agencies unveiled its IP release plan this year.
In 2023, it is expected that four artists will be launched and 41 albums will be released. In the first half, a new girl group following aespa will be introduced, and 7 albums from SM artists will dominate the music scene
In the second half, naevis, SM's first virtual solo artist will debut, while NCT Tokyo and a new boy group outside NCT will enter the K-pop industry in the third and fourth quarter of the year, respectively. From 2Q to 4Q, 34 more albums will take place.
As part of SM 3.0, PINK BLOODS (SM artists supporters) can expect that every year starting in 2023, 2+ teams, and 40+ albums will be dropped annually.
What is 'SM 3.0'? Agency Announces New Era
On February 3, SM Entertainment's co-CEO Lee Sung Soo and Tak Young Joon took off the veil of its, “SM 3.0: Producing Strategy – Multi ‘Production Center/Label’ System” uploaded on the agency's official YouTube channel.
In particular, the report declared that the "BIG 3" company will bid goodbye from the monopoly production system of its founder Lee Soo Man, and signaled a new leap forward to the so-called "SM 3.0" era centered on fans and shareholders.
In this presentation, SM explained that the direction of SM 3.0 will focus on four major growth strategies; global music publishing, label acquisition, fandom economy business, and metaverse based on high-quality IP, which is the essence of SM's entertainment industry.
SM Ent shares that they are moving to a multi producer / multi label system and will look to acquire other labels for maximum IP profitability. They will also establish a publishing specialized subsidiary. pic.twitter.com/efgE6agmyF
— TMIKpop (@tmikpop) February 3, 2023
Unlike SM 1.0 (1996 to 2000s) and SM 2.0 (2010s to 2022s), the start of SM 3.0 this year will introduce 5+1 production centers for SM artists and establish 5 production centers that respect independent decision-making and creative autonomy by deploying core functions, and 1 "virtual artist/IP production center" dedicated to production and operation management of virtual artists such as Naevis.
In the future, these production centers will grow into "in-house labels" to support label independence for artists with their own musical or business originality, providing autonomy and growth opportunities at the same time, as well as providing a reward structure based on performance to lay the foundation for artists and companies to coexist for a long time.
In addition, these "in-house labels" can develop into "independent labels" through a transitional period, and will further strengthen their influence in the music market by expanding SM's musical spectrum along with "acquisition labels" through investment.
Furthermore, for the smooth operation of such multi-production centers/labels, SM has decided to establish a music publishing subsidiary that is 100% invested by SM to build a vast amount of music pool.
It plans to grow into another new source of revenue for SM by contracting with composers, lyricists and global music publishing companies around the world to foster them as an unrivaled global music publishing company.
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Written by Eunice Dawson.
