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SM Entertainment, one of the biggest entertainment agencies that manages popular K-pop groups and artists in South Korea, reportedly saw its stock prices go down. Business experts pointed to the reported departure of Shinee members Onew and Taemin as one reason for the drop.
Shinee Members' Contract Expiration
As per Korea Joongang Daily, shares of SM Entertainment have been falling this week after reports of Taemin and Onew's possible exit from the company. The two Shinee members are veteran K-pop stars who have been with the firm for over a decade.
They trained and debuted under SME's management. They are considered pioneers because they have helped the label grow and contributed significantly to its current success.
In any case, SM Entertainment revealed on Tuesday, March 5, that Lee Taemin's contract is set to expire this month. The youngest member of the Shinee boy group has not yet renewed his contract and is still weighing his options.
If he does not re-sign with the agency, there is no decision about which company he will move to. Shinee's leader, Onew, was also rumored to be considering moving to a new label. If they leave, they will continue group activities under SM Entertainment, while any company they choose will manage their solo careers.
"Other members Minho and Key are under discussion with the agency on a positive note to continue their solo activities here, and Onew is still mulling over his options," The Korea Times quoted an SME official.
AESPA Karina's Dating News
Meanwhile, the dating news of SME's K-pop idols is another reason the company's stock prices are spiraling down. She recently admitted to being in a relationship with actor Lee Jae Wook after the media exposed them. This report sent SM Entertainment's shares sliding by 9.29%.
Photo by: SM Entertainment Website
