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SM Entertainment revealed its plan of setting up its first multi-label system to expand its business capabilities. As part of this project, the company will establish several music production lines that will allow it to deviate from the current system, where it solely relies on its founder Lee Soo Man's power and skillfulness.
As per Yonhap News Agency, SM Entertainment is aiming to improve its business competitiveness through the new multi-production system. It was the firm's co-chief executive officers, Lee Sung Soo and Tak Young Jun, who personally shared the plan via SME's own YouTube channel. They said that the venture would also be partially fulfilling its "SM 3.0" vision.
Tak said they would introduce five new production hubs in addition to multiple music labels in and out of South Korea. He said that they expect this new system to help with the expansion of SME's production capabilities while also hastening the speed of IP production by dividing up the decision-making power among the leaders of each organization.
SM Entertainment will divide and send its artists to five different production centers that will independently perform major functions including the management of artists and music production. Aside from these hubs, independent labels will be set up for artists with musical capabilities. There will also be a unit that will center on music publishing.
"The biggest changes that will come with the new system is the establishment of multi-production centers, multi labels and a subsidiary specializing in publishing music." Korea Joongang Daily quoted Lee Sung Soo as saying in the video presentation that introduced the multi-label system or SM 3.0. "We will continuously secure business competitiveness by distributing SM's production capabilities to multiple production centers and labels."
He added, "The decision-making of the new label will be entirely held by each label's representative."
Finally, fans can expect SM Entertainment to introduce a number of new talents as it expands its musical spectrum through the SM 3.0 vision. Some of the music genres that can be expected are hip-hop, ballad, and R&B.
