South Korean K-Pop company SM Entertainment is expanding into Saudi Arabia.
Soo-Man Lee, the company’s chief producer, has signed a Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA) to enter the local market and promote joint projects.
The MOU signing ceremony was held at SM Entertainment headquarters in Seoul, South Korea on Friday, August 19.
Lee was joined by SM CEO Sung-Su Lee, SM SEA & MENA Branch Director Kyung Jin Han and Saudi Ministry of Investment HE MP Fahad Al-Naeem.
Through this commercial agreement, SM says it will actively promote S-Pop (Saudi Pop) through the discovery and production of local artists.
The company also plans to establish “a metaverse platform to share Korean and Saudi culture.”
SM also plans to launch a concert hall along the Red Sea which it says will be “capable of hosting a year-round music festival”. The company also plans to create various content and products.
In announcing SM’s plans in Saudi Arabia, the company said it met with Saudi investment officials who visited SM’s office in Seoul on June 30, presented “the vision and direction for the development of the cultural industry, as well as discussions on ways to collaborate with SM’s efforts in the region, leading to the signing of the MOU”.
Earlier in 2022, SM says Lee traveled to Riyadh, Saudi Arabia, to meet local cultural officials, and in June, Saudi Culture Minister Badr bin Abdullah bin Farhan Al Saud visited the office. SM “to talk in depth about development cooperation”. of the cultural industry”.
“I am happy to sign a business agreement with the Saudi Ministry of Investment.”
Lee said, “I am happy to sign a business agreement with the Saudi Ministry of Investment.
“I hope this agreement will bring great results for myself, SM and Saudi Arabia. With the CT (Culture Technology) system that I have put in place, I intend to discover talents to produce S-Pop and establish a musical ecosystem that young people in Saudi Arabia can enjoy.
“We hope this will contribute to the development of the future cultural industry in Saudi Arabia.”
“We very much look forward to working with chief producer Soo-Man Lee and SM Entertainment, and we will actively cooperate.”
Fahad Al Naeem
Fahad Al-Naeem said, “We are very much looking forward to working with Chief Producer Soo-Man Lee and SM Entertainment, and we will actively cooperate.”
Last month, Los Angeles-based virtual reality concert platform AmazeVR signed a joint venture agreement with SM Entertainment and Studio KWANGYA, SM Entertainment’s new metaverse content production house, to produce VR concerts. immersive for the metaverse.
In June, aespa and SM Entertainment signed a worldwide deal with Warner Records.
The music industry around the world