Marking a shift in its management construction, SM Leisure introduced the appointment of Tak Younger-jun as co-CEO alongside present CEO Jang Cheol-hyuk.
This determination, ratified through the firm’s twenty ninth common shareholders’ assembly and board assembly on Wednesday (March 27), establishes a twin management mannequin for the Okay-pop powerhouse.
Beforehand serving as SM’s Chief Working Officer, Tak brings a wealth of expertise to his new position. He has performed a job in overseeing the launch of final yr’s breakout rookie group, Riize, and main artist manufacturing and administration for established acts, cultivating new expertise, and supervising performances and mental property (IP) ventures.
The corporate highlighted Tak’s “excellent capabilities” as a key think about his promotion. His monitor file contains establishing a manufacturing system and strengthening SM 3.0’s multi-purpose enterprise technique.
“By strengthening SM’s enterprise competitiveness, we’ll leap ahead as a world leisure firm and additional contribute to the expansion of the Okay-POP trade.” Tak mentioned. “We’ll proceed to current aggressive NEW IP, together with NCT WISH and the feminine rookie crew that can debut within the second half of the yr.”
“By strengthening SM’s enterprise competitiveness, we’ll leap ahead as a world leisure firm and additional contribute to the expansion of the Okay-POP trade.”
Tak Younger-jun, SM Leisure
The shareholders’ assembly additionally addressed different key issues. The twenty ninth monetary statements have been authorized, paving the way in which for a dividend distribution of KRW 1,200 ($0.89) per widespread share, in keeping with the earlier yr. This interprets to a complete dividend payout of KRW 28.1 billion ($20.8 million). SM’s monetary efficiency stays robust, with consolidated gross sales of KRW 961.1 billion and KRW 113.5 billion in working revenue in 2023.
Within the fourth quarter alone, SM’s income slipped 3.4% YoY to KRW 250 billion ($185 million) from KRW 258.8 billion, whereas working revenue tumbled 51.7% YoY to KRW 10.9 billion gained from KRW 22.7 billion.
Expressing the crew’s dedication to SM’s future, co-CEO Jang Cheol-hyuk mentioned, “All executives and workers are working collectively to understand the imaginative and prescient of SM3.0 introduced in 2023.” He added, “We’re not solely working to enhance shareholder worth, however we’re additionally constantly producing good content material with artists. By introducing this, we’ll grow to be an leisure firm acknowledged by numerous stakeholders.”
“We’re not solely working to enhance shareholder worth, however we’re additionally constantly producing good content material with artists. By introducing this, we’ll grow to be an leisure firm acknowledged by numerous stakeholders.”
Jang Cheol-hyuk, SM Leisure
Tak’s appointment got here practically a yr after Jang was promoted to CEO after serving as the corporate’s chief monetary officer. Jang’s promotin arrived simply days after Kakao Corp. turned SM’s largest shareholder following a months-long saga that concluded when Kakao gained in its bid to accumulate a considerable stake in SM that prevented rival HYBE, the company behind BTS, to take management of SM Leisure.
Nonetheless, earlier in March, SM rival HYBE elevated its stake within the firm after shopping for 869,948 shares for KRW 104.3 billion ($77 million) from SM’s founder and former Chief Producer Lee Soo Man.
In 2023, SM Leisure launched an built-in North America division with Kakao, a music publishing subsidiary known as Kreation Music Rights, and partnered with UK-based Moon&Again to launch international seek for new boy band.
Kreation Music, which launched in September, has since signed prime songwriting expertise and buying established music publishers as SM goals to show it into “Asia’s main music writer throughout the subsequent 5 years.”
Music Enterprise Worldwide
