June 13, 2011 09:37
Lee Soo-man, the founder and CEO of Korea's largest talent management agency SM Entertainment, in a press conference in Paris on Saturday in front of some 70 European reporters explained his three-stage business strategy for K-pop to make inroads among European listeners.
"I will make the K-pop business model the standard of the global music industry," Lee said. Credited with the first K-pop exports to Asia 14 years ago, Lee's modus operandi involves intensive training of manufactured bands and unique music videos to sell their product.
The first stage is the export of products created by Korean directors and artists, according to Lee. The second stage involves manufacturing bands which consist of both Koreans and foreigners and exporting their songs and music videos around the world. He sees the so-called Korean Wave at this second stage at the moment. In the final stage, Lee hopes to form joint ventures overseas so his performers can reach the market they are targeting.
"We will see consumers placing more importance on who made the product, rather than which country the product came from," Lee said. "In the third stage of the expansion of the Korean Wave, a Chinese artist can become a star, but that star will be the result of SM Entertainment's efforts," he boasted.
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