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User:ReVeluv02/sandbox/SM Entertainment USA

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SM Entertainment USA Inc.
Company typePrivate
FoundedAugust 14, 2008; 16 years ago (2008-08-14)
Headquarters3731 Wilshire Boulevard Suite 612,
Los Angeles, California
,
United States
Key people
Lee Jin-gyu (Representative director)
ServicesEntertainment management
ParentSM Entertainment
Footnotes / references
[1]

SM Entertainment USA[a] is the American branch and subsidiary of the South Korean entertainment company SM Entertainment.

History

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2008–2013: Establishment and American market entry

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On August 29, 2008, SM Entertainment announced that it would add SM Entertainment USA as its subsidiary with Han Se-min as its chief executive officer (CEO) and a capital of one billion won.[3] SM described the background of the establishment of SM USA as a local corporation to expand its business area in the United States (US) and lay the foundation for its artists to enter the US market.[4] The addition of the subsidiary was also to promote further its artists' opportunities of penetrating the market.[5] Consequently, BoA, TVXQ, and Super Junior had been prepared as a bridgehead for the record label's entry into the market.[6] Therefore, it was highly probable that BoA, the most likely singer, would enter the market among SM artists and be the first to work with the company.[7]

By September 2, it was reported that BoA would enter the US market the following year while being prepared in strict secrecy.[8] BoA then held a press conference at the Imperial Palace Seoul on September 10 with the slogan "Best of Asia, Bring on America!" and disclosed the preparations and plans for entering the market in which she disclosed the preparations and plans for entering the market and released the song "Eat You Up" (2008) through an introductory video.[9][10] An official from SM USA stated that as BoA penetrates the mainstream music of the US market, she would draw American music fans with her color, similar to what she did in Japan.[11] The company also pushed for an agency project combining Hollywood and Asian entertainment businesses.[12] BoA then signed a contract with Creative Artists Agency (CAA) through SM USA by May 6 through an announcement made in a press release by CAA.[13]

Lee Soo-man cited "localization" as an essential factor in determining the success of overseas expansion with the philosophy of globalization that a company can succeed only by following the promotion and marketing methods that suit the country's cultural market. Lee added the expectation of having SM USA playing the role by taking advantage of the experiences with launching BoA and other artists in the US in the future.[14] The company made a paid-in capital increase on 2011 and appeared to be expanding in size to operate as a business partner for a large record company in the US.[15] On January 31, 2012, Girls' Generation was set to appear on the Late Show with David Letterman with Interscope Records, the group's American record label, and SM USA offered to appear on the show under a local marketing strategy after the release of The Boys.[16]

On August 7, 2013, SM announced it would build a "boxed entertainment space" with the SM Town museum in Los Angeles.[17] SM stated that it established it for local Americans to experience the Korean wave in Hollywood.[18] SM then selected and purchased buildings on Sixth Street and Oxford Corner.[19] The building purchase was made directly through SM USA and completed licensing procedures and escrow by selecting new concept Korean restaurants, entertainment spaces, and holograms.[20] Additionally, SM noted The construction of the SM Town Museum and a complex entertainment space in Koreatown would be the first step toward opening a "new future" for the Korean wave.[21]

2014–present: Further ventures

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Subsidiaries

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Controversies

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Following the general tax investigation of SM Entertainment in 2009, the National Tax Service established a "special" tax investigation into the company regarding offshore tax evasion.[22] The tax organization launched the investigation after obtaining intelligence that SM had been evading offshore taxes by diverting some of its artists' profits from overseas performances to a paper company in Hong Kong.[23] In April 2007, Lee Soo-man bought a villa on the coast of Los Angeles, jointly purchased with Polex Development in Hong Kong, with a purchase price of 4.8 million dollars, exceeding the personal overseas real estate investment limit of 3 million dollars.[24] However, SM denied the allegations of Lee illegally taking his property abroad.[25] SM Entertainment USA was involved in the situation as it was the firm concerned with having Lee sell his Malibu real estate to the company.[26]

Notes

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  1. ^ also called as SM USA[2]

References

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  1. ^ "Overview – Group Companies". SM Entertainment. Archived from the original on July 11, 2022. Retrieved July 15, 2022.
  2. ^ Lee, Eun-jung (May 6, 2009). 보아, 美 에이전시 CAA와 계약 [BoA, Signs Contract with U.S. Agency CAA]. Yonhap News Agency (in Korean). Archived from the original on July 17, 2022. Retrieved July 17, 2022 – via Naver.
  3. ^ Hong, Jae-hyun (September 1, 2008). 보아, 내년 미국 진출 가시화? SM USA 설립 [BoA, Are You Going to Enter the U.S. Next Year? Establishment of SM USA]. The Dong-a Ilbo (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  4. ^ Gil, Hye-sung (September 1, 2008). '가요 3강' SM YG JYP, 美진출 교두보 마련 ['Song 3' SM YG JYP, Has Become a Bridgehead for Advancing to the U.S]. StarNews (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  5. ^ Gil, Hye-sung (September 1, 2008). 보아 美 진출 가시화..SM, 'SM USA' 설립 [BoA's Entry Into the U.S. is Becoming Visible..SM Establishes 'SM USA']. StarNews (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  6. ^ Lee, Jae-hwan (September 1, 2008). 보아 내년 美시장 진출, 극비 프로젝트 추진 중 [BoA Enters the U.S. Market Next Year, And is Working on a Top-secret Project]. Newsen (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  7. ^ Lee, Jung-hyuk (September 1, 2008). '아시아의 별' 보아 美 진출 초읽기..SM엔터테인먼트 USA 설립 ['Asia's Star' BoA Counts the Entry into the U.S...Established SM Entertainment USA]. Sports Chosun (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  8. ^ Lee, Jae-hwan (September 2, 2008). 보아 내년 美 진출 극비 프로젝트 가동 [BoA Launches Top-secret Project to enter U.S. Next Year]. Newsen (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  9. ^ Lee, Eun-jung (September 2, 2008). 보아 "미국 음악 시장에 진출합니다" [BoA "I'm Entering the American Music Market"]. Yonhap News Agency (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022 – via Naver.
  10. ^ Kim, Hyung-woo (September 10, 2008). 보아 美 데뷔곡 'Eat You Up' 어떤 노래? '파워풀 리듬+댄스 강점' [BoA's Debut Song 'Eat You Up' What Kind of Song? 'Powerful Rhythm + Strength of Dance']. Newsen (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  11. ^ Oh, Mi-jung (October 27, 2008). BoA의 도전, 팝의 본고장서도 빛을 발하다 [BoA's Challenge, Shines in the Home of Pop]. No Cut News (in Korean). Archived from the original on July 16, 2022. Retrieved July 16, 2022.
  12. ^ Jung, Hyuk-jun (February 11, 2009). [맞수 기업 열전] 한류 타고 아시아로, 음반 띄워 빌보드로 [[Competitive Company Battle] Ride the Korean Wave to Asia, And Release the Album on the Billboard]. Hankyoreh 21 (in Korean). Archived from the original on July 17, 2022. Retrieved July 17, 2022.
  13. ^ Kim, Won-gyeom (May 6, 2009). 보아, 美 대형 기획사 CAA와 에이전트 계약 [BoA, Signs Agent Contract with CAA, A Major U.S. Agency]. The Dong-a Ilbo (in Korean). Archived from the original on July 17, 2022. Retrieved July 17, 2022.
  14. ^ Choi, Eun-young (June 5, 2009). [창간특집-한국의 월드스타④]월드스타, 내가 느낀 한계는 이것! [[Foundation Special - Korea's World Star ④] World Star, My Limit is This!]. Edaily (in Korean). Archived from the original on July 17, 2022. Retrieved July 17, 2022.
  15. ^ Choi, Ho-won (January 17, 2012). [취재파일] 걸그룹 미국 진출, 그 성공 가능성은? [[Interview File] What's the Possibility that a Girl Group will Make it to the US?]. SBS News (in Korean). Archived from the original on July 17, 2022. Retrieved July 17, 2022.
  16. ^ Kim, Won-gyeom (January 27, 2012). '레터맨쇼' PD "소녀시대 차별화된 그룹…섭외 결정" ['Letterman Show' PD, "Girls' Generation's Differentiated Group…Decided to Cast Them"]. Sports Dong-a (in Korean). Archived from the original on July 18, 2022. Retrieved July 18, 2022.
  17. ^ Lee, Min-ji (August 7, 2013). SM, 美 LA에 SM타운 뮤지엄 및 복합공간 설립 [SM Established SMTOWN Museum and Complex Space in LA, USA]. Newsen (in Korean). Archived from the original on July 18, 2022. Retrieved July 18, 2022.
  18. ^ Choi, Bo-ran (August 7, 2013). SM, 美LA SM타운 뮤지엄 구축 "한류메카 만들것" [SM, To Build SMTOWN Museum in LA "Making a Hallyu Mecca"]. StarNews (in Korean). Archived from the original on July 19, 2022. Retrieved July 19, 2022.
  19. ^ Jeon, Seon-ha (August 7, 2013). SM, LA에 복합 엔터테인먼트 공간 구축 [SM, Builds Complex Entertainment Space in LA]. Osen (in Korean). Archived from the original on July 19, 2022. Retrieved July 19, 2022.
  20. ^ Kim, Won-gyeom (August 7, 2013). SM엔터, LA 코리아타운에 '복합문화공간' 구축 [SM Entertainment, To Build 'Complex Cultural Space' in Koreatown, LA]. Sports Dong-a (in Korean). Archived from the original on July 19, 2022. Retrieved July 19, 2022.
  21. ^ Lee, Jung-hyuk (August 7, 2013). [엔터비즈]SM, 美 LA 코리아타운에 건물 매입. 이유를 들어보니… [[Entertainment Business] SM, Bought a Building in Koreatown, LA. For a Reason…]. Sports Chosun (in Korean). Archived from the original on July 19, 2022. Retrieved July 19, 2022.
  22. ^ Lee, Eun-jung (March 20, 2014). SM 세무조사에 연예계 뒤숭숭…"파장 우려" [The Entertainment Industry is in Turmoil in the SM Tax Investigation…"Worried about Repercussions"]. Yonhap News Agency (in Korean). Archived from the original on December 13, 2022. Retrieved December 13, 2022 – via Naver.
  23. ^ Oh, Je-il (March 28, 2014). [종합]이수만 SM회장, 서류상 회사로 호화 별장 구매 의혹 [[Comprehensive] SM Chairman Lee Soo-man, Is Suspected of Purchasing Luxury Villas as a Company on Paper]. Newsis (in Korean). Archived from the original on December 14, 2022. Retrieved December 14, 2022 – via Naver.
  24. ^ Yoon, Sung-yeol (March 27, 2014). SM "이수만, LA별장 적법한 절차로 취득後 매각" [SM "Lee Soo-man, Acquisition of LA Villa through Due Process and Sale"]. StarNews (in Korean). Archived from the original on January 16, 2023. Retrieved January 16, 2023.
  25. ^ Kwak, Hyun-soo (March 27, 2014). SM 공식입장 "이수만 LA 별장, 적법한 절차로 취득한 것"(전문) [SM's Official Position "Lee Soo-man's Villa in LA, Acquired through Due Process" (Full Text)]. Sports Dong-a (in Korean). Archived from the original on November 14, 2022. Retrieved November 14, 2022.
  26. ^ Yoo, Hye-eun (March 28, 2014). SM 공식입장 "이수만 별장 적법한 절차로 취득... 의혹 해소하겠다" (전문) [Official Position of SM "Acquired Lee Soo-man Villa by Due Process... We will Resolve the Suspicion" (Specialized)]. EToday (in Korean). Archived from the original on January 17, 2023. Retrieved January 16, 2023.
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