SM Entertainment Co., Ltd. is a worldwide entertainment company in South Korea. In 1995, record executive and record producer Lee Soo-man founded one of South Korea’s biggest entertainment firms. Numerous K-pop stars have benefited from the company’s support and promotion, gaining devoted followings around the world.
Lee Soo-man is a South Korean entrepreneur, music executive, and record producer best known for founding SM Entertainment. In 1971, while Lee was still a student at Seoul National University, he made his singing debut.
In 1989, he created SM Entertainment, which has grown to be one of South Korea’s biggest entertainment businesses.
Know Why SM Entertainment is planning to Terminate Lee Soo Man’s Producer Contract.
Most of SM’s accomplishments, including their ground-breaking virtual concepts and their efforts to promote their artists on a global scale, can be attributed to Lee.
On the other hand, it was revealed on September 15 that Lee Soo-man will be fired by SM as they would be ending their contract with his own company.
The production agreement between SM Entertainment and former CEO Lee Soo Man’s company ‘Like Planning’ is being reviewed, according to the company.
The production agreement with producer Lee Soo Man’s own company “Like Planning” is up for consideration, according to a statement released by SM Entertainment on September 15.
Up until 2010, Lee Soo Man served on the SM board of directors, although he resigned while continuing to be involved in management and production. The major stakeholder of SM Entertainment and executive producer Lee Soo Man’s personal company is called “Like Planning.”
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Millions of dollars in royalties have been given to Like Planning by SM in exchange for his efforts. SM has outsourced to Like Planning through the third quarter of 2021 and has paid them a whopping $102 million in total.
Many believe there is hostility to the disproportionate royalties paid to Lee’s private company as a result of stakeholder Align Partners’ disclosure of this information, which may have affected the firing decision.
In the past, Lee Soo Man has said that in order for Korea to become competitive on the global stage, it must develop into a “nation of producers,” stressing that “there must be a line of succession, where hoobae (newer) producers emerge and are recognized by the masses, and I’ve always worked toward creating this.” Throughout the years, even at the age of seventy, he has received praise for his vision and fresh sense.
