SM Entertainment and Kakao Launch Joint Division in North America

Jang Yoon-joong

, who pledges to “accelerate the global advancement and growth of Kakao Entertainment and SM Entertainment’s artists” and “expand the growth potential of Kakao Entertainment’s music business.” The merging of Kakao Entertainment America and SM Entertainment USA into one North American integrated corporation will be “completed quickly within this year,” the joint announcement indicated. The companies said they hoped the new synergies will help “accelerate its advance into global markets such as Europe.”

SM Entertainment, home to such K-pop acts as NCT 127 and Red Velvet, and internet giant Kakao endured a bit of Succession-worthy drama earlier this year when the latter said it would buy a 9.05% stake in SM against the wishes of Lee Soo-man, SM’s founder. Lee then approached HYBE founder and chairman Bang Si-hyuk with an offer to sell about 80% of his SM shares to the rival K-pop company.

SM’s chief rival HYBE is the furthest along in the U.S., of course, having acquired Scooter Braun’s Ithaca Holdings in 2021 and putting the mogul in charge of HYBE America, a genre-spanning collection of artist management and record labels that includes SB Projects, Nashville-based Big Machine Label Group and Atlanta hip-hop company Quality Control.

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