SM founder Lee Soo-man (R) and Chairul Tanjung, the chairman of CT Corp, shaking hands on Feb. 21, 2019, in Jakarta, Indonesia, after signing an agreement to set up a joint venture. (image: SM Entertainment)
SEOUL, Feb. 21 (Korea Bizwire) — SM Entertainment, a leading South Korean talent agency and music label, signed an agreement with a media branch of Indonesia’s CT Corp on Thursday to make inroads into the Southeast Asian country, the local firm said.
Under the heads of agreement signed in Jakarta with Trans Media, the two sides will set up a joint venture for entertainment projects in Indonesia, according to SM.
The joint venture will chiefly focus on the four objectives of launching SM’s K-pop artists in Indonesia, producing pop content, brokering commercials and running a lifestyle business, according to SM.
SM initially signed a memorandum of understanding with the Indonesian conglomerate in October to push for the joint collaboration.
Their first joint project will involve famous Indonesian singer Rossa. SM’s boy band Super Junior will soon release music together with her, SM said.
The agreement’s signing ceremony in Jakarta brought together Rossa and Chairul Tanjung, the chairman of CT Corp, as well as SM chief Lee Soo-man and Super Junior member Leeteuk.
“(SM) expects enormous outcomes to be garnered by entering into the Indonesian market, the biggest of the ASEAN countries, with more than 100 million young consumers out of its population of 260 million,” SM said.
(Yonhap)
