Kreation Music Rights

Last updated

Kreation Music Rights
Company type Subsidiary
Industry Music
PredecessorSM Friends
FoundedSeptember 2023;1 year ago (2023-09)
Headquarters
South Korea
Key people
 Lee Sung-soo (CEO)
Services Music publishing
Parent SM Entertainment
Website kreation.co.kr

Kreation Music Rights is a South Korean music publishing company and a subsidiary of SM Entertainment. It was launched in 2023 as part of the company's SM 3.0 strategy. As of May 2024, KMR has recruited around 150 songwriters, making it the largest company of its kind in the K-pop industry. [1]

Contents

History

In August 2023, SM Entertainment CEO Jang Cheol-hyuk announced plans during an investor presentation to launch a new music publishing company called Kreation Music Rights (KMR), as part of the SM 3.0 strategy. SM converted the existing SM Friends subsidiary into a music publishing label to support SM's newly established multi-production center system, providing a wider pool of songs for artists. It was also intended to provide an additional revenue stream for the company, enabling the internalization of royalties and music sales to other companies. [2] KMR was launched in September 2023, [3] with investment of 27.1 billion won. [4] Lee Sung-soo, SM's chief A&R officer and longtime head of production, was appointed CEO. [5]

KMR established a European office in Stockholm in December 2023. Writers signed to the company include Norwegian songwriting team Dsign Music, responsible for songs such as Girls' Generation's "Genie", NCT Dream's "ISTJ" and Taemin's "Want", and Sweden-based duo Sunshine, responsible for Red Velvet's "Psycho" and Aespa's "Spicy". KMR also acquired the South Korean production teams MonoTree and The Hub, joining the Kangta-led Smash Hit as CICs (company-in-company). It has plans to establish a North American subsidiary and form additional partnerships with local companies. [6] [7] KMR attracted controversy over its acquisition of The Hub and entertainment company 10x Entertainment, with allegations that it overpaid for the two companies. SM refuted this, explaining that The Hub showed rapid sales growth and 10x was part of its plan to establish a label. [8] In March 2024, KMR launched the production label Kustomade, representing former Stray Kids member Kim Woo-jin and Yelo, a member of MonoTree. [9] [10] It signed business agreements with several educational institutions to foster new talent in the field of K-pop production, including Dong-ah Institute of Media and Arts and Howon University. [11] [12] In September 2024, Kangta said that SM had released around 170 songs through KMR since its establishment, and that it was saving them up to 60 billion won per year in copyright and publishing fees. [13]

Labels

Company-in-company

Production labels

Artists

Kustomade

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References

  1. ↑ Hong, Yoo (May 26, 2024). "[Herald Interview] SM subsidiary KMR aims to broaden K-pop spectrum". The Korea Herald . Retrieved August 24, 2024.
  2. ↑ Dalugdug, Mandy (August 10, 2023). "SM Entertainment to Launch Music Publishing Subsidiary, Kreation Music Rights". Music Business Worldwide . Archived from the original on February 12, 2024. Retrieved April 5, 2024.
  3. 1 2 3 4 Dalugdug, Mandy (March 11, 2024). "SM Entertainment Beefs Up Publishing Arm Kreation Music Rights With New Signings, Acquisitions". Music Business Worldwide . Archived from the original on March 11, 2024. Retrieved April 7, 2024.
  4. ↑ Lee, Ji-hye (August 22, 2023). 이성수, A&R경력 앞세워 음악 퍼블리싱 자회사 지휘 [Lee Sung-soo, with his A&R experience, leads a music publishing subsidiary]. The Bell (in Korean). Retrieved August 22, 2023.
  5. ↑ Lee, Ji-hye (August 7, 2023). 이성수 전 대표, SM엔터 음악 자회사 '대표'로 복귀 [Former CEO Lee Sung-soo returns as CEO to SM Entertainment's music subsidiary]. The Bell (in Korean). Archived from the original on April 9, 2024. Retrieved April 30, 2024.
  6. ↑ Kim, Ju-yeon (February 16, 2024). "SM Entertainment scouting global producers and songwriters through subsidiary KMR". Korea JoongAng Daily . Archived from the original on March 25, 2024. Retrieved April 7, 2024.
  7. ↑ Robinson, Kristin (March 8, 2024). "SM Entertainment Plans to Push Publishing Business Into North America, Europe". Billboard . Archived from the original on April 8, 2024. Retrieved April 7, 2024.
  8. ↑ Lee, Ji-hye (February 19, 2024). KMR, 음악 퍼블리싱+레이블까지 '존재감 부각' [KMR, music publishing + label 'highlights presence']. The Bell (in Korean). Retrieved April 30, 2024.
  9. 1 2 3 Kim, Ju-yeon (March 25, 2024). "Former Stray Kids member Kim Woo-jin to drop new music under Kustomade label". Korea JoongAng Daily . Archived from the original on March 25, 2024. Retrieved April 30, 2024.
  10. 1 2 Choi, Jae-seo (March 18, 2024). SM 자회사, 프로듀싱 레이블 '커스터메이드' 출범 [SM subsidiary launches production label 'Kustomade']. Yonhap News Agency (in Korean). Retrieved April 30, 2024– via Naver.
  11. ↑ Kang, Yeo-ul (March 12, 2024). 동아방송예술대-KMR, K-pop 신인 작가 발굴 위한 업무협약 체결 [Dong-ah Institute of Media and Arts and KMR sign business agreement to discover new K-pop artists]. Chosun Edu (in Korean). Retrieved April 30, 2024.
  12. ↑ Lee, Tae-hee (August 8, 2024). "SM Entertainment's KMR partners with Howon University to nurture future music talent". Korea JoongAng Daily . Retrieved August 24, 2024.
  13. ↑ Ha, Ji-eun (September 10, 2024). 강타 "SM 3.0 엔진은 퍼블리싱 자회사" [KIW 2024] [Kangta: "SM 3.0's engine is a publishing subsidiary" [KIW 2024]]. Korea Economic Daily (in Korean). Retrieved October 3, 2024– via Naver.
  14. ↑ Ko, Seung-hee (April 4, 2024). 이성수 SM CAO "'촉이 왔다'는 말 경계... K-팝 엔진 역할할 것" [인터뷰][K-컬처 위닝스토리] [Lee Sung-soo, SM CAO "Beware of saying 'I've got a feeling'... It will serve as a K-pop engine" [Interview] [K-Culture Winning Story]]. Herald Economy (in Korean). Retrieved April 7, 2024– via Naver.
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