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‘King of K-pop’ pioneered music industry practices that fueled the genre’s global expansion

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Lee Soo Man resisted the title at first. “King of K-pop” sounded too brash, too nightclub-esque — like something you’d see on a neon sign in Itaewon, a nightlife neighborhood in the South Korean capital Seoul once popular with U.S. soldiers and foreign visitors. “I asked them, ‘Couldn’t it be Father of K-pop?’” the 73-year-old recalled during a recent interview with The Associated Press.

He was discussing the title of Amazon Prime’s documentary about his career. The producers insisted the bolder moniker would resonate better with American audiences. After some back-and-forth, Lee relented. “I had to follow their decision.”

The compromise speaks to Lee’s pragmatic approach to breaking South Korean acts into the American mainstream — a three-decade quest that often required him to bend but never break his vision. Now, as the founder of SM Entertainment and widely credited as the architect of K-pop’s global expansion, Lee will be inducted into the Asian Hall of Fame on Saturday alongside basketball legend Yao Ming, Olympic figure skater Michelle Kwan, and rock icon Yoshiki, among others.

Lee remains a prominent but controversial figure in K-pop history. His label pioneered the industry’s intensive training system, recruiting performers as young as elementary school age and putting them through years of rigorous preparation. Some of his artists have challenged their contracts as unfair, sparking broader debates about industry practices.

The recognition arrives as Lee reemerges into the spotlight after a contentious, high-profile departure from the agency he founded in 1995 — a management battle that included a public feud with his nephew-in-law and a bidding war over his shares. He’s been keeping busy since, debuting a new band, A2O MAY, in both China and the U.S. He’s also investing in a boutique Chinese firm’s high-tech production technologies.

Born in South Korea, Lee studied computer engineering in the U.S. for his master’s degree. That technical background would later inform his approach to everything from visualization and cutting-edge production technologies — he said he’s been rewatching “The Matrix” to revisit filming techniques — to pioneering elaborate “worldviews” and virtual avatars for his K-pop bands.

For Lee, the Hall of Fame honor “confirms that K-pop has become a genre that the mainstream is now paying attention to” — an acceptance that came after costly lessons and years of trial and error.

When America wasn’t ready for K-pop

Lee invested about $5 million in BoA’s 2009 American debut with “Eat You Up,” one of the first songs by a South Korean artist to be primarily written and produced by Western producers — a bold early attempt to bring K-pop into the U.S. mainstream. But with few widely recognized Asian artists in American pop culture at the time, the market wasn’t ready. After nearly two years, BoA — already a megastar in Korea and Japan — decided to return home. The experience, Lee has said, left him with lasting regrets.

“When I asked the songwriter(s) to revise ‘Eat You Up,’ they refused,” Lee recalled. “If we had changed it, I believe it would have achieved much better results.”

Lee Soo-man arrives at the Asian Hall of Fame Induction Ceremony on Saturday, Nov. 1, 2025, at The Biltmore Los Angeles in Los Angeles.

Richard Shotwell—Invision/AP

Sourcing the world’s best songs for K-pop

That setback taught Lee that K-pop needed to source global talent while maintaining creative control to adapt songs for the worldwide market. His quest for the perfect tracks took him worldwide.

“I once heard a song that was so good I couldn’t let it go,” he said, recalling the track that would later become “Dreams Come True” for S.E.S., the late-1990s girl group. “I could’ve bought the license to the song in South Korea, Hong Kong, or Sweden. But I wanted to play it safe, so I found the Finnish address, went to meet the songwriter directly, wrote up a contract, and brought it back.”

At the time, top Western songwriters prioritized Japan, the world’s second-largest music market. “European songwriters were willing to sell to Asia,” Lee explained. “That’s how we eventually built a system where music from Europe, Asia, and America could come together.”

Fictional universes that keep fans hooked

That fusion became K-pop’s signature. Lee also helped to pioneer another innovation: elaborate fictional universes, or “worldviews,” for groups like EXO and aespa — a storytelling approach that would later be adopted across the industry, including by groups like BTS.

The concept emerged during his time in the U.S., where he witnessed MTV transform music into a visual medium. “But we only have three or four minutes,” he said. “How do we express dramatic, cinematic elements in such a short time?”

Lee’s solution was to create ongoing narratives that unfold across multiple music videos and releases — think Marvel’s cinematic universe, but for pop groups.

Unable to attract established screenwriters, Lee developed the storylines himself. The strategy proved prescient: These interconnected narratives give global fans reason to follow groups across comebacks, waiting for the next chapter in an unfolding saga.

Despite K-pop’s global success, Lee remains focused on Asia’s potential. He envisions South Korea as a creative hub where international talent learns production. “Korea should become the country of producers,” he said.

With the Asia-Pacific region home to more than half the world’s population, he sees it as entertainment’s inevitable future center.

His latest venture with A2O MAY, which operates in both China and the U.S., is testing that vision in one of Asia’s most challenging markets. China’s entertainment landscape has grown increasingly restrictive, with Beijing recently cracking down on “ effeminate ” male celebrities and youth culture. Asked about potential political risks, Lee dismissed concerns.

“Political risk? I don’t really know much about that,” he said.

He said he aims to elevate South Korea’s cultural influence as a center of production while meeting China’s needs as it seeks to expand its soft power alongside economic dominance.

“Culturally, does China need what we do? I believe they do.”

The documentary also addressed darker aspects of K-pop close to Lee’s heart, including the suicides of SM Entertainment artists.

He traces the problem to anonymous and malicious online comments that often evade accountability, especially when posted on servers outside South Korea’s jurisdiction, calling it a global issue requiring international cooperation. Lee advocates for worldwide standards on user verification and mediation systems where victims could identify attackers without expensive legal battles.

But Lee resists the media’s focus on K-pop’s problems. “Should we always weigh the dark side equally with the bright side, the future?” he asked. “Media should consider whether K-pop represents more future or more past that holds us back. Rather than just discussing the dark side and dragging us down by clinging to the past, shouldn’t we talk more about the future?”

After more than three decades, Lee’s definition remains straightforward: “K-pop is a new language of communication that transcends barriers. These languages move around naturally — what you can’t stop is culture.”



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SpaceX to offer insider shares at record-setting $800 billion valuation

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SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company. 

The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said. 

Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.

Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares. 

“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X. 

The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

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The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

Elite Group

SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public. 

An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc. 

If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.

A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.



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National Park Service drops free admission on MLK Day and Juneteenth while adding Trump’s birthday

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The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.

The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.

Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.

The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.

The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).

Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.

Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.

“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.

Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.

That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.

“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”

Some Democratic lawmakers also weighed in to object to the new policy.

“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”

A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.

Since taking office, Trump has sought to eliminate programs seen as promoting diversity across the federal government, actions that have erased or downplayed America’s history of racism as well as the civil rights victories of Black Americans.

Self-promotion is an old habit of the president’s and one he has continued in his second term. He unsuccessfully put himself forwardfor the Nobel Peace Prize, renamed the U.S. Institute of Peace after himself, sought to put his name on the planned NFL stadium in the nation’s capital and had a new children’s savings program named after him.

Some Republican lawmakers have suggested putting his visage on Mount Rushmore and the $100 bill.



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JPMorgan CEO Jamie Dimon says Europe has a ‘real problem’

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.

“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”

While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.” 

Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”

On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.

“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”

He said the US should help.

“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”

The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”

Read More: Trump’s National Security Strategy Veers Inward in Telling Shift

JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway. 

Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”

Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies. 

The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.

Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.

“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”



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