Korean Entertainment Agency Taking Its Acts Globally | Summary and Q&A

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May 12, 2011
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Stanford Graduate School of Business
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Korean Entertainment Agency Taking Its Acts Globally

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Summary

In this video, the CEO of SM Entertainment, Young Min Kim, talks about the rise of the Korean Wave and the globalization strategy of SM Entertainment. He explains the key components of their unique business strategy and how it has led to their success. He also discusses the importance of culture technology, the potential of the Chinese market, the role of new media and social networks, and the key to living a successful life.

Questions & Answers

Q: What is the Korean Wave also known as?

The Korean Wave is also known as Hallyu.

Q: How has SM Entertainment's business strategy been benchmarked by other companies?

SM Entertainment's unique business strategy has been benchmarked by numerous companies worldwide due to their great success in the Korean Wave. They have shown how to effectively penetrate and expand into new markets through collaborations and joint ventures.

Q: What are the three phases of culture technology?

The three phases of culture technology are the export of cultural contents, market expansion through collaboration, and the establishment of joint ventures. These phases are meant to integrate Asia as one market and pass on Korea's culture technology.

Q: What is the goal of the third phase of culture technology?

The goal of the third phase of culture technology is to establish joint ventures in each market and share Korea's culture technology. The ultimate goal is to build a strong and reliable globalized market and create added value.

Q: How has SM Entertainment expanded throughout Asia?

SM Entertainment artists have expanded throughout Asia and have been performing large-scale concerts in various cities including Hong Kong, Taiwan, Thailand, the Philippines, Malaysia, and Singapore.

Q: How has the Korean Wave spread to other countries?

The Korean Wave has expanded beyond its typical popularity and boundaries and has become a social phenomenon in countries like Japan. Korean culture, including music and TV dramas, has gained tremendous popularity and attracted a large number of fans.

Q: How has SM Entertainment penetrated the Chinese market?

SM Entertainment has successfully penetrated the Chinese market through their group Super Junior-M, which consists of both Korean and Chinese members. They have also launched a girl group called f(x) with both Korean and Chinese members.

Q: What is the significance of pursuing culture technology?

Pursuing culture technology allows for the creation of exquisite and complex cultural content that goes beyond typical information technology. SM Entertainment aims to pass on their culture technology and establish joint ventures to ultimately build a strong and reliable globalized market.

Q: What does the term "prosumer" mean?

The term "prosumer" refers to a combination of a producer and consumer. In the age of new media and social networks, prosumers actively consume and produce media content, shaping the success of the Korean Wave.

Q: What is the importance of interest, concentration, and passion in career choice?

Interest, concentration, and passion are essential in career choice as they help to develop skills, acquire knowledge, and ultimately lead to success. It is crucial to choose a career path that aligns with your interests and fosters concentration and passion.

Takeaways

The Korean Wave, also known as Hallyu, has expanded beyond Asia and has become a global social phenomenon. SM Entertainment's unique business strategy and focus on culture technology have played a significant role in their success. They have successfully penetrated Asian markets, expanded their artists' reach, and established collaborations and joint ventures. The rise of new media and social networks has also contributed to the spread of the Korean Wave. To live a successful life, it is crucial to choose a career path that aligns with your interests, fosters concentration, and fuels passion.

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