While the first month of 2013 is coming to an end, two major business deals occurred this month in which two leading Korean entertainment companies launched new businesses.
On January 3, SM Entertainment announced the establishment of SM Contents Investment (SMCI) which it said would secure high-quality contents.
SMCI is founded by SM Entertainment Japan and is to utilize their worldwide network and promote overseas projects.
“We expect that SMCI will make a large contribution on expanding the contents market in Korea as well as Asia,” SM officials said.
SMCI will create a fund of 50-100 billion won [4.7 million U.S. dollar] in the first half of 2013 alongside its local and overseas partners.
“We plan to invest contents such as movies, concerts and dramas, which can make forays into the international market,” officials added.
In the meantime, iHQ has expanded their business by launching a beauty franchise.
The firm launched DuSol Beauty in early January, opening four shops around the capital region of Korea.
“Sidus HQ [a subsidiary company of iHQ], which successfully led promotion activities of CaffeBene [a leading coffe label in Korea], will directly manage the beauty franchise business. We will provide consumers with a brand-new service through a variety of culture and entertainment contents,” officials from DuSol said.
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