[CEO in the market] Park ChungMin Cube Entertainment

“Full-fledged advancement into Great China”
Investments in talent development and practice rooms
Stepping stone to be an entertainment agency that stands with big 3.

“This year we will be making an aggressive advancement into the Greater China, with concerts performances and Chinese albums”

The CEO of Cube Entertainment, Park ChungMin (40 years old) expressed his aspirations, “This year, we will be entering into the Chinese market. Artists under our wings will be cross Korea’s borders and become Asia’s big stars through the China advancement.”

Cube Entertainment which will be listed in coming April, was founded in 2008 August. Under its management, Cube Entertainment houses female group 4minute, male group BEAST, BTOB , female soloist G.NA and male soloist Rain.

In order to enter the market, Cube Entertainment will be partnering up with a few Chinese local management companies. Unlike other entertainments that established subsidiaries in China, Cube Entertainment took a slightly different path by cooperating with local management entertainment businesses, of which the income generated from albums, concerts or appearances on broadcast will be shared among partners. Park ChungMin elaborated, “In China, it’s not easy to select an entertainment agency that are specialised in managing artists, unlike in Korea or Japan. We are currently discussing with 2 to 3 potential Chinese partners that are carrying out management or contents business. By this year, we will be able to formalize the contract and then advance into China.”

Apart from the Chinese market, Cube Entertainment is in to strengthen its financial aspects through income generated from Japan. In particular, Cube’s representative group BEAST signed a three years contract with  Hakuhodo DY Media Partners which is a subsidiary of Japan’s largest advertising company, Hakuhodo DY Group, thus, showing potential success in Japan. CEO Park continued, “We witnessed BEAST’s potential to succeed in Japan via our relationship with Hakuhodo. We are even more looking forward to income generated from releases of album and concerts in Japan.” He followed, “BEAST have been resting from world tour since 2 years ago. There are plans for world tour again this year. BEAST are also preparing for a concert in Tokyo Dom in early 2016.” Other than BEAST, BTOB, too have confirmed the release of a new album through a local Japanese entertainment company.

This year, Cube Entertainment will shown their earnest determination in scouting talents around South East Asia. Upcoming 5-members female group ‘CLC’ will be debuting with a Thai trainee. CEO Park introduced, “We cooperated with CJ E&M’s overseas subsidiaries, tvN, and Fox International Channel for audition program ‘KPOP Star Hunt’. Sorn, a Thai girl who was crowned first will be debuting as a member of CLC. CLC will be a girl group we will introduce 5 years after 4minute’s debut.”

The capital funded from the listing exercise will be used in developing rookies and to invest in practice facilities. CEO Park explained, “We will enhance the training systems for our trainees and existing artists, as well as to add a few practice rooms with the funds. In particular, we will allocate additional funds for our scouting team who has been diligently scouting foreign trainees.” Cube Entertainment currently has 5 foreign trainees from China, Thailand and more. They are currently scouting for talents especially in the South East Asia, like Thailand, where the KPOP wave is popular. And the operations are expected to expand (with the funds).

1. Cube Entertainment has filed a notification to the Securities Commission in regards to its merger with WooriSpac2.
2. The resolution is to be approved in the coming general meeting with shareholders on 26th February.
3. The merger date would be on 30 March.
4. The listing date would be on 9 April.
5. Capital injection of 2.5b Won and market capitalisation of 57.7b Won are estimated after listed on the stock exchange.
6. Cube Entertainment’s main shareholder remains with iHQ with a shareholdings of 50.01%.
7. Cube Entertainment’s accumulated operating profit up to 3rd quarter in 2014 was 1.8b Won. Revenue at 14.2b Won and Net profit at 1.3b Won.
8. Estimated profit for this year is 5.0b Won with an estimated revenue of 3.9b Won.

Please take out with full credits

Trans: loveindacube.wordpress.com

Source: Seoul Kyeongjae

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