[Press Conference] MoU Joint Venture between SM Entertainment (South Korea) and Trans Media Corp (Indonesia)

On Monday (October 8, 2018), at Menara Bank Mega Jakarta, two companies which are leading in their own sectors; SM Entertainment and Trans Media Corp (a subsidiary of CT Corp), held a press conference for signing a strategic partnership in order to create a new trend in media and entertainment industries in Indonesia. Frontman of each company represented by Chairul Tanjung (Chairman CT Corp), Atiek Nur Wahyuni (CEO Transmedia), Young Min Kim (Group CEO of SM Entertainment Group), and Kyung Jin Han (CEO of SM Entertainment South East Asia) who attending this MoU.

Chairul Tanjung explained that both of the companies will collaborate on forming a joint venture company that will focus not only on talent management but also mobile platform and lifestyle. Starting Tuesday (09/10/2019), the two companies will have an intensive meeting located in Jakarta and Seoul, regarding the finalization of the strategy and business model for the joint venture. The selection of a business partner, TransMedia to SM Entertainment (vice versa) was based on the business direction similarities, which both are currently focusing on the mobile platform for future business development in order to attract the milennials who will soon control the market. Even more, they believe that Asia will be the center of future world economic power. Chairul Tanjung hoped that this joint venture could create something extraordinary, for Indonesia, South Korea, and also Asia.

Young Min Kim’s remarks began with condolences for the natural disaster that recently occurred in Palu, and also all people in Indonesia who were still in a state of grieving. Kim’s added that the joint venture will focus more on young people and hoping that the business model that would be finalized soon, could be an evidence that the future of young people is in Asia.

In a separate interview, Atiek Nur Wahyuni said that the joint venture hopefully will soon be pursued by the end of 2018. The form of collaboration will be very varied, but primarily in content, talent management, lifestyle, and also the mobile platform. Until now, the exact form of this collaboration is still in discussed, so there are still many possibilities that can occur such as program production, advertising, mobile game, artist performances, merchandise distribution, KPOP hologram concert in Trans Media theme park, etc. One of the spotlights is building new talents, giving a chance to talented Indonesian young people with a proper forum and informal education about entertainment world (grooming, building attitude, acting/vocal classes, etc) in order to make them ready as an artist, maybe like creating Indonesian-Pop (I-POP) with its own
differentiation that (hopefully) can have same quality as K-POP.

Last but not least, KoreanUpdates would like to thank Trans Media and SM Entertainment for inviting us to the MoU press conference. Hope that the joint venture will run smoothly and positively impact for both of the countries (and also Asia).

Written by: Hanisa Pratiwi