SM Entertainment and YG Entertainment have become the first entertainment companies to join the Federation of Korean Industries (FKI). On February 11, FKI held a board meeting at the FKI Tower Conference Center in Yeouido, Seoul. During the meeting, they announced that 54 companies, including SM and YG, have been approved as members of the respected organization.
Considering that the number of new members has usually been between 8 and 9, the requirements for applying have seemingly been lowered, but despite this, SM and YG were the only entertainment companies to make the final cut, confirming that it is still challenging for firms representing the music industry to join.
SM and YG are also both listed on Korea’s stock market KOSDAQ. Homes to Hallyu leaders BoA, TVXQ, Super Junior, Girls’ Generation, SHINee, f(x), EXO, PSY, Big Bang, 2NE1, Epik High, and others, the two companies are known for their global success and world tours.
A representative of FKI commented, “We will be open to member applications from companies of new fields in the future as well, and we are planning to reflect the voices of diverse firms.”