Top music agency head lauds SNS for K-Pop boom

Lee Soo-man, chairman of Korea's top record label SM Entertainment Co., said Wednesday the "Korean Wave" is fast spreading across the world through social network services (SNS), such as You Tube and Facebook.

"There are many people all over the world who enjoy Korean music," said Lee in a forum in Seoul. "K-Pop helps expand the Korean Wave and contributes to its globalization."

Lee has recently been in the media spotlight as shares of his agency have been on a roll for months on the back of K-Pop popularity across Asia and Europe. Since making its debut on the secondary KOSDAQ bourse more than a decade ago in 2000, the leading entertainment agency traded at 52,400 won per share as of Wednesday and has increased nearly three-fold from its price of 17,900 won in the beginning of the year.

The agency represents the country's most lucrative pop idol group lineup, including Girls' Generation, Super Junior and SHINee.

"SNS, mobile smart devices and other types of new media networks have helped build a virtual nation called 'SM Town,'" the CEO said. He defined a virtual nation as an online community where music fans freely share cultural contents.

A video clip of Girls' Generation's new music "The Boys" on You Tube had nearly 20 million hits in about a month since it was released in October.

Lee also told the gathering that real name verification rules should be expanded to the entire Internet space to eradicate illegal downloads and boost investment in cultural content and softwares. (Yonhap)