While SM Entertainment is currently facing back-to-back issues, K-pop fans are laughing at the recent move of Lee Soo Man, the label's founder, who was kicked out during the HYBE vs Kakao acquisition battle.

Since the start of 2024, SM, one of the biggest South Korean entertainment companies, has been facing multiple controversies involving its artists as well as internal affairs.

Amid all of these, Korean netizens are curious about where Lee Soo Man is now, the founder of the company, who spent 30 years since 1995 protecting its legacy as "Father of K-pop."

Lee Soo Man Sparks Laughter After Being Spotted at Taylor Swift Concert Amid SM 'Crumble'

With SM facing various issues, K-pop fans can't help but blame SM's current key people; CEO Jang Cheol Hyuk, CAO Chris Lee and COO Tak Young Joon who are letting all of this happen.

Pink Bloods (SM stans) also thought that none of this would happen if they didn't kick out of Lee Soo Man due to a recent infighting that happened amid HYBE vs. Kakao acquisition over SM.

Despite their anger and "hot and cold" relationship with the founder, netizens can't deny his skills in managing its artists to avoid these problems although he is lacking in other fields most of the time.

While some visualized Lee Soo Man feeling bad seeing what's happening to the label he built half of his life, K-pop enthusiasts bursted with laughter after realizing that it was the other way around.

Amid all SM's issues, Lee was seen having his time watching Taylor Swift's concert in Singapore alone, and it seemed like he didn't mind whatever was happening in K-pop.

This unexpected move happened after he sold all of his remaining SM stocks to HYBE, completely leaving his former company to his nephew's hands.

With this, K-pop fans exclaimed that Lee never failed to do the funniest things and left comments on X.

What Will Happen to SM Entertainment?

At the beginning of the year, SM Entertainment suffered multiple financial losses after the decrease in album sales, not to mention the number of its artists who left the agency such as Super Junior and EXO.

SM continued to face threats to its assets following aespa Karina's dating issue and mistreatment of aespa members, which led to increasing boycotts from the fandom.

On March 5 then, SHINee, one of its biggest moneymakers who have been loyal to them for 16 years, also confirmed Taemin, Onew's departure from the label, and fans think it is only a matter of time before more of its original artists will leave the agency one by one as well.

With Kakao and HYBE holding some of the biggest shares in SM Entertainment, there is an increasing expectation of how will they intervene in the issues and how will affect SM artists.

Earlier, Kakao already hinted at its move, announcing that it will change SM officials including its executives who ousted Lee Soo Man.

READ MORE: Kakao to Kick Out SM Entertainment Executives Who Ousted Lee Soo Man — More Details Here!

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Written by Eunice Dawson.