SM Entertainment, S.Korean startup Jienem to build K-Pop hotel

South Korea's residence operator startup Jienem announced on Monday that it signed a memorandum of understanding (MOU) with Kreation Music Rights (KMR), a music publishing subsidiary of K-pop pioneer SM Entertainment Co.

Under the MOU, both companies plan to build a K-pop hotel catering to global K-pop fans, overseas composers, and lyricists.

They aim to create a cultural hub for K-pop enthusiasts. Jienem operates six residences nationwide and has recently secured investment from SM Culture Partners.

The 2023 Global Hallyu Status report by the Korea Foundation and the Ministry of Foreign Affairs indicates that as of December last year, the number of Hallyu (Korean Wave) fans worldwide reached around 225 million.