The man who built SM Entertainment is back. And he is not alone.
Lee Soo-man, the veteran producer who founded SM Entertainment in 1995 and helped shape the modern K-pop system, reached the end of a three-year noncompete agreement in late February. His return to the Korean market with a new boy group is expected in the first half of 2026, and it is drawing attention from across the industry.
Since leaving SM in 2023, Lee has been building Singapore-based A2O Entertainment, with offices in the US, China and Japan. The company previously debuted global girl group A2O May, which charted at number eight on Billboard's Emerging Artists list. The upcoming boy group is expected to take a different direction, targeting the Korean market more directly than A2O May did.
Lee's track record carries obvious weight. Under his leadership, SM produced H.O.T., S.E.S., TVXQ, Girls' Generation, SHINee, EXO and NCT. These are not just successful groups. They are the groups that, in many ways, defined what K-pop looks and sounds like internationally. Industry insiders say Lee's return carries "symbolic significance" precisely because of that history.
But symbolic significance and market success are different things. One anonymous industry official was direct about it: "Initial attention will naturally be high, given the 'Lee Soo-man label' that will follow the group. But ultimately, the success of the new boy band will depend on the quality of the music and concept. Musical identity, storytelling and global strategy will determine whether the group can gain lasting traction."
Lee is not the only one with something to prove this year. Min Hee-jin, former creative director at SM and now CEO of Ooak Records, has teased a boy band debut through her new label, selected through a global audition and built around what she has described as an unconventional, narrative-driven approach. SM itself is also preparing a new boy band through trainees known as SMTR25, who were revealed at the company's 30th anniversary concert earlier this year and are currently starring in Mnet's reality show "Reply High School." SMTR25 is also scheduled for three sold-out fan meeting events in May 2026. YG Entertainment and Ador are also reportedly preparing boy groups.
All of this is happening while BTS prepares their comeback, which means the attention economy in K-pop is about to get very crowded. Whether any of these new groups can cut through in that environment is the real question.
"Competition among companies with distinct creative approaches could ultimately help shape the next generation of K-pop acts," another industry insider said. "If several of the upcoming launches prove successful, 2026 could mark the beginning of a shift in the K-pop power landscape."