[Exclusive]"It got harder after paying off 7 billion won in debt"... Lee Sang-min's reason for stepping into idol production [Interview ①]

*This content was translated by AI.

Lee Sang-min, formerly of the group Rula who once carried an overwhelming debt, actually cites the moment he paid off all his debts as "the most difficult time." With his immediate goal suddenly gone, he set out to find another mountain and once again challenged himself in idol production.

In an interview conducted recently to mark StarNews' 22nd anniversary, Lee Sang-min revealed that he only learned late in the game that he had accumulated about 7 billion won in debt during his past broadcasting activities. While running a company and facing difficulties, corporate debts were transferred to him personally, and when his broadcasting fees were seized, he became aware of the scale of the debt he was carrying.

However, recalling that period, he remembered it as a time of greater joy. "I would leave home at 4 a.m. and return at 2 a.m. We recorded up to four programs in a single day, and on busy weeks, we did as many as twelve. I was so happy just paying off the debt that I kept working without any particular reason."

The moment he finally paid off all the debts he had carried for so long ironically marked his most difficult period. He stated, "Actually, the time when I had paid off all my debts was the hardest. With one goal gone, I struggled because I couldn't stop wondering, 'What should be my next goal?'"

In response, Lee Sang-min sought a new goal that would allow him to push himself again. The answer was "idol production." He explained his reason for returning to production by saying, "I thought it was a goal as painful as paying off debt and one with many realistic challenges, so I decided to take on the challenge."

His actions after setting a goal were swift. He made a decision within four to five months and immediately began working on songs starting with "Song Camp."

Regarding his currently preparing project, Lee Sang-min said, "Our target is a debut in June next year. The members have been preliminarily confirmed and are in practice, and a business trip for the Japanese member audition is scheduled for next month. We have completed the first round of song production with one German composer and two American composers, and the musical quality is truly excellent." He also expressed strong confidence, adding that regarding the concept, "I can only say that it's one team with two distinct lines," and noted that "the final number of members remains flexible."

Lee Sang-min aims to compete not by following the formula of large agencies but by leveraging his own skills and planning capabilities. He stated, "If you think you can't do anything now just because the environment is unfavorable, you'll never be able to do it in your lifetime. A singer must change the flow and trends of the K-pop industry to succeed."

Especially before diving into idol production, he put significant effort into establishing a stable revenue structure. Lee Sang-min explained, "Since company revenues generate corresponding expenses, the financial system had to be secured first. I have been running home shopping business for quite some time, and the beauty business that I personally prepared for over a year was launched this time, with marketing starting in September. Both the beauty business and e-commerce business are already well-prepared." In effect, he has created a structure where funds secured through existing businesses are reinvested into the idol project.

He also emphasized that production costs are being managed efficiently. Lee Sang-min stated, "I know quite well what kind of system is optimized for idol production by SMEs (small and medium-sized enterprises). Compared to other companies, we have reduced expenses to about one-tenth to one-fifth of the usual level. We are creating idols very frugally."

His goal is clear. Lee Sang-min declared, "My current goal is to receive evaluations in the market such as 'Lee Sang-min is still alive' or 'Lee Sang-min hasn't died yet.' I will never show those who supported me a scene of collapsing again."

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*This content was translated by AI.