A Furious K-Pop Fandom Spent 100 Million Won To Become Company Shareholders
From sending protest trucks to agencies to boycotting albums, fans have always found ways to make their voices heard, but one of the most legendary protests took place during second-generation K-Pop.
In October 2007, SM Entertainment announced Super Junior-M, a new Super Junior subgroup that would debut in China the following year. The group’s debut lineup consisted of Han Geng, Donghae, Siwon, Ryeowook, Kyuhyun, and two new members, Zhoumi and Henry. Super Junior’s fandom, E.L.F, was not pleased about the additional members, to say the least.
This largely stemmed from the fear that Zhoui Mi and/or Henry would replace existing Super Junior members. SM Entertainment founder Lee Soo Man had originally planned to employ a rotational member to concept to Super Junior, having been inspired by the J-Pop girl group Morning Musume. Morning Musume’s members “graduate” and leave the group in order for new members to debut in their place.
Though this rotation concept for Super Junior had been abandoned before Super Junior-M was announced, fans still protested the new lineup, which brought the number of Super Junior members up from 13 to 15, both online and in front of the SM Entertainment building.
E.L.F’s protest reached unprecedented levels when they launched their “One Fan One Stock” campaign in March of 2008. Fans began purchasing stock in SM Entertainment in the hopes of making changes as shareholders.
We wanted our voice to be heard by SM. We figured that they can’t continue to ignore our demands if we become investors.
— Kwon Min Jung, member of the Super Junior Fan Alliance
In just one month, approximately 15,000 members of the 200,000-member Super Junior Fan Alliance bought over 60,000 shares, 0.37 percent of SM Entertainment. The amount was equivalent to more than ₩100 million won (about $100,000 USD at the time and $76,000 USD today). Fans from all over the world reportedly sent the fan alliance donations to purchase the shares.
The campaign is an opportunity to restore our rights, both as fans and consumers. As shareholders, we can attend general meetings to make formal demands.
— Chung So Yeon, a member of the Super Junior Fan Alliance
According to an investment advisor at Woori Bank, Hyun Myung Joon, fans would have needed to purchase far more shares to hold sway over SM Entertainment, but the protest carried “symbolic meaning” nevertheless.
The current amount that the fan alliance owns isn’t enough to make them influential investors, but it does carry a symbolic meaning that management executives can’t completely disregard.
— Hyun Myung Joon
E.L.F’s “One Fan One Stock” campaign did not change Super Junior-M’s lineup in the end, but it has earned a place in the K-Pop fandom’s Hall of Fame!
