Two of K-pop’s two biggest players are recalibrating global strategies, with India emerging as a new frontier. SM Entertainment and Hybe are increasingly stepping into each other’s core markets, as SM pushes deeper into the US while Hybe accelerates its expansion across Asia, particularly India. SM has long maintained a strong foothold in Asia, especially in Japan, the world’s second-largest music market. Its early K-pop acts such as BoA, TVXQ and Shinee built massive followings there, with some