One of Korea's top K-pop companies is opening a K-pop school, and a semester there will cost you at least $6,700

• Known for K-pop sensations such as NCT and Red Velvet, SM Entertainment is one of the founding fathers of K-pop.
• The first term at the company's K-pop school, SM Universe Academy, starts today.
• Tuition fees range from $6,700 to $7,600 per term, and students can pick from five majors — including acting and dance.

In recent years, K-pop has evolved beyond just a music genre from South Korea to a global phenomenon. Just having the top K-pop group members from BTS enlisted in mandatory military service over the next few years — preventing them from performing — will cause the country to lose billions from tourism and consumer goods, according to Insider.  

SM Entertainment is often dubbed as one of the founding fathers of K-pop. The Korean entertainment company is also behind famous K-pop groups such as NCT and Red Velvet . It was announced yesterday that the company will finally be opening the doors to its K-pop school SM Universe Academy today, according to a report by Korean news ChosunBiz.

Run on a three-year program, the school offers a total of five majors — production, vocal, dance, modeling, and acting — which students can select depending on their track, either K-pop or K-stage.

"Everyone, become an artist yourself and lead the K-pop culture forward, what do you think?," said Hong Jong-hwa, the dean of the academy, in a promotional video. Hong holds a Master's in music technology from New York University, and is an established figure in the industry with famous students including Korean hip-hop artist Jessi and the producer of BTS's hit song DNA, Supreme Boi.

One hundred and twenty students will be enrolled per semester, where each semester costs up to 10 million won, $7,600, for vocal courses, and a lower fee at 8.8 million won, or $6,700, for the other courses.

To enroll in the academy, students have to go through an audition process before being selected, and to continue to the second semester in September, they will have to go through another round of auditions sometime between July and August.

Training academies that aim to produce the next K-pop star are not a new concept in the country, where other similar K-pop schools have been emerging before the launch of SM Universe Academy.

These academies typically train teens aged 10 to 14 in a variety of performance skills, including singing and dancing, on a grueling full-time schedule, according to CNN.