South Korean Internet giant, Kakao Corporation, has reportedly signed an agreement with the Seoul Metropolitan Government to construct the country’s first and largest concert arena dedicated to K-pop performances.
The construction of the multicultural complex, named Seoul Arena, will start in June and is expected to finish by October 2025.
Seoul Arena will be located in the capital city’s northern Dobong-gu district and will have the capacity to accommodate over 20,000 attendees for each event.
As per Kakao, the arena will be comprised of venues specialized for music concerts and have around 19,000 seats, with a maximum capacity of 28,000 concertgoers including a standing room.
Currently, mega concerts featuring top artists take place either at the Olympics Stadium or at outdoor venues, but with the planned arena, superconcerts will now have access to the perfect venue equipped with state-of-the-art sound equipment.
The arena will also feature a movie theater as well as commercial facilities, along with a separate, midsized concert venue having a maximum capacity of 7,000 attendees.
Kakao stated that it expects the arena to attract around 1.8 million visitors yearly and help revive the local economy while also boosting the concert ecosystem by providing various cultural content, including performances by K-pop artists.
A special-purpose firm will be established, with Kakao being its lead investor, to oversee the design, construction, operation, as well as maintenance of the arena.
As per Seoul’s city government, the project’s estimated cost is approximately ₩312 billion ($257 million), with Kakao saying that it will be funding 97% of the company’s capital.
Known for its leading messenger app, KakaoTalk, Kakao’s investment in Seoul Arena is in keeping with its aggressive expansion into the entertainment industry as its subsidiary, Kakao Entertainment acquires various studios, agencies, and labels.
Meanwhile, the company also stated that it plans on launching several programs to foster aspiring artists and provide studios and concert venues for their content, as part of its community outreach program.
The firm plans to organize events in collaboration with local cultural groups and small-business owners in the locality as well.
Source credit: http://www.koreaherald.com/view.php?ud=20220404000729