Market Report: South Korea
South Korea is one of the biggest music markets in the world due to the massive global presence and popularity of K-Pop.
Following the successful debut of the 15,000-cap Mohegan INSPIRE Entertainment Resort last November (powered by new market entrant Total Ticketing) the peninsula is set to undergo a significant uptick in infrastructure with at least two more venues (Seoul Arena and the CJ Live City Arena) scheduled to open in 2025.
Primary ticketing
Much like their neighbours across the Sea of Japan, the South Korean ticketing industry is dominated by three companies: Ticketlink, Yes24, and Interpark.
The latter is recognised as the country’s largest ticketer since it was first established in 1996 as South Korea’s first online shopping mall. Interpark was acquired three years ago when hospitality startup Yanolja acquired a 70% stake in the company’s ticketing division for $248m.
Following the takeover, Interpark set a new revenue record last year of $762m
Following the takeover, Interpark set a new revenue record last year of $762m – an 18% rise on 2022’s figures ($614.98m), with foreign interest in Korean culture and performance a major factor.
Distribution of sales
Korean websites have become more user-friendly, but the majority of customers still opt for printed tickets according to Patrick Connor, co-founder of promotion and booking agency Highjinkx. “Especially for bigger shows, fans tend to go for physical tickets, often because they serve as a memento for them,” he explains.
Value of market
In 2023, the Korea Arts Management Service and PwC Korea estimated that the live music industry was valued at between $416m and $489m. PwC predicts that by year’s end, the market is set to be worth approximately $505m.
Secondary ticketing
The South Korean government have put in place legislation, which came into effect in April, outlawing the use of bots and macro tools to purchase tickets, with offenders facing up to one year in prison or a fine of $7,272. This has been celebrated as a major victory by anti-scalping campaigners, who had long lamented the antiquated laws that allowed the malpractice to thrive.
The South Korean government have put in place legislation, which came into effect in April, outlawing the use of bots and macro tools to purchase tickets.
International/domestic splits & genres
K-Pop still reigns supreme, followed by dance/idol, movie/TV scores, and singer-songwriter ballads, alongside an emerging appreciation for rap and R&B.
International artists make up just 8% of the market despite its status as an international touring hub.
Cultural analysis
The term “untact” – a portmanteau of “un” and “contact” – has become part of the South Korean zeitgeist since the pandemic started. Untact is a South Korean government policy that aims to spur economic growth by removing layers of human interaction from society. Specifically for the live events industry, the term also refers to the practice of buying and selling tickets online.
Taxes & charges
The current sales tax on tickets in South Korea is 10%. Typically, promoters will build this into the ticket price, which ranges between $40 and $64. Ticketing companies typically charge around 5.5% of the ticket sale price as commission. However, this rate can be negotiated and reduced for larger shows or festivals.
The withholding tax on the income of artists touring in South Korea is set at 22%.
Arena Market: South Korea
With K-Pop’s gargantuan popularity around the world not waning anytime soon, South Korea’s status as a global music juggernaut remains undisputed. Not only does K-Pop reign supreme in its country of origin, but the genre has long shared stage space with a variety of international acts, making it one of Asia’s key destinations for some of the world’s most prominent musicians.
“The live entertainment scene in South Korea is vibrant, with a surge in demand driven by the global fascination with K-Pop,” explains Tommy Jinho Yoon, president of International Creative Agency (ICA), one of Asia’s biggest concert promoters. “Acts such as NewJeans, Seventeen, IVE, Le Sserafim, Stray Kids, ENHYPEN, ZERØBASE ONE, and others are not only drawing large crowds domestically but are also gaining international recognition. Fans are eagerly attending concerts, creating an electric atmosphere for performers and audiences alike.”
Seoul, the country’s sprightly capital, is South Korea’s premier city for international touring artists to strut their stuff– particularly at the Gocheok Sky Dome. Normally used to host baseball matches for 16,774 fans, the venue also allows up to 25,000 music fans – Maroon 5, Queen + Adam Lambert, and U2 have taken the stage in recent years. Despite the paucity of gigs that have taken place since 2020, last year saw history being made with BLACKPINK being the first-ever girl group to play at the iconic venue, while Dua Lipa returns for the first time in six years as part of her Radical Optimism Tour in December.
“More than ever, international acts are doing extremely well in Seoul,” Yoon says, also citing the rising popularity of certain genres providing ample opportunities for the South Korean market in general. “Alongside K-Pop, which stays at the forefront of the country’s music industry, the likes of pop, hip-hop, and EDM continue to thrive, appealing to a diverse audience.” However, Yoon adds that there is an emerging interest in traditional music, which offers artists the chance to “diversify their offerings and connect with new audiences.”
“More than ever, international acts are doing extremely well in Seoul”
Seoul is also home to the 11,069-capacity Jamsil Indoor Stadium (also referred to as the Jamsil Arena), which forms part of the Seoul Sports Complex and features retractable seating to configure attendance depending on a variety of events, ranging from basketball to pro wrestling, and has seen concerts by several K-Pop and K-Rock acts such as Day6 and Riize earlier this year. Furthermore, international artists such as Mariah Carey, Sting, and Brian McKnight have played there, and Olivia Rodrigo is slated to perform there in September as part of her Guts World Tour.
Other major venues in Seoul include the 14,877-cap Olympic Gymnastics Arena – aka the KSPO Dome, which saw performances from Harry Styles, Conan Grey, and Charlie Puth last year, and the indoor SK Olympic Handball Gymnasium, which is able to accommodate 6,500 spectators and was one of several key venues built for the 1988 Summer Olympics that have since been remodelled to function as arenas for concerts.
Earlier this year, Maroon 5 were the headline act for the grand opening of the Mohegan Inspire Entertainment Resort located on Yeongjong Island just off the coast of Incheon. Billed as the country’s first multipurpose arena, the resort’s new 15,000-seater will be one of three new concert venues that are scheduled to open by the end of 2025, along with the Seoul Arena (the result of a partnership between AEG and CJ LiveCity, which will bring about the world’s first arena that strictly specialises in K-Pop) and the CJ LiveCity Arena in Goyang (a metropolitan hub in Seoul).