Second K-pop arena planned for South Korea
A second arena dedicated to staging K-pop concerts is planned for South Korea’s capital city, Seoul.
It was announced yesterday (4 April) that South Korean IT giant Kakao and the Seoul metropolitan government have signed an agreement to start building the arena in Seoul’s northern Dobong district, this June.
Expected to be complete in October 2025, Seoul Arena will reportedly include a concert venue boasting state-of-the-art sound equipment, with a seating capacity of around 19,000 and a maximum capacity of 28,000 for standing events.
The arena will also feature a separate 7,000-capacity concert venue, as well as a cinema and commercial facilities.
Kakao said it expects Seoul Arena to attract some 1.8 million visitors per year and contribute to revitalising the local economy and bolstering the ecosystem of concerts.
Kakao said it expects Seoul Arena to attract some 1.8 million visitors per year
Kakao will reportedly be in charge of operating and maintaining the Seoul Arena for 30 years after it opens, while the venue will be owned by the city government.
Though Kakao has described the project as South Korea’s “first and largest” arena dedicated to K-pop, media giant CJ ENM and AEG began construction on a similar project last October.
The pair’s CJ LiveCity Arena, slated to open in Seoul’s Goyang City in 2024, is reportedly designed to accommodate 20,000 indoor attendees, with the capacity to extend to another 40,000 outdoors.
It is also said to be equipped with “the most powerful live performance infrastructure in the world”, including stage facilities, sound and lighting systems.
Centrally located between five of Korea’s largest cities, AEG projects the new venue will attract more than 20 million visitors annually.
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Ticketing startup Festy lands blockchain investment
Cork, Ireland-based ticketing startup Festy has announced a partnership and investment deal with South Korean internet company Kakao, which will focus on the development of blockchain payment and analytics applications.
Launched in 2016, Festy initially allowed the storage of payments and ID data on music festival wristbands. The company has since evolved into a blockchain ticketing and payments mechanism for retailers, festivals and conferences, using a distributed ledger to record transactions.
The company has partnered with Ground X, a subsidiary of South Korean internet conglomerate Kakao. Ground X is building a blockchain platform called Klaytn for developing services on top of existing technology.
Festy’s ticketing system allows users to check in and out of clubs and other live event venues. This function is of particular interest to Kakao, says Festy founder Graham de Barra.
“It’s really good for organisers to see the flow of people at their events and [with Festy] they have the auditable, real-time ability to see it on a chain,” comments de Barra.
“We can allow a more transparent system for these transactions, where the consumer can get remunerated for contributing towards big data”
The system will also enhance privacy, allowing the festivalgoer more control over the data that is collected about them.
“We can allow a more transparent system for these transactions, where the consumer can get remunerated for contributing towards the big data that’s being built around them. The more they enrich it, the more they can earn – or they can totally opt out,” says de Barra.
The company hopes to launch Festy on the Klaytn platform in July.
Dutch blockchain ticketing service GUTS Tickets currently holds the record for the largest-ever blockchain ticketing sale. The company recently beat its previous record to sell around 50,000 tickets in two hours. The fraud- and tout-proof service uses GET Protocol to track tickets and distribute unique, non-duplicable e-tickets.