CJ LiveCity Corporation has linked up with AEG in a joint venture to build a 20,000-capacity arena in Seoul, South Korea.
The planned CJ LiveCity complex will include the Seoul Metropolitan Arena, as well as a studio space, a K-pop-themed entertainment district and waterfront park.
The Korean firm, which is a subsidiary of media and entertainment company CJ Group, said the combination of its understanding of the local industry and AEG’s venue management could bring in more than 20 million visitors annually.
CJ LiveCity’s chief executive, Michael Kim, said: “This collaboration combines CJ’s long-standing cultural business capabilities with AEG’s venue development and operations expertise and its global live touring and promotions capacities.
“Seoul Metropolitan Arena, which will be designed by a leading architectural firm, is expected to be a competitive venue not only across Asia, but also globally due to performances of K-Pop as well as world-renowned artists.”
The development will offer an “indoor and outdoor” experience, allowing performances to be experienced in and out of the main arena.
AEG Presents will curate a programme of international and domestic concert tours once the arena opens, marking its entrance into the Korean live entertainment market and expanding its footprint in Asia.
AEG owns and has developed such venues and entertainment districts as STAPLES Center and L.A. LIVE in Los Angeles, which is visited by more than 20 million guests annually, and The O2 in London, which has hosted more than 50 million people since it opened.
AEG also developed Mercedes-Benz Arena in Shanghai in partnership with the NBA basketball league and media firm Oriental Pearl Group, and is currently developing two venues in Bangkok through a joint venture partnership with Thai retail developer The Mall Group.
Kim continued: “Securing qualified content based on building a world-class facility is a key success factor for the Arena in CJ LiveCity. In this context, the collaboration with AEG, which is one of the world’s leading venue operators and global live music companies, will be one of the most important factors for the arena’s success.”
Image: CJ LiveCity