Live Nation has partnered with the South Korean city of Busan to develop a new entertainment complex that will be anchored by a 20,000-capacity arena.
The destination will also feature an exhibition centre, hotels, and an educational facility to foster talent in K-pop and K-culture.
Live Nation will manage the venue and share its industry knowledge of venue planning, design and ongoing operations. A local Live Nation Korea team will also provide expertise on content and concert promotion to book talent at the venue.
Busan City will assist with the approval procedures relevant to the project site and provide administrative support. Three potential sites are currently being considered for the complex.
Mayor of Busan Heong-Joon Park said: “The arena will become a hub of tourism empowered by K-pop, contributing to the local and national economy. The complex will create many opportunities and synergies with other cultural organisations in Busan including Osiria Sightseeing Complex, Haeundae Beach and local festivals like Busan Fireworks Festival and G-Star. We are looking forward to seeing Busan transforming into a global city full of cultural diversity.”
Michael Rapino, president and chief executive of Live Nation, added: “As we continue to expand our global venue business, Busan will be an important touring hub for global superstars who are touring more of the world, as well as K-pop and local artists. We’re excited to help create more opportunities for artists and fans to connect, while also contributing to the growing tourism in the city.”
Live Nation said the development of the entertainment complex is “more important than ever” given the growth of K-pop globally. A recent study conducted by the Korea Culture & Tourism Institution on K-pop as a global phenomenon found that the economic effect of BTS’ three-day tour in Korea was estimated to range between 619.7 billion won (£378m/€435m/$471m) and 1.22 trillion won for each concert.