South Korean IT company Kakao and the Seoul Metropolitan Government have agreed to build Seoul’s first K-pop arena, expected to be complete by 2025.
The concert venue, called Seoul Arena, will begin construction in June of this year and is expected to be completed by October 2025. The project will cost around $257 million and is set to be built in Seoul’s northern Dobong-gu.
Seoul Arena will have a maximum capacity of 28,000 people and include 19,000 seats. An additional mid-sized venue that can accommodate up to 7,000 people will also be featured in the arena and will include a movie theater and commercial facilities.
Kakao expects that the concert venue will attract around 1.8 million visitors each year and will strengthen the local economy as well as boost the concert market in South Korea.
Another K-pop concert venue is also currently under construction in Goyang, Gyeonggi-do, and is expected to open in 2024. CJ LiveCity Arena will consist of 20,000 indoor seats and can hold more than 40,000 people outside to attend K-pop concerts. The venue project is being overlooked by CJ Entertainment and is expected to cost around $1.5 billion. CJ LiveCity stated that the venue will attract around 20 million visitors each year and will boost the local economy while providing around 280,000 jobs.
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