Live Nation and South Korea’s Busan city to develop new 20,000-capacity arena

Live Nation has announced that it is to partner with Busan Metropolitan City authorities to develop a new entertainment complex that will be anchored by a 20,000-capacity arena.

The new destination in South Korea’s second most populated city after Seoul will also feature an exhibition centre, hotels, and an educational facility to foster talent in K-pop and K-culture.

In partnering with Busan City, Live Nation will share its global industry knowledge of venue planning, design and ongoing operations, before then managing the venue with its local Live Nation Korea team providing 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.

Commenting on the project, Busan Mayor, Heong-Joon Park stated “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.”

Live Nation President and Chief Executive, Michael Rapino 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.”

Rapino went on to say that the development of the entertainment complex is “more important than ever” given the growth of K-pop globally.

A study conducted by the KCTI (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 US$472,000 and US$913,000 for each concert.

Three potential sites are currently being considered for the complex.

Image: Concept for the auditorium of the planned Busan arena. Credit: Live Nation.