South Korea-based CJ LiveCity and live entertainment company AEG have signed an agreement to jointly build a modern 20,000-capacity arena in Metropolitan Seoul’s Goyang City in Gyeonggi Province.
A subsidiary of South Korean media and entertainment company CJ Group, CJ LiveCity will include Seoul Metropolitan Arena and a studio complex, a K-culture themed entertainment district and waterfront park.
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Strategically located to attract K-culture fans across Asia, CJ LiveCity is expected to annually draw more than 20 million visitors and revitalise the national economy and the northern Gyeonggi Province.
The site is placed among five of the largest cities in Korea with a combined population of more than 150 million.
The GTX high-speed train scheduled to open in 2023 will connect CJ LiveCity to Gangnam District in 20 minutes, a 40-minute drive from Seoul’s Incheon International Airport, and a 20-minute drive from Gimpo International Airport.
A major architectural firm will design the Seoul Metropolitan Arena, which will serve as a key landmark facility in CJ LiveCity.
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By GlobalDataIt is expected to become Korea’s largest and advanced live performance venue for K-Pop, international artist tours, sports events and Hallyu content.
The arena and CJ LiveCity will offer an ‘indoor and outdoor’ experience so that audiences in the arena and visitors to CJ LiveCity can collectively enjoy the performance together.
The agreement also represents AEG’s entry into the Korean live entertainment market and expands the company’s footprint in Asia.
AEG will present international and domestic concert tours through its music division AEG Presents, which has promoted world tours for artists such as Ed Sheeran, Justin Bieber, Paul McCartney, Elton John, Shawn Mendes, Celine Dion, Khalid, Taylor Swift, The Rolling Stones and Katy Perry.
CJ LiveCity CEO Michael Kim said: “This collaboration combines CJ’s longstanding 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.”
Korea’s media conglomerate CJ ENM has a 90% stake in CJ LiveCity.
AEG owns and developed venues and entertainment districts such as Staples Center and LA Live in Los Angeles, The O2 in London, Mercedes-Benz Arena and Mercedes Platz in Berlin, T-Mobile Arena in Las Vegas, and China’s Mercedes Benz Arena in Shanghai in partnership with the NBA and Oriental Pearl Group.
