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| CJ LiveCity's arena to be built in Goyang, Gyeonggi Province / Courtesy of CJ LiveCity |
By Kwak Yeon-soo
CJ LiveCity will join hands with the world's leading sports and entertainment company Anschutz Entertainment Group (AEG) to build a cultural arena in Goyang, Gyeonggi Province, to host concerts and other live events, the company said Monday.
The cultural arena will be designed to become a landmark venue for K-pop concerts, using advanced technologies that ensure high-quality sound for live performances.
The 20,000-seat arena will also feature a K-pop themed entertainment park, according to the company.
CJ LiveCity said the arena will combine CJ's expertise in hands-on studio-produced cultural content, and a hallyu-themed waterfront park with AEG's extensive venue management.
"The partnership with AEG is hugely positive for our business and pivotal to the success of this arena construction project," said Kim Cheon-soo, CEO of CJ LiveCity. "The arena will not only house concerts of K-pop stars but world-class artists."
Adam Wilkes, CEO of AEG Asia, also expressed excitement about the partnership with the CJ affiliate, saying "It is great that our venue management has formed a partnership with the leader of the Korean entertainment industry. Together we will play a big part in the future of Asia's culture complex and music industry."
AEG is the world's leading sports and live entertainment firm. It also owns and has developed renowned venues, such as Staples Center and the L.A. Live Complex.
CJ LiveCity, which consists of a state-of-the-art arena, is expected to bring in more than 20 million visitors annually, create 90,000 jobs and generate an economic value of 13 trillion won ($11 billion).
CJ LiveCity submitted a business plan to Gyeonggi Province in April and is currently awaiting approval. Once construction of the arena is approved, it is expected to aid economic revitalization as a landmark venue of Gyeonggi Province and a tourism hub of Korea.
According to Korea Foundation, there are an estimated 89.19 million fans of Korean popular culture around the world and the number is increasing, leading to a rapid increase in profits from ticket sales, marketing and advertising.
It added that hallyu, headed by global K-pop sensation BTS, boosted the Korean economy last year by spurring $9.48 billion worth of exports.
