Kakao (CEO Nam Gung-hoon) announced on the 4th that it signed an implementation agreement for the ‘Seoul Arena Complex Cultural Facility Private Investment Project’ at Seoul City Hall.
The agreement ceremony was attended by officials from both sides, including Seoul Mayor Oh Se-hoon, Dobong-gu Mayor Lee Dong-jin, Kakao Board of Directors Chairman Kim Seong-soo, and Kakao CEO Nam Gung-hoon.
Kakao and Seoul City signed an implementation agreement for the ‘Seoul Arena Complex Cultural Facility Private Investment Project’ after passing the review by the Ministry of Strategy and Finance’s Private Investment Project Deliberation Committee in March. The Seoul Arena complex cultural facility is scheduled to hold a groundbreaking ceremony in June this year after approval of the future implementation plan, and is scheduled to be completed in October 2025.
‘Seoul Arena’, scheduled to be established in Chang-dong, Dobong-gu, Seoul, is an arena-class music performance hall with 18,269 seats that can accommodate up to 28,000 people during standing performances, a medium-sized performance hall with 2,010 seats that can accommodate up to 7,000 people, a movie theater, It is a complex cultural facility consisting of commercial facilities, etc. Seoul Arena is expected to attract 1.8 million visitors annually by providing a variety of cultural contents, including K-POP concerts, and contribute to the development of the performance culture ecosystem and revitalization of the local economy.
Kakao will invest in ‘(tentative name) Seoul Arena Co., Ltd.’, a special purpose corporation (SPC) that will be responsible for the design, construction, post-completion operation, and maintenance of Seoul Arena, and participate in the project as a representative investor. Considering the social demand for professional performance facilities, which has been insufficient compared to the growth of domestic popular music culture and global expansion, we are preparing systems and infrastructure in earnest based on Kakao’s technology and content capabilities to promote the development of the content industry and the popular music market. We plan to contribute to globalization.
In addition, Kakao plans to participate in this project and operate various win-win programs to develop local communities and create growth opportunities for underprivileged artists. We operate an academy to train performing arts experts and enable local residents to enjoy culture and arts, and support performance halls and studios for hidden artists and youth. In addition, the plan is to take the lead in coexistence with the local community, such as planning joint performances with local cultural groups, holding outdoor events with surrounding commercial districts, and hiring socially disadvantaged people.
Kim Seong-soo, Chairman of the Kakao Board of Directors, said, “We will put a lot of effort into creating the Seoul Arena cultural complex and thoroughly prepare various programs to develop the content ecosystem and revitalize the local economy to further accelerate the global spread of K-content and coexistence with the local community.” “I will try my best,” he said.
Source: Pangyo Techno Valley Official Newsroom
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