Live Nation this week announced the opening of a new concert promotion office in Seoul, South Korea.
The California-based company has made overseas expansion a cornerstone of its business in recent years. The new office’s location indicates that the Pacific Rim continues to be a focal point of that expansion.
“Our strategy is to continue our international expansion into under penetrated regions and identify new markets to deliver our unique live experience product,” Michael Rapino, Live Nation president and CEO, said in a December 19 statement.
According to the company, South Korea is the world’s 13th-largest economy and the third-largest in the Far East behind China and Japan.
The country also is the world’s 12th-largest music market, led by a popular music genre nicknamed K-Pop. The genre combines elements of rock, hip-hop, dance, electronic and other music. Live Nation is hoping to align itself with the genre by promoting K-Pop artists’ concerts in the region, according to Alan Ridgeway, president of Live Nation International and Emerging Markets.
“We also have plans to work with Korean artists both in Korea and internationally to meet the expanding demand around the world for the K-Pop phenomenon,” Ridgeway said in the statement.
Additionally, the company plans to bring more Western acts to the country. In recent years, acts as diverse as John Legend, Death Cab for Cutie and Avril Lavigne have all performed in South Korea.
“Live Nation Korea will further enhance the touring opportunity for both international and local artists in the Asia region,” Mats Brandt, president of Live Nation Far East, said in the statement. “Live Nation Korea will, together with our existing offices in Hong Kong, Singapore and Beijing, expand Live Nation’s network and capabilities in the region.”
In addition to concert promotion offices in Asia, Live Nation also opened a concert promotion office in Australia in 2010. In 2007, the company’s Ticketmaster division bought a large stake in the Chinese ticketing company Emma Entertainment.
The new South Korean office will be led by music industry veterans Steven Kim and Yongbae Cho.
“With a growing interest from international artists to perform in South Korea, this is a natural step for us to be able to serve artists and fans better in Korea,” Ridgeway added.