[Report] "This Kind of Venue Is a First" Incheon Yeongjongdo Excited as the Nation's First K-Pop Arena

'Korea's First Arena' Opens in Yeongjongdo, Incheon
Short Distance & Overwhelming Sound "Fantastic Venue"
Economic Effect Expected to Reach 7.6 Trillion Won

On the 2nd, K-pop fans' attention was focused on Yeongjongdo, Incheon. This was because the year-end awards ceremony '2023 MMA' by the music platform Melon was held as the inaugural event of Inspire Arena, the country's first arena located in Yeongjongdo. An arena refers to a large specialized concert hall equipped with music-specific facilities. It is one of the Inspire complex resort facilities that can accommodate up to 15,000 people. Construction began in 2019, and it was unveiled after four years. This is the first time an arena has been established in South Korea.

Exterior view of Inspire Arena where the 2023 MMA was held [Photo by Kakao Entertainment]

I boarded a shuttle bus at Jamsil Sports Complex Station in Seoul. It took about an hour and 30 minutes to arrive. On that day, free shuttle buses from Incheon International Airport and paid shuttle buses departing from Seoul, Gyeonggi Province, Busan, Daegu, Gwangju, and Daejeon were operated to welcome visitors. Upon arrival, the vast resort site of 461,661㎡?equivalent to 64 soccer fields?and the main attraction, Inspire Arena, came into view at once. Even two hours before the event, hundreds of spectators lined up in a long queue holding cheering placards and light sticks for the 'standing seats,' which were available on a first-come, first-served basis. They were the lucky ones who secured tickets (a total of 12,000 sold) that sold out in one second. The 150-meter-long installation called 'Aurora,' covering the ceiling and pillars, alleviated boredom. It was digital art with periodically changing images on the screen.

Foreign Fans: "I've Never Seen a Venue Like This"

Neisa (left) and Aria, 'K-pop mother-daughter fans' from Austria.
[Photo by Oh Yugyo]

Upon entering the arena, the first impression was that the distance between the stage and the audience seats was very close. Even the third-floor seats had a view not much different from the standing seats right next to the stage. The distance from the stage to the farthest third-floor seat was only 70 meters, which is more than 10% closer compared to existing venues. For example, at Gocheok Sky Dome, the distance to the farthest seat exceeds 100 meters. The arena features a total of four floors with a straight octagonal seating structure, allowing for a '360-degree stage' open in all directions. This contrasts with most existing venues where the stage is installed on one side, leaving the seats behind unused. Thanks to the short distance, the heat of the stage could be felt vividly. Karina of aespa said, "It's so close that I feel nervous."

The dazzling performances and rich sound by 13 teams including NewJeans, aespa, IVE, and NCT Dream delighted both eyes and ears. Stepping outside briefly, the ears were almost ringing. Inspire's parent company, the American firm Mohegan, operates the 'Mohegan Sun Arena,' which has been selected as the 'best venue' more than seven times in the U.S. They brought their know-how to the 'country's first arena,' and the sound system is equipped with the famous brand 'Meyer Sound System.' Construction was handled by Hanwha Engineering & Construction, which has experience building the 'Philippine Arena.' Aria (43) and Naeisa (18), who came from Austria, said, "It was fantastic" and "This is the first venue like this." Aria came to Korea with her high school daughter Naeisa during her vacation. The mother is a SHINee fan, and the daughter is an aespa fan, making them a 'K-pop mother-daughter fan' pair.

'7.6 Trillion Won Economic Impact' Stirring Yeongjongdo

A 150m-long LED installation 'Aurora' covering the ceiling and pillars
Photo by Oh Yugyo

The Inspire complex resort, including the arena, involved a project cost of 1.8 trillion won. More than half of this, 1.04 trillion won, came from a financial consortium consisting of Hana Financial Investment, NH Investment & Securities, KB Securities, and others. The reason the 'country's first arena' title could be obtained by an 'American company' was thanks to administrative support from the Incheon Free Economic Zone Authority. They petitioned the Ministry of Culture, Sports and Tourism, the project approval body, to extend the project deadline twice, totaling 39 months. The reasons for the extensions included changes in investment plans such as funding arrangements and modifications to build the arena facility in response to the K-pop craze. This contrasts with other arena projects like CJ Live City and Changdong Arena, which were delayed due to administrative delays and funding issues. Inspire, built on land owned by Incheon International Airport Corporation, also receives tax benefits as a 'foreign-invested company,' including 'five years of customs duty exemption' and 'exemption from acquisition and property taxes for up to 15 years.'

With the opening of Inspire Arena, the entertainment industry, which had long suffered from a chronic shortage of concert venues, can now breathe a sigh of relief. Currently, the only venues in South Korea with a capacity of over 10,000 seats are KSPO Dome, Gocheok Sky Dome, and the outdoor performance hall in Seongsu-dong. There is also a flood of rental inquiries. This month alone, concerts by Taemin and TVXQ, as well as the SBS Gayo Daejeon, are scheduled one after another. Having proven its competitiveness as a concert venue through this MMA, it is expected to attract even more attention in the future.

Yeongjongdo is also bustling with the 'trickle-down effect.' This is due to expectations that the influx of domestic and international K-pop fans visiting the arena will revitalize local businesses such as hotels and restaurants. Paradise City, another complex resort and a 'long-time resident' of Yeongjongdo, stated, "The reservation rate in December has increased by more than 10% compared to the same period last year," adding, "More than 90% of rooms are booked." Inspire, which aims to attract 4 million tourists annually, estimates that the complex resort will generate an economic ripple effect totaling 7.6 trillion won, including about 5.8 trillion won in production inducement effects and 1.8 trillion won in added value inducement effects.