[Asia Economy Reporter Seungjin Lee] Kakao is set to build a complex cultural facility in Dobong-gu, Seoul, which will include a music performance hall capable of accommodating up to 28,000 people.
On the 4th, Kakao announced that it signed an implementation agreement for the ‘Seoul Arena Complex Cultural Facility Private Investment Project’ at Seoul City Hall. Attending the agreement ceremony were Oh Se-hoon, Mayor of Seoul, Lee Dong-jin, Mayor of Dobong-gu, Kim Sung-soo, Chairman of Kakao’s Board of Directors, and Namgoong Hoon, CEO of Kakao, among other representatives from both sides.
Kakao and the Seoul Metropolitan Government signed this implementation agreement following the approval of the project by the Ministry of Economy and Finance’s Private Investment Project Review Committee in March. The Seoul Arena Complex Cultural Facility is scheduled to hold a groundbreaking ceremony in June this year after obtaining approval for the implementation plan and is expected to be completed by October 2025.
‘Seoul Arena,’ planned to be established in Chang-dong, Dobong-gu, Seoul, will be a complex cultural facility consisting of ▲an arena-class music performance hall with 18,269 seats that can accommodate up to 28,000 people standing ▲a medium-sized performance hall with 2,010 seats accommodating up to 7,000 people ▲a cinema ▲commercial facilities, among others. Seoul Arena is expected to attract 1.8 million visitors annually by offering various cultural contents such as K-POP concerts, contributing to the development of the performance culture ecosystem and revitalization of the local economy.
Kakao will invest in a special purpose company (SPC) tentatively named ‘Seoul Arena Co., Ltd.’, which will be responsible for the design, construction, operation, and maintenance of Seoul Arena after completion, participating as the main investor. Considering the social demand for professional performance facilities, which have been insufficient compared to the growth and global expansion of domestic popular music culture, Kakao plans to actively establish systems and infrastructure based on its technological capabilities and content expertise, supporting the development of the content industry and globalization of the popular music market.
Additionally, Kakao plans to operate various win-win programs to promote regional development and create growth opportunities for marginalized artists alongside its participation in this project. These include running academies for training performing arts experts and enabling local residents to enjoy cultural arts, supporting hidden artists and youth with performance venues and studios, jointly planning performances with local cultural organizations, hosting outdoor events with nearby commercial districts, and leading efforts for social inclusion such as hiring socially disadvantaged groups.
Kim Sung-soo, Chairman of Kakao’s Board of Directors, stated, “Kakao continuously considers what it can do to create a better world together with our society,” adding, “We will devote ourselves to the creation of the Seoul Arena Complex Cultural Facility, thoroughly prepare various programs for the development of the content ecosystem and revitalization of the local economy, and strive to accelerate the global expansion of K-content and coexistence with local communities.”
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