[2026 K-Musicals] Global Potential Demonstrated, but Production Environment Remains Challenging

Annual Musical Ticket Sales in Korea Surpass 500 Billion Won for the First Time
Potential and Competitiveness Proven, but Rising Production Costs and Box Office Concentration Intensify
Government Focuses Support on Scaling Up Small and Medium Th

The year 2025 was recorded as a landmark in the history of Korean musicals. The original musical "Maybe Happy Ending" won six awards, including Best Musical, at the prestigious Tony Awards in the United States, and "The Great Gatsby," currently being performed on Broadway in New York, surpassed a cumulative ticket sales amount of 100 million US dollars. For the first time ever, the annual ticket sales for musicals in Korea exceeded 500 billion won. However, both within and outside the industry, there are concerns about whether these achievements will immediately lead to sustainable growth. Some point out that winning the Tony Award for Best Musical was an almost miraculous accomplishment, and that it is difficult to say the domestic market, which has grown to over 500 billion won, has achieved qualitative growth.

Potential for Globalization of K-Musicals Confirmed

"The Great Gatsby" and "Maybe Happy Ending" are clear examples demonstrating the potential for Korean musicals to expand globally. In particular, "The Great Gatsby" proved that domestic production capabilities are sufficiently competitive even on Broadway. According to Playbill, a Broadway show information site, as of January 4, the cumulative ticket sales for this production reached 106,927,348 US dollars (approximately 154.94 billion won). As of the end of last year, the seat occupancy rate exceeded 90%, and weekly sales surpassed 1.5 million US dollars, continuing its box office success.

This production premiered in Seoul in July last year after passing through London’s West End. Although some noted that the narrative, imbued with quintessentially American sensibilities, felt somewhat unfamiliar to Korean audiences, the show received rave reviews for its spectacular stage direction and visual quality. "Maybe Happy Ending," which premiered in a small theater in Daehak-ro in 2016, is a representative case showing that an original musical can grow into intellectual property (IP). After opening on Broadway in November 2024, the show recorded cumulative ticket sales of 66,034,410 US dollars and a cumulative seat occupancy rate of 96.8% as of January 4.

Theater critic Park Byungseong said, "These two productions have proven the potential and competitiveness of Korean musicals on the global stage," but added, "While there were many positives last year, the overall market sentiment was not good. Many production company officials said it was quite difficult."

Musical Market Sentiment Worsens

According to the Integrated Ticketing System operated by the Performing Arts Support Center, last year’s musical ticket sales totaled 502.89963 billion won, an 8.1% increase from the previous year. This is the first time sales have exceeded 500 billion won. However, there are concerns that box office success is becoming increasingly concentrated in a few productions. A representative example is the licensed musical "Aladdin," which premiered in the first half of last year and significantly boosted total sales. In the first half of last year, the top 10 productions accounted for 49.8% of total sales, a 9.5 percentage point increase from the previous year. As box office concentration intensified, the market sentiment among production companies worsened.

The rise in production costs is also becoming a burden. Critic Park pointed out, "With the weakening of the Korean won, rising prices, and the activation of other genres such as K-pop concerts, staff wages have also increased, greatly adding to production costs," and questioned, "It is doubtful whether production companies are generating enough profit to cover these increased costs."

Large-scale original musicals, which require high production costs, have virtually disappeared. Last year, "The Man in Hanbok" was the only large-scale original musical, and there are hardly any notable new productions this year. "Dream Journey to the Peach Blossom Land," opening on January 27 at the National Theater of Korea’s Haeoreum Grand Theater, is attracting attention, but some point out that since it is a recreation of "Dream Journey to the Peach Blossom Land" staged in 2002, it is difficult to consider it a completely new production.

Government Expands Budget to Support Medium and Large-Scale Musicals through Scaling Up

While original musicals in small theaters are being produced relatively actively, the government has announced its intention to focus support on original musicals for medium and large theaters. The budget for supporting K-musicals, which was only 3.1 billion won last year, has been drastically increased to 24.4 billion won this year, with 18 billion won allocated specifically for supporting original musicals. Notably, the government plans to concentrate support on the "scaling up" process, which expands small theater productions into medium and large-scale ones.

"Maybe Happy Ending" is a representative example of scaling up. It premiered in a 300-seat small theater in Daehak-ro in 2016, but for the Broadway production, the number of characters was increased and the scale expanded to a 1,000-seat venue. The popular musical "Hedwig" also premiered in a 250-seat small theater in Daehak-ro in 2005, but gradually increased its venue size, eventually being performed at the Charlotte Theater with over 1,200 seats in 2024.

An So-Young, an official at the Traditional Performing Arts Division of the Ministry of Culture, Sports and Tourism, stated, "We plan to focus support on the stage where small original musicals are expanded into medium and large-scale productions," adding, "The government will rent three to four medium and large theaters and provide production cost support so that each production can be performed for a month."

Kang Byungwon, CEO of Live, the production company that staged "Marie Curie"-which premiered in the 300-seat Black Theater at Chungmu Art Center and was performed last year at the 1,000-seat BBCH Hall at Gwanglim Art Center and also entered London’s West End-said, "Large-scale musicals need to be created in order to promote Korean original musicals in the global market," and added, "Scaling up is a realistic alternative that can increase the number of large-scale original musicals while reducing the production cost burden."