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Live Nation Entertainment announced recently it has opened a concert promotion office in Seoul, South Korea.
This marks another important step in Live Nation’s international expansion into new markets. South Korea is the 13th largest economy in the world, and the 3rd largest in the Far East, with growth of 6% in 2010. It also ranks as the 12th largest music market in the world, which is largely attributable to K-Pop, whose popularity is now spreading rapidly to other markets outside of South Korea and the Far East.
“We see great opportunity for concerts around the world and our move into South Korea represents another step in the growth of this business,” stated Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. “Our strategy is to continue our international expansion into under penetrated regions and identify new markets to deliver our unique live experience product.”
“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,” said 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.”
“Live Nation Korea will further enhance the touring opportunity for both international and local artists in the Asia region,” says Mats Brandt, President of Live Nation Far East. “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.”
Live Nation Korea will be a fully owned subsidiary of Live Nation, and will be led by Steven Kim and Yongbae Cho, who, together, have more than 20 years’ experience within both the Korean and international live music and promotion industry.