Live entertainment giant AEG is teaming up with South Korea-based CJ LiveCity Corporation to build a 20,000-capacity arena in Metropolitan Seoul’s, Goyang City.
CJ LiveCity Corporation is a subsidiary of CJ Group, which owns the largest media and entertainment company in Korea, spanning film, music, television and conferences.
The agreement marks AEG’s entrance into the growing Korean live entertainment market, further expands the company’s footprint in Asia and adds to AEG’s global network of over 150 venues.
CJ LiveCity will include the Seoul Metropolitan Arena, as well as a studio complex, a K-culture themed entertainment district and waterfront park and is projected to attract over 20 million visitors annually.
Seoul Metropolitan Arena will become Korea’s largest live performance venue and once opened, AEG will curate a program of international and domestic concert tours through its music division AEG Presents.
AEG Presents has promoted world tours for artists including Ed Sheeran, Justin Bieber, Paul McCartney, Elton John, Shawn Mendes, Celine Dion, Khalid, Taylor Swift, The Rolling Stones and Katy Perry.
“This collaboration combines CJ’s long-standing cultural business capabilities with AEG’s venue development and operations expertise and its global live touring and promotions capacities.”
Michael Kim, CJ LiveCity
AEG also developed China’s Mercedes Benz Arena in Shanghai in partnership with the NBA and Oriental Pearl Group, and is currently developing two venues in Bangkok through a joint venture partnership with Thailand’s leading retail developer, The Mall Group.
AEG owns and has developed venues and entertainment districts such as the Staples Center and LA Live in Los Angeles, which is visited by more than 20m guests annually; The O2 in London, which has hosted more than 50m people since it opened; Mercedes-Benz Arena and Mercedes Platz in Berlin; and T-Mobile Arena in Las Vegas through a joint venture partnership with MGM Resorts International.
CJ LiveCity’s CEO Michael Kim said: “This collaboration combines CJ’s long-standing cultural business capabilities with AEG’s venue development and operations expertise and its global live touring and promotions capacities.
“Seoul Metropolitan Arena, which will be designed by a leading architectural firm, is expected to be a competitive venue not only across Asia, but also globally due to performances of K-Pop as well as world-renowned artists.”
Added Kim: “Securing qualified content based on building a world-class facility is a key success factor for the Arena in CJ LiveCity.
“In this context, the collaboration with AEG, which is one of the world’s leading venue operators and global live music companies, will be one of the most important factors for the arena’s success.”
“Both AEG and CJ share a vision of Korea as a world-leading entertainment destination and we are thrilled to work with such an innovative leader.”
Adam Wilkes, AEG Asia
AEG Asia’s President and CEO Adam Wilkes said: “We believe that the combination of CJ LiveCity and the new Seoul Metropolitan Arena will revolutionize Korea and the region’s entertainment landscape.
“Both AEG and CJ share a vision of Korea as a world-leading entertainment destination and we are thrilled to work with such an innovative leader.
“CJ has an in-depth understanding of the Korean and Asian markets and unparalleled experience in entertainment. We believe that Seoul Metropolitan Arena will become a must play destination for world tours and look forward to breaking new ground together.”Music Business Worldwide