Live Nation is set to move into some new territory: the home of K-Pop.
The corporation announced Tuesday it had opened a concert promotion office in Seoul, South Korea, the third largest economy in the far east, behind China and Japan. The country also has a surprisingly strong market for music, ranking 12th worldwide. The branch will be headed by Steven Kim and Yongbae Cho, both veterans of the music industry.
Live Nation's President and CEO, Michael Rapino, had this to say: "We see great opportunity for concerts around the world and our move into South Korea represents another step in the growth of this business. 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's revenues for the 3rd quarter of this year nearly topped $1.8B, the vast majority of which came from the company's concert and promotion arms.