Kakao to build S. Korea’s 1st K-pop arena in Seoul

Kakao said it expects Seoul Arena to attract some 1.8 million visitors per year and contribute to revitalizing the local economy and bolstering the ecosystem of concerts, as it will provide various cultural content including K-pop performances.

Kakao is a leading investor in a special-purpose company to be established to oversee the design, construction, operation and maintenance of Seoul Arena. According to the Seoul city government, the project is estimated to cost 312 billion won ($257 million). Kakao will finance 97 percent of the company’s capital, it said, without elaborating on how much it may cover in expenses for the project.

On the sidelines of the project, Kakao said it plans to run numerous programs to nurture aspiring artists and to provide concert venues and studios for their creations.

The project is a part of Kakao’s community outreach program. It plans to organize…