AEG-CJ LiveCity cutting-edge Seoul arena

Article posted by Coliseum, November 5^th, 2021

Image: CJ LiveCity Arena

South Korea is all set to witness a technology revolution in the entertainment sector as construction on AEG and CJ LiveCity Corporation entertainment complex begins with disruptive technology features.

The ‘IQ Magazine’ stated that set to open in Goyang City, Seoul, in 2024, the 1.8 trillion won (€1.3 billion) development comprises the 20,000-capacity CJ Live Arena and an outdoor performance space capable of accommodating 40,000 people.

Los Angeles (US)-headquartered the AEG is an American worldwide sporting and music entertainment presenter and a subsidiary of The Anschutz Corporation. It is the world’s largest owner of sports teams and sports events.

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Seoul (South Korea)-headquartered the CJ LiveCity operates as a film production company. The company produces films, videos, television programs, television commercials, and other products.

The ‘IQ Magazine’ further stated that the venue will be enabled for new technologies including the metaverse (fictional universe) and augmented reality (AR).

CJ LiveCity CEO Harry HK Shin says the scheme “will create a new paradigm for Korean content”.

A statement sent out from CJ LiveCity, a subsidiary of South Korea’s largest media conglomerate CJ Group, read, “A solid fandom for K-pop artistes has been formed worldwide. But there isn’t a venue that is specifically designed to hold [major] music concerts in Korea. To embrace more than 10,000 audiences, [K-pop groups] had to use a sports facility.”

AEG is one of the investors in CJ LiveCity, although how much the company will invest in the scheme is still under negotiation.

Centrally located between five of Korea’s largest Cities, AEG projects the new venue, which has been delayed due to licensing issues, will attract more than 20 million visitors annually.

The deal marks the firm’s entrance into the South Korean live entertainment market and further expands its footprint in Asia, where its interests include the 17,000-capacity Coca-Cola Arena in Dubai, the 12,000-capacity Bangkok Arena in Thailand and EM Live, and the 18,000-capacity Mercedes-Benz Arena in Shanghai, China.

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