LOS ANGELES, Dec. 19, 2011 /PRNewswire/ — Live Nation Entertainment, Inc. (NYSE: LYV) today announced 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.
About Live Nation Entertainment:
Live Nation Entertainment is the world’s leading live entertainment and eCommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world’s top five eCommerce sites, with over 26 million monthly unique visitors. Live Nation Concerts produces over 20,000 shows annually for more than 2,000 artists globally. Front Line is the world’s top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling over 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.