Revenue growth outpaced increases in performances and tickets sold
South Korea’s performing arts market saw a 14.5 percent increase in total ticket sales revenue in 2024 compared to the previous year, according to the Ministry of Culture, Sports and Tourism.
The 2024 Annual Report on Ticket Sales, based on data from the Korea Performing Arts Box Office Information System, revealed that total ticket sales revenue reached 1.45 trillion won ($1 billion).
While the number of performances increased by 6 percent on-year to 21,634, and total tickets sold rose by 6.1 percent to 22.24 million. Revenue growth for the same period outpaced both figures, indicating that higher average ticket prices played a significant role. The average ticket price climbed by 5,000 won, reaching 65,000 won per ticket.
Theater, musicals, classical music, traditional Korean music, dance and mixed-genre performances accounted for 77.5 percent of all performances and 68.5 percent of total ticket sales, but only 45.9 percent of ticket sales revenue. This was due to lower ticket prices and paid attendance rates in these fields.
In contrast, popular music saw a 31.3 percent revenue increase, reaching 756.9 billion won, driven by large-scale concerts, nationwide tours and performances by internationally renowned artists.
The top 20 performances by ticket sales revenue in the 2024 performing arts market were dominated by musical productions and concerts. The only exception was Cirque du Soleil's "Luzia," which made its way into the top 20 list with performances in Busan during January and February last year.
Regional Imbalance
While Seoul remains the dominant hub for performing arts, shifts have occurred due to the growth of performance venues and regional initiatives by the Culture Ministry.
The capital region, encompassing Seoul, Incheon and Gyeonggi Province, accounted for 75.3 percent of ticket sales and 79.1 percent of revenue. However, Seoul's share of ticket sales revenue decreased from 68 percent in 2023 to 65.1 percent in 2024, while Gyeonggi Province and Incheon saw increases in their shares. This shift is attributed to the growth of performance venues and large-scale productions in these areas.
In regions outside the capital, Busan and Daegu hosted the highest number of performances. Classical music dominated most regions, with traditional Korean music taking the lead in South Jeolla Province and musicals in North Chungcheong Province. The latter also saw the highest growth in theater ticket demand, attributed to the establishment of the Chungbuk Theater Company.
Highlighting the regional imbalance in the performing arts market, Culture Minister Yu In-chon stated, "As last year’s regional arts support initiative led to the establishment of the Chungbuk Theater Company, we will continue providing practical support to strengthen the sustainability of regional performing arts communities. Furthermore, we will actively expand the reach of national arts institutions to regional areas, ensuring that people nationwide have access to diverse and high-quality performances."
gypark@heraldcorp.com
