S. Korean pop music industry suffers 184 billion won in losses due to canceled concerts

South Korea's pop music industry was estimated to have suffered 184 billion won in financial damage due to the cancelation of performances that left 80 percent of tickets unsold.

According to the Record Label Industry Association of Korea (LIAK), 1,089 music gigs were canceled since February last year due to COVID-19.

Performance venues in the Hongdae area in western Seoul reported 454 cancellations since the pandemic began, translating to a loss of roughly 2.1 billion won.

According to Shin Jong-gill, the secretary-general of LIAK, the losses could even be bigger as the figure only included gigs that were called off after ticket sales began.

Lee Yong-hwa, the head of the Korea Live Hall Association, called for state support for small-sized performance venues that feature lesser-known musicians.