2021 K-Musical Market held in SAC to help Korean musicals advance into international market and attract foreign investment 

The Ministry of Culture, Sports and Tourism (Minister HWANG Hee, MCST), the Korea Arts Management Service (President MOON Young-ho, KAMS), and the Seoul Arts Center (President YOO In Taek, SAC) will hold the first 2021 K-Musical Market for three days from November 24 through 26 at the Seoul Arts Center. This very first international Musical event was organized to create a stable environment for the productions by boosting financing from Korea and overseas providing investment opportunities across the whole process of the musical theater business.

In “K-Musical Market 2021”, there will be 22 musical pitching, including both completed, work-in-progress, and related works of 22 pieces of works pitched in Inchoon Art Hall, Musical hall at SAC. In Musical showcase, there are a total of 6 stage readings, and performances of key scenes[1] to be shown in Jayu Theater, Opera House at SAC. In addition to the above mentioned programs, there will be also opportunities for information session and 1:1 Business Meeting, and investment consulting for those who seek business opportunities in the musical industry. This event will also serve as a venue where discourse on the future growth and vitalization of the industry to be discussed. In particular, famous musical producers in US, UK market, including Cody Lassen, Jack Dalgleish, Jane Bergere, and Chris Grady will be taking part, providing opportunities to raise awareness of advancing into the overseas market and get opportunities to network with international producers and investors to prepare to work with global producers.

The projected market sales of the Korean musical industry in 2019 stood at approximately 350 billion KRW.[2] The Korea performing arts box office Information System (KOPIS) shows that thanks to the continued growth of new creative musicals grew from Korea, the size of the new musicals made from Korean market increased from 26% in 2016 to 37% in 2019, which led growths both in terms of quantity and quality. However, recently the industry felt that diversifying market and advancing into the overseas market were inevitable. For the past two years, the pandemic hit hard the musical industry in particular, so revitalizing the musical industry became important. MCST together with KAMS and SAC newly launch “K-Musical Market 2021” to promote well-made Korean musicals to producers and investors at home and abroad, and to provide opportunities to pioneer the new world market beyond Asian, US, and UK market.

     This international event will be a venue to shed spotlight on musical industries so for those who want more information on the event for the participation and program details, please visit the website (http://www.k-musicalmarket.kr).