SM Entertainment, JYP Entertainment, and FNC Entertainment have been reported to collaborate to convert Incheon's Songdo district into a K-pop complex.
On Oct. 6, a few media outlets reported that the three entertainment companies are planning to establish a K-pop cultural complex, which will be the biggest one in South Korea.
This complex is said to compose of online and offline concert halls, theme parks, leisure facilities, and more.
SM, JYP, and FNC Entertainment to Establish the Biggest K-pop Complex in Korea
According to an insider, SM Entertainment will be the one to lead the project to convert Incheon's Songdo district into the largest K-pop complex in the country. JYP Entertainment and FNC Entertainment are also said to take part in the said large-scale project.
It is said that Incheon's Songdo district was chosen because it is considered the best place to attract both domestic and foreign visitors.
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The insider added that SMTown Planner, a subsidiary company of SM Entertainment, is currently in discussions with the Incheon Free Economic Zone Authority about the project that will take place along the Songdo waterfront.
They further stated that the project will cost 676.2 billion won by 2026 to build a waterway that surrounds the Songdo district and develop 6.04 square meters of space around the waterway to make it a "water city" like Venice in Italy.
According to media outlet Money Today, SMTown Planner proposed development around "Yellow Sunset Lake," where the first phase of the K-pop complex will take place. This area is said to be developed as a tourist base in the center of the waterfront sports park and lake. It has an ideal location as it is near Incheon Line 1 International Business District and Central Park Station.
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In addition to this, SMTown Planner also plans to build on/offline concert halls, theme parks by entertainment companies, leisure facilities, a shopping space, a K-pop academy center, and more.
The goal of the large-scale project of SM Entertainment, JYP Entertainment, and FNC Entertainment is to create the largest K-pop complex in Korea that will attract more than 150,000 people daily and 55 million international tourists per year.
The Parts of the K-pop Complex that SM, JYP, and FNC Entertainments Will Establish in Korea
As mentioned above, the K-pop cultural complex that the three entertainment companies are planning to build will feature a concert hall.
The concert hall will be an outdoor space that can accommodate more than 40,000 people, and it is expected to hold over 10 performances per year.
Regarding the theme parks, they will be established by SM Entertainment, JYP Entertainment, and FNC Entertainment, and each park will have decorations that are related to their respective artists.
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Meanwhile, the shopping mall will feature a space where visitors can meet several K-pop artists as avatars of the artists using augmented reality (AR), virtual reality (VR), and artificial intelligence (AI).
SMTown Planner aims to raise the interest of tourists by holding fan meetings and autograph sessions using VR and holograms while introducing food and beverage menus that reflect the tastes of the K-pop artists.
The report further stated that a metaverse platform linked with the K-pop complex will be built. Through this platform, overseas K-pop fans can enjoy various content and even shop.
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Written by Mhaliya Scott