PSY’s “Soaked Show” (Image courtesy of Yonhap)
SEOUL, Aug. 19 (Korea Bizwire) – When Yoon Sun-young’s high school freshman child asked for tickets to PSY’s “Soaked Show,” she was taken aback by the price tag.
Even with a 20% student discount, standing room tickets cost over 130,000 won, and factoring in food and transportation, the total expense would easily surpass 200,000 won.
“A few years ago, expensive padded jackets were dubbed ‘spine breakers’ for their financial burden, but at least that was a one-time purchase,” Yoon, 45, lamented.
“Concerts happen multiple times a year, every year.”
This scenario is increasingly common in South Korea, where K-pop concert ticket prices have skyrocketed by 30-50% in recent years, now rivaling those of international pop stars’ performances.
The trend is putting a strain on parents’ finances, especially as the primary audience for these events skews young.
According to Interpark Ticket, teenagers now account for about 5% of PSY’s “Soaked Show” attendees, more than double the 1-2% in 2022.
For K-pop idol concerts targeting teens and young adults, standard tickets typically cost around 150,000 won, with VIP seats reaching 200,000 won.
The price hike is not limited to established acts. In April, the group Seventeen’s concert at Seoul World Cup Stadium charged between 132,000 won and 198,000 won per ticket.
NCT Dream’s May performance at Gocheok Sky Dome ranged from 154,000 won to 198,000 won. Both groups’ 2019 concerts were priced at 121,000 won.
NCT Dream (Image courtesy of SM Entertainment)
Industry insiders attribute the increases to rising costs across the board, from stage setup and venue rental to performer fees.
More stringent crowd safety measures following the 2022 Itaewon crowd crush have also contributed to higher expenses.
However, for parents of minors without independent income, these costs are becoming increasingly burdensome.
“I can’t always say no, and I worry my child might resort to inappropriate means to get money,” said Lee, 47, a parent of a middle school student.
“But it’s a significant financial burden, seemingly much higher than in the past, even accounting for inflation.”
The financial strain extends beyond concert tickets to fan meetings, albums, and merchandise, creating what parents describe as a bottomless pit of expenses.
One parent, who spent 400,000 won on scalped tickets after their child failed to secure them through official channels, expressed mixed feelings: “My child says ‘fandom activities’ motivate their studies, but I’m concerned we’re not instilling proper financial concepts.”
Industry representatives defend the price hikes, arguing that despite higher ticket prices, their net income hasn’t significantly increased due to rising costs.
They suggest that maintaining lower ticket prices might lead to an increased reliance on merchandise sales to make up the difference, potentially resulting in similar overall fan expenditures.
Experts argue that addressing the overheated and commercialized nature of the concert and idol culture, which heavily relies on fandom, could be a starting point for cooling the market.
“The core issue is that the industry has shifted its focus from people and music to systems and capital,” said Kim Jeong-seop, a professor at Sungshin Women’s University’s Graduate School of Culture Industry and Arts.
M. H. Lee (mhlee@koreabizwire.com)
