The 25th Seoul Queer Parade, held on June 1, attracted a record-breaking 155,000 participants. (Image courtesy of Yonhap)
SEOUL, Jun. 11 (Korea Bizwire) – The 25th Seoul Queer Parade, held on June 1, attracted a record-breaking 155,000 participants. Over its 25-year history, the Queer Parade has gradually evolved from a niche event into a grand festival for all.
However, behind this growth lies a sobering reality that many are unaware of.
According to a Pressian report on June 7, the Seoul Queer Culture Festival Organizing Committee is expected to record a deficit of over 100 million won in this year’s budget.
While some of the deficit can be covered by revenue from the parade and subsequent events, as well as donations, the financial health of the organizing committee is dire, given the parade’s status as the largest private festival in South Korea, with 155,000 participants and over 60 booths.
The organizing committee’s financial struggles are not new. According to its published financial statements from 2021 to 2023, the committee’s income and expenditures in 2021 ranged from 300 to 400 million won, but its net assets after deducting liabilities amounted to a mere 895,000 won.
Yang Eun-seok, the secretary-general of the organizing committee, explained, “While our total revenue remains around 300 million won, our expenditures continue to rise, reaching the 400 million won range last year. The gap between revenue and expenditure is widening, and we are acutely aware of our financial limitations.”
When funds run short during parade preparations, such as for facility rentals, the committee’s directors take out loans to provide interest-free borrowings to the committee.
These loans are repaid after generating revenue from the parade and fundraising efforts, but the cycle repeats as funds become insufficient for the next year’s preparations.
The 25th Seoul Queer Parade, held on June 1, attracted a record-breaking 155,000 participants. (Image courtesy of Yonhap)
The committee also struggles to pay staff salaries. As of this year, the only full-time members are the executive director, secretary-general, and a staff member – just three individuals.
Apart from the executive director, the committee members and event staff are all unpaid volunteers.
Despite the parade’s success, the organizing committee’s financial struggles stem from the lack of corporate sponsorship in South Korea, in stark contrast to overseas practices.
Yang explained, “Unlike abroad, where companies actively sponsor queer parades for image enhancement, Korean companies’ participation is low, forcing us to rely heavily on individual donations.”
Notably, major domestic conglomerates like Samsung sponsor queer parades overseas but refrain from supporting the Seoul event, as backing LGBTQ+ organizations is perceived as detrimental to their corporate image in South Korea, according to the organizing committee.
Individuals who support the parade may also hesitate to donate due to concerns about unintentional ‘outing’ – having their sexual orientation revealed without consent, particularly in workplace settings where donation records need to be reported for tax purposes.
Despite these challenges, the organizing committee draws energy from the crowds of supporters who enjoy and celebrate the parade each year, inspiring them to prepare for the next event.
Yang emphasized, “As long as there are people awaiting the Queer Parade, those willing to organize it, and those willing to fundraise, we will not stop.”
M. H. Lee (mhlee@koreabizwire.com)
