Bubble in musical ticket prices

The musical “Mozart” staged by Seongnam Art Center has achieved commercial success by featuring four popular male actors. Yim Tae-gyeong, Park Eun-tae, Jeon Dong-seok and Kim Joon-soo take turns in playing the celebrated Austrian composer. When Kim, a member of the popular boy band JYJ, took the stage, tickets were sold out in five minutes. For fear of slow Internet speed at home, certain fans of Kim flocked to Internet cafes in time for ticket buying. One college student said she spent 130,000 won (123 U.S. dollars) on a ticket that she earned from a part-time job that pays 4,000 won (3.80 dollars) per hour.

A VIP seat for a performance by a world-renowned orchestra such as the Berlin Philharmonic in Korea sells for as much as 450,000 won (425 dollars), far higher than that for performances by the same orchestra in the U.S., Germany and Japan. For performances by world-renowned orchestras, tickets in Korea are the most expensive. Organizers of such performances say they cannot but raise ticket prices as classic performances are held less frequently due to lack of audiences.

Tickets to musicals are also said to be overpriced. In New York`s Broadway and London`s West End, the highest ticket price is around 100 dollars. By contrast, tickets to musicals in Korea sell for as high as 130,000 to 140,000 won (123 to 132 dollars). Given income differences between Korea and the two advanced economies, it is no wonder why Koreans complain about price gouging. According to a survey of 1,000 Koreans conducted by the Korean survey company Trendmonitor, 35.8 percent chose musicals as their favorite performance while 22 percent picked concerts. Due to high ticket prices, people in the past thought that musicals were reserved for the rich, but this prejudice has collapsed. The majority of those going to see musicals are low-income women in their 20s and 30s. Musical producers are apparently using sales gimmicks to attract young women who are hooked on musicals.

Shinsi Company, a musical producer, has lowered ticket prices for “Mamma Mia” to be staged at D-Cube Art Center in Seoul’s Guro district from Aug. 30. A VIP seat goes for 110,000 won (104 dollars), an R seat for 90,000 won (85 dollars), and an S seat for 70,000 won (66 dollars). This is the first time for a R seat to sell for less than 100,000 won (94 dollars) since “Phantom of the Opera” was staged in 2001. “Mamma Mia” has attracted large audiences whenever staged. Confidence in content has led to the bursting of the ticket price bubble. If tickets become more affordable, the number of musical fans will grow further.

Editorial Writer Chung Sung-hee (shchung@donga.com)