South Korea’s Woori Bank to Launch Ticket Sales Platform

Woori Bank of South Korea is slated to offer online ticket sales for concerts, musicals, and exhibitions.

The bank notably the fourth biggest banking group in the country, has an estimated assets of around $300 billion.

According to Business Korea, the initiative is a part of the bank’s broader strategy to connect with both Millennials and Gen-Z while exploring business opportunities beyond traditional banking services. It also aims to target high-spending customers who enjoy purchasing tickets to events like musicals, plays, classical music, Korean traditional music, and dance performances.

The Korea Performing Arts Box Office Information System (KOPIS) revealed that the annual number of ticket reservations as of December 16 was 21,968,444, which excludes canceled reservations. If this monthly reservation volume stays steady, the bank is set to secure a significant number of monthly active users if it successfully creates a presence within the ticketing market.

Currently, companies Interpark and Yes24 are dominating South Korea’s ticketing market. In order to address the challenge of entering the market, Woori Bank is reportedly recruiting content producers with entertainment experience.