K-Musical Market opens with focus on global collaboration, financial sustainability
Opening with a forum titled 'Evolving Factors Behind Box Office Success in the Global Musical Market,' the event brought together leading producers, licensing executives and cultural policymakers from Korea, the US, the UK, Japan and China to exchange insights on international trends and sustainable growth strategies.
'Korea has been a growing territory for at least 20 years and we look forward to more growth here. We look forward to learning more about unique Korean musicals that can find a wider audience in the rest of the world and we look forward to representing more,' said Sean Patrick Flahaven, chief theatricals executive of Concord Theatricals.
He also emphasized the qualities that make musicals successful in licensing markets, with the example of 'Maybe Happy Ending,' a Tony-nominated musical adapted from the original Korean work. 'It's not so much dependent on being a Korean story as it is a more universal story. So I think that's an important aspect to have — that a compelling specific story can have universality as well — and that kind of universality speaks to success in future licensing.'
Erica Lynn Schwartz, vice president of theatrical programming for ATG Entertainment, echoed the need for a broader vision by sharing her experience in producing "Moulin Rouge" at Colonial Theatre in Boston about 10 years ago. "The interest really was coming from the UK and Asia," she said, opening her eyes beyond Broadway.
Both Flahaven and Schwartz acknowledged the financial challenges on Broadway, leading many producers to seek opportunities beyond Broadway.
Referencing "Moulin Rouge" and "Suffs," she said, 'What I'm looking for is: What is the actual market to where we're going to be able to take these shows beyond Broadway … so it has to have a life on Broadway, but it also has to have a life beyond Broadway, or at least an audience where I know that there will be a sustainable financial model.'
Presentations from Japan by ePlus and China by Star Space highlighted their unique musical markets.
In his presentation, Daisuke Yokoyama, a senior executive from Japan's largest ticket platform ePlus, pointed out both structural differences and emerging synergies between the Japanese and Korean musical theater markets. He noted Japan's unique strength in producing "2.5-dimensional musicals" — shows adapted from anime, manga or games — which now make up about one-third of Japan's musical market and resonate especially with younger audiences. Meanwhile, original Korean musicals are gaining momentum in Japan, particularly in midsized venues of around 1,000 seats, aided by the global popularity of Korean content, including webtoons and streaming content.
He proposed that Korean dynamism and Japanese delicacy in direction could lead to powerful co-productions, especially if paired with Broadway and West End business know-how.
In a presentation on China's performing arts infrastructure, Jai Xuening, vice general manager of Shanghai Star Space Theater Management, introduced an ambitious, government-supported initiative that transforms commercial buildings and historic sites into clusters of small, modular theaters. Since its 2020 launch, flagship complexes like the Asia Mansion have housed up to 19 theaters under one roof, attracting over 70,000 ticketed audience members annually.
Beyond presentations, the K-Musical Market includes musical pitching sessions, showcases, global meetings and over 300 business appointments, running through Friday. The K-Musical Market is presented by the Korea Arts Management Service and the Ministry of Culture, Sports and Tourism.
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