Hyundai Card CEO regrets failing to host Taylor Swift's 'Eras Tour' in South Korea

Hyundai Card CEO regrets failing to host Taylor Swift’s ‘Eras Tour’ in South Korea

Chung Tae-young, CEO and vice chairman of Hyundai Card, expressed his regret over failing to secure a performance of pop sensation Taylor Swift’s “The Eras Tour” in South Korea.

American singer-songwriter Taylor Swift. Photo from Swift’s Instagram

As reported by Korea JoongAng Daily, Chung, 64, shared his disappointment on Instagram following his experience attending Swift’s concert in Tokyo, Japan.

“I should’ve brought the concert to Korea and heard ‘Hello, Seoul’ instead of ‘Hello, Tokyo,’” he wrote, as quoted by the news outlet.

Chung has been instrumental in bringing numerous international music stars to South Korea through Hyundai Card’s Culture Project, including Beyoncé, Bruno Mars, Coldplay, Lady Gaga, and Paul McCartney. This makes the absence of Swift’s tour a significant omission from this impressive list.

The business magnate also highlighted the challenges South Korea faces in hosting large concerts, citing the lack of a large enough venue as a critical barrier.

The shortage of suitable infrastructure was underlined by the fact that Seoul’s Jamsil Olympic Stadium, which can accommodate 45,000 spectators, is undergoing renovations until 2026, and Gocheok Skydome, with a capacity of 25,000, is also under refurbishment.

Additionally, despite its seating capacity of approximately 66,700, the Seoul World Cup Stadium enforces stringent restrictions on its use for non-sporting events to preserve the soccer field.

This limitation stands in stark contrast to the 55,000 attendance capacity of Japan’s Tokyo Dome and Singapore’s National Stadium, the only two stops of “The Eras Tour” in Asia.

Chosun Daily reported that Chung also posted photos from his visit to different sections of the Tokyo Dome, noting the significant economic impact Swift’s concerts had on the cities that hosted her.

U.S. financial authorities coined the term “Swiftonomics” to highlight the substantial economic contributions of the artist’s tour last year. Forbes estimated that the U.S. leg of the tour alone generated over US$5 billion in consumer spending.

Meanwhile, as reported by CNN, Swift’s concerts in Tokyo were expected to have a $226 million economic impact, emphasizing the missed economic opportunity for South Korea.

Swift, 35, last performed in Korea in February 2011 for her “Speak Now” world tour.

Thai Prime Minister and Finance Minister Srettha Thavisin has also disclosed his unawareness of Singapore offering Swift between US$2 million-3 million per performance to secure its position as the sole stop of the tour in Southeast Asia. He expressed regret for missing the chance to have Swift perform in Thailand.