As the university festival season in Korea enters its peak, the competition to invite famous idol groups is becoming increasingly fierce.
According to Money Today, this year's festival budget of major universities in Korea is determined to range from about 100 million to 400 million won per school. In the total festival budget, the cost of inviting artists accounts for 40% to 80%.
A representative of the student association of a university in Seoul said: "Because the performance lineup mainly includes famous artists, about 80% of the total festival budget is used to pay for artist invitation fees.
In fact, a university in Seoul has spent 170 million won out of the total budget of 400 million won for this year's festival to invite performing artists. Another school is also said to have used about 40% of the total budget of 300 million won to hire artists to participate in the program.
In addition to the performance fee of artists, schools also have to bear additional commission costs for intermediaries in charge of contacting artists. According to industry insiders, this brokerage fee is usually calculated at about 10% of the artist invitation fee.
Artist hiring prices in the market are also increasing steadily year by year. According to artist brokerage company Star Korea, the fee for inviting Kpop groups this year is recorded as follows:
Top Kpop groups cost about 65 - 120 million won; mid-range Kpop groups cost about 35 - 55 million won; rookie groups debuting from 1 to 3 years ago cost about 12 - 25 million won.
In particular, a person in the industry took the famous girl group aespa (Karina, Giselle, Winter, NingNing) as an example and said: "For famous idols like aespa, the basic performance invitation fee usually exceeds 100 million won (about 1.7 billion VND)".
This information has surprised many people.
As university festivals are no longer simply internal events in schools but increasingly develop into large-scale performance programs, the competition between schools to win the appearance of famous Kpop idols is predicted to be even fiercer.
