The Korean musical theater market has emerged as a cultural force in its own right. In 2023, the domestic box office revenue for musicals reached approximately ₩465.1 billion KRW (around $350 million USD), a level now comparable to Korea’s domestic K-pop industry. Notably, this figure excludes international exports—musicals like The Great Gatsby, developed by a Korean production team, and Maybe Happy Ending, which played on Broadway in 2024, are not counted in this total. While K-pop’s global revenue far surpasses its domestic earnings, Korean musicals are still primarily anchored within the local market—yet the scale is already striking.

 

Momentum continues to build in 2025. As of May, Korean musicals have generated ₩229.0 billion KRW in revenue, already exceeding the previous year’s midyear total. At this pace, the full-year estimate is projected to surpass ₩550 billion KRW (approximately $400 million USD). The growth trend demonstrates remarkable vitality, especially for a market concentrated almost entirely in one city: over 90% of musical ticket sales in Korea are based in Seoul. And yet, the Korean market has now reached about 25% of Broadway’s scale, whose 2023–2024 season recorded $1.54 billion in gross revenue. For a single-city industry to rival a global hub like Broadway is a testament to the strength, consistency, and popularity of Korean musical production.

 

Meanwhile, the world is taking notice. Korea’s international musical presence began with The Last Empress and continues to expand. Maybe Happy Ending became the first original Korean musical to run on Broadway, receiving six Tony Awards in 2025, including Best Musical. Meanwhile, The Great Gatsby has been widely recognized as a Korean-led production in both the U.S. and U.K. markets. These international efforts, though still in their early stages, suggest a future where K-musicals—like K-pop—can achieve lasting resonance on the world stage.