South Korean banking group Woori Bank is reportedly set to launch a ticket sales platform in a bid to reach out to younger and more affluent customers.
Business Korea reports that Woori Bank’s new platform will offer online ticket sales services for concerts, musicals and exhibitions. Woori Bank, with estimated assets of around $300bn, is the fourth biggest banking group in South Korea by total assets.
The initiative is part of the bank’s broader strategy to connect with Millennials and Generation Z and explore new business opportunities beyond traditional banking services, Business Korea claims. By attracting young customers through these non-banking ventures, Woori Bank aims to eventually convert them into bank customers.
The bank also aims to target high-spending customers who enjoy musicals, plays, classical music, Korean traditional music, and dance performances.
The country’s live performance ticketing market is currently dominated by Interpark and Yes24.
Woori Financial Group recently reported a decline in revenue and net income for the third quarter of 2024 compared to the previous quarters, highlighting a challenging period for the company.
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