Korea to Get Times Square-Style Billboards

Korea to Get Times Square-Style Billboards

Korea has given the fairwaymildto largevirtual billboards like the ones in New York's Times Square and Piccadilly Circus in London.

The govt has eased regulations on electronicadvertising and approved the designation of downtown spots where the rest goes, in keeping withthe internal Ministry on Monday. It hopes the spots can serve as landmarks and tourism attractions.

Times Square draws 50 million tourists a year who stare transfixed at its giant LED billboards. A couple of seconds of advertising payment millions of dollars.

Regional governments can put up their nominated spots to the ministry for review.

Candidate sites are mainadvertisementspacescorresponding to Myeong-dong and the COEX development in Samseong-dong in Seoul and the Centum Townbuying groceries mall in Busan.

The ministry expects that the billboard marketplace will generate economic advantagesvalue W8.1 trillion and added price worth W3.6 trillion, and create some 59,000 new jobs over the following five years (US$1=W1,148).