Subway Station Naming Rights Program Earned 28 Billion Won Over 10 Years; Gangnam Station Was the Most Expensive

[Financial News] Seoul Metro generated about 28 billion won in revenue over 10 years through its 'paid station-name co-branding program,' which adds the names of companies or organizations to subway station names.
According to Seoul Metro and other sources on the 27th, cumulative revenue from the station-name co-branding program, introduced in 2016, totaled about 28 billion won through August this year. The program is currently operating at 38 of the 276 stations on Lines 1 through 8 managed by Seoul Metro. Transfer stations were counted as one station each.
The program was launched in 2016 as a revenue-generating initiative to ease the corporation's financial difficulties. After Seoul Metro was established through the merger of Seoul Metro and Seoul Metropolitan Rapid Transit, new contracts were suspended for some time before the program was relaunched in 2021.
Revenue from 2022, after the program resumed, through August this year totaled about 17.7 billion won. The program generated an annual average of about 4.1 billion won over the four years through last year, while revenue reached 1.2 billion won through August this year.
Among the 38 stations currently operating under the program, the largest contract is for Gangnam Station on Line 2. Haru Plant Dental Clinic won the naming rights for Gangnam Station in 2024 for 1.111 billion won over three years. It was the highest amount ever recorded.
The next-largest contracts were Shinhan Card's 874.5 million won deal for Euljiro 3-ga Station on Lines 2 and 3; Hana Bank's 800 million won deal for Euljiro 1(il)-ga Station on Line 2; Acuon Savings Bank's 751 million won deal for Seolleung Station on Line 2; and Centerfield's 705 million won deal for Yeoksam Station on Line 2.

Meanwhile, Seoul Metro recently expanded eligibility for the program. Previously, only mid-sized companies or larger could participate, but eligibility was expanded to include medium-sized businesses and venture companies. Bidding under the new criteria was held from the 11th to the 22nd of this month for 10 stations, including Jonggak Station on Line 1 and Hongik University Station on Line 2. The bids are scheduled to be opened on the 30th following evaluation by a review committee on the 28th.


[email protected] Han Seung-gon Reporter