Photo/IllutrationAn artist's rendering of Pia Corp.’s new concert arena planned in Yokohama’s Minato Mirai district (Provided by Pia Corp.)

A large-scale arena for concerts and live events will open on the Yokohama waterfront in spring 2020 to help combat a venue shortage in the metropolitan area leading up to and during the Tokyo Olympics.

Pia Corp., Japan’s leading ticketing company, announced its plan on July 20 to run the new arena in the popular Minato Mirai district of Yokohama, which can accommodate seated audiences of about 10,000.

The venture is a rare example of a private company solely investing and running a large arena.

According to the company, the market for live music events has almost doubled in the past five years, and there has been a venue shortage. On top of that, large exhibition halls and multipurpose arenas will be prioritized to host the 2020 Tokyo Olympic and Paralympic Games, and the shortage of concert venues is expected to worsen in coming years.

The company hopes to help ease the shortage through its new project.

Construction is scheduled to begin from December, with an initial budget of 10 billion yen ($90 million).

As opening and running large arenas often involves local authorities, they are commonly destined as multipurpose venues to be used for events other than musical ones, such as sports.

But the new arena will have a built-in stage, and will be fitted with special acoustics and lighting equipment to cater especially for music performances.

According to the company’s plan, the structure will have about 21,000 square meters of total floor space over four levels above ground plus a basement.

It also promises easy access for bringing equipment and gear into the hall.