Korea to Get Times Square-Style Billboards

Korea has given the green light to massive digital billboards like the ones in New York's Times Square and Piccadilly Circus in London.

The government has eased regulations on digital advertising and permitted the designation of downtown spots where anything goes, according to the Interior Ministry on Monday. It hopes the spots can serve as landmarks and tourism attractions.

Times Square attracts 50 million tourists a year who stare transfixed at its massive LED billboards. A few seconds of advertising cost millions of dollars.

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

Candidate sites are major commercial areas such as Myeong-dong and the COEX building in Samseong-dong in Seoul and the Centum City shopping mall in Busan.

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