‘Protecting the Throne’: Ulsan Hyundai Reaches Record Attendance and Revenue, Comparable to Japan’s J.League

K League 1 champions Ulsan HD are emerging as a competitive force not only in South Korea but across Asia with record-breaking revenue and attendance figures.

From 2022 to 2024, Ulsan secured the club's first-ever K League 1 "three-peat" and claimed a fifth overall championship. In the upcoming 2025 season, Ulsan will represent South Korea and Asia in the FIFA Club World Cup - a golden opportunity to showcase the K League 1 champions to a global audience. A key driver behind Ulsan’s stellar achievements has been the unwavering support of the club's fans, reflected in steadily rising attendance and revenue figures.

Ulsan Achieves Two Consecutive Seasons with Over 300,000 Home Fans

• 2024 Season: Total Attendance of 353,615, Average Attendance of 18,611 Per Game

In the 2023 season, Ulsan drew a total of 345,990 fans across 19 home games, averaging 18,210 spectators per match - a new record since surpassing the 254,164 mark set in the 2011 season. This achievement marked the first time in the club’s history that home attendance exceeded 300,000.

The momentum continued into 2024, with 353,615 fans attending Ulsan’s 19 home games, pushing the average attendance to 18,611, once again breaking the previous season’s record. Given Ulsan Metropolitan City’s population of around 1.1 million, this means nearly one in three residents attended a game - a significant milestone for a non-capital city team.

Mid-Tier Attendance Compared to J1 League Teams

To compare Ulsan's 2024 attendance and revenue with J.League, in the 2023 J1 League season, the 18 participating teams played 17 home games each, recording a total attendance of 5,811,987 and an average of 18,993 spectators per game. Ulsan, with 19 home games, attracted 345,990 fans (average 18,210), placing ninth in total attendance and 10th in average attendance when compared to J1 League teams.

Notably, Ulsan surpassed Cerezo Osaka (29,251 total, 17,074 average) but fell slightly behind Kawasaki Frontale (337,286 total, 19,840 average).

In the 2024 J1 League season, expanded to 20 teams playing 19 home games each, total attendance rose to 7,734,871 (33% growth), with an average of 20,355 spectators per game (7% growth). Ulsan recorded a modest 2.2% increase in total attendance (353,615) and average attendance (18,611), ranking 12th overall compared to 2023 J1 League figures.

Revenue Surpasses J1 League Average Even Without Broadcasting Rights

Ulsan has successfully balanced strong on-field performances with steady revenue growth. Fan attendance directly contributes to increased income from sponsorships, ticket sales, and merchandise.

For the 2024 season:

• Kit and merchandise sales reached 9 billion KRW ($6.26 million), contributing 1 billion KRW to club revenue.
• Food and beverage sales amounted to 2 billion KRW ($1.4 million), of which 400 million KRW was recognized as club revenue.
• Kit sales surged, from 15,000 units in 2023 to 25,000 in 2024, with a target of 35,000 for 2025.

Ulsan’s total revenue climbed from 37.3 billion KRW ($26 million) in 2022 to 41 billion KRW ($28.5 million) in 2023 (10% growth), and further to 48 billion KRW ($33.4 million) in 2024 (17% growth). Remarkably, Ulsan’s self-generated revenue now matches the group’s financial support, indicating strong financial independence.

In the 2023 J1 League, the average club revenue was approximately 47.4 billion KRW ($33 million). Ulsan’s 2023 revenue (41 billion KRW, $28.5 million) ranked just above Kashiwa Reysol (40.3 billion KRW, $28 million) and its 2024 revenue (48 billion KRW) surpassed Cerezo Osaka (44.4 billion KRW, $33.4 million).

Ulsan achieved this excluding broadcasting rights, academy, and women’s team income, which are typically included in J.League calculations.

Closer Ties with J.League Clubs through ACL and Club World Cup

Over the past decade, Ulsan has qualified for the AFC Champions League (ACLE) eight times, fostering relationships with clubs across Asia. Frequent encounters with Japanese teams, including Kawasaki Frontale, Yokohama F. Marinos, and Vissel Kobe, have had mutually positive effects.

Ulsan’s CEO, Kim Gwang-guk, has actively engaged with Japanese club executives to exchange insights, identify best practices, and adapt useful strategies tailored to Ulsan and South Korea. This hands-on approach has accelerated administrative and operational enhancements within the club.

Looking Ahead: 2025 Goals of 400,000 Total Attendance and 20,000 Average Attendance

Ulsan aims to maintain this upward trajectory in both performance and fan engagement. CEO Kim Gwang-guk says: “Our front office constantly seeks ways to elevate Ulsan HD’s profile globally and provide robust support for our players. We will continue to strive to repay our fans’ unwavering support.”

Ulsan plans aggressive marketing campaigns to exceed J1 League averages in both attendance and revenue, with ambitious targets set for the 2025 season.

Via Ulsan HD press release