A ventilation grate collapsed and a group of concert-goers fell 65ft into an underground parking area. Many were left badly injured.
Rescue workers are at the scene of the accident.
Yonhap news agency reported that about 700 people had gathered to watch the concert, part of a local festival being held at Pangyo Techno Valley, a multi-purpose complex for technology firms.
In the dense crowd, 20-30 people climbed on a grill over the deep ventilation shaft to get a better view of the event. Under their weight the grill gave way and the group fell through.
The immediate task was to save the lives of the injured but that the accident may intensify a debate in South Korea about safety standards.
After the Sewol ferry sank six months ago, with the loss of more than 300 lives, many alleged that the country’s regulations had not kept pace with its rapid economic development.
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