Confirmation of K-Pop Festival

RNS Number : 0543V

Live Company Group PLC

09 December 2021

 

9 December 2021

LIVE COMPANY GROUP PLC

("LVCG", the "Company" or the "Group")

CONFIRMATION OF K-POP FESTIVAL: KPOP.FLEX  

Live Company Group plc (AIM: LVCG) is pleased to announce that the K-Pop Festival, previously announced as being in negotiation in the Company's half year results, has now been confirmed to take place in Frankfurt, Germany on the 14^th of  May 2022.

Highlights

· 7 headline acts with two already announced

· Largest  K-Pop festival to be held in Europe

· Festival is a joint venture between 50% LVCG owned K-Pop Europa (KPE), Deutsche Bank Stadium (DB Stadium); PK Events (PKE) and Seoul Broadcasting Service (SBS)

· Revenue generated via sale of tickets, merchandise, sponsorship, TV broadcasting and streaming and profit share

· Opportunity for multi-year event available on an automatic option for KPE to a maximum of five years

The Event

Korean Pop or K-Pop is one of the fastest growing music genres with 44.8% year on year growth in sales, streaming and paid subscription services. The K-Pop Festival has been named KPop.Flex and will take place at the iconic 44,000 seater Deutsche Bank Park stadium in Frankfurt. This is the first time a festival of this magnitude will be held in Europe. Ticketmaster (owned by Live Nation Incorporated), are handling all ticket sales.

The Artists

Seven leading K-Pop acts will perform, giving European fans their first opportunity to see the combination of these artists live in an all-day music festival. The first two acts announced will be Monsta X and G.Idle with the remaining acts being announced throughout January.

Structure of Contract

The event is a joint venture agreement between a number of parties which is the usual format for this type of festival. The European partners consist of; KPE - a 50% subsidiary of LVCG, who are the Touring Promotor, PKE who are the Promotor and DB Stadium - the stadium partner. The Korean partners are SBS who are responsible for broadcasting and streaming in Korea, artist sourcing and their two consulting companies one of which is SSD Media Group. KPE has the optionto extend the festival annually for up to a further four years for no further payments.

KPE will be contributing $400,000 of the total $1.75 million financing cost, with the initial payment of $50,000 payable now and the remainder structured in the run up to the event.

Revenue generation

LVCG owns 50% of KPE.  KPE earns revenue via a number of sources including; 40% of sponsorship revenue, 100% of the net profit of event related on-line merchandising, 75% of the net profit of merchandising at the event, 100% of broadcast and streaming rights (ex-Korea), annual consultancy fees of Euro 200,00 and a percentage of the ticket sale profits.

At the Festival, start.art (15% owned by LVCG) will be exhibiting original artworks by K-Pop stars and limited edition prints of these works will be availbe to purchase.  Live Nation subsidiary, Ticketmaster, are handling all sales of the tickets.

Chairman David Ciclitira commented:

"KPOP.Flex is a tremendous opportunity for the JV partners  to showcase K-Pop to the genre's huge European fan base at a world class stadium that has hosted concerts for global superstars such as Coldplay and Elton John. I am delighted that LVCG continues to diversify its revenue sources in the live entertainment space. Furthermore with KPOP.Flex we are building an asset value which in due course could be highly marketable to large event companies. "

Mr Choi from SSD commented:

"SSD Media Group is extremely excited to be a partner with SBS in the Kpop.flex mega concert in Frankfurt, Germany."

Enquiries:

Live Company Group Plc David Ciclitira, Executive Chairman Sarah Dees, Chief Operating Officer	Tel: [phone]
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Rosalind Hill Abrahams	Tel: [phone]
Monecor (London) Limited (Broker) Thomas Smith	Tel: [phone]

Notes to Editors:

MONSTA X

The 6 boy band members of MONSTA X are known for their uniquely aggressive rap-style vocals and pumping electronic instrumentals.  Launched in 2015, they are the grand-daddies of the two acts being revealed today.  

PK Events

PK Events are a German based live events promotor.

KPE

KPE is a 50% subsidiary of LVCG. The other 50% is held by LVCG's German partner Odyseum Group whose founder Andreas Waschk is youngest ever promotor of the supergroup the Rolling Stones.

SBS (Seoul Broadcasting System)

SBS is a national South Korean television and radio network company owned by Taeyound Construction.

SSD Media Group

SSD Media Group is a leading Korean company specialising in Kpop concerts.  SSD is SBS's global Kpop concert partner .

LIVE COMPANY GROUP

Live Company Group Plc ("LVCG", the "Company" or the "Group") is a live events, entertainment and sports events company, that has been trading on AIM since 2017.

The Group is divided into two divisions the first, BRICKLIVE, consisting of a network of partner-driven fan-based and touring shows using BRICKLIVE created content worldwide. The Company owns the rights to BRICKLIVE - an interactive experience built around the creative ethos of the world's most popular construction toy bricks. The Group is an independent producer of BRICKLIVE and is not associated with the LEGO Group.

The second, LCSE, manages a number of global sports, entertainment and lifestyle events. LCSEs main focus for 2021 has been the successful launch of the Formula E Cape Town race for series 9 in 2023.

It also has a minority investment in Start Art Global Ltd - combining both physical art shows and a digital art platform(www.start.art).

 

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