REPLACEMENT KPOP LUX - NEW JOINT VENTURE

RNS Number : 1552Q

Live Company Group PLC

16 February 2023

 

The following announcement replaces the announcement "KPOP LUX - New Joint Venture" made on 13 February 2023 at 08.50 with RNS Number 7157P.  In that announcement, the Chairman's comment incorrectly included reference to "team up with KBS" whereas the correct reference should have been "team up with Birdman".  All other text remains the same.

16 February 2023

LIVE COMPANY GROUP PLC

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

KPOP LUX - NEW JOINT VENTURE

LVCG is delighted to announce that KPOP LUX Limited ('KPL'), a division of Live Company Group that organises, promotes, and co-promotes K-pop concerts in Europe and Asia, have signed a new agreement with a branding and promotional business Birdman Inc. Birdman Inc is listed on the MOTHERS (growth) segment of the Tokyo Stock Exchange under number 7063.

KPL and Birdman Inc intend to collaborate on the staging and promotion of an annual K-Pop concert to take place in Nagoya, Japan on each of 10^th and 11^th June 2023 to be called 'KPOP LUX© in Nagoya', ("Concert"), during a four-year term.

KPL will act as Executive Producer of the concert and in this capacity will enter into a separate agreement with Live Company Korea (LVK) pursuant to which LVK is appointed to identify and contract with the K-Pop artists ("Artists") appearing at the concert. The agreement between KPL and Birdman Inc is conditional on the agreement between KPL and LVK being signed by 17 February 2023. In 2023 there will be a minimum of seven mutually agreed groups and/or individual Artists performing at the Concert each day (at least two "S" level Artists, three "A" level Artists and two rookie-level Artists per day.) S Level artists are the most popular and well-known artists in the K-POP world.

In return for providing the brand name and establishing a digital and PR strategy internationally KPOP LUX will receive a licence fee of $1,000,000 payable in three tranches: $450,000 immediately due, $300,000 on 31 March 2023 and $250,000 on 30 April 2023. All ticket revenue for the concert will go to Birdman Inc.

Birdman Inc will be responsible for staging the Concert in Nagoya, the contract and hire of the Venue and all related costs and promotion throughout Japan as well as being responsible for selling 100% of the tickets. Subject to paying its contractual commitments, Birdman Inc will retain the monies from the ticket sales.

Additional revenue will be generated via merchandise, sponsorship (Birdman Inc will receive commission for any Japanese Sponsorship they arrange) TV broadcasting and streaming and a profit share. KPL shall own all copyright and commercial rights in the Concert (including live streaming rights distribution rights, merchandise rights and sponsorship rights). Birdman Inc can retain 40% of the net revenues for Concert Mark merchandising at the venue.

While K-pop has existed for decades, last few years the genre has spread globally amassing armies of fans and it has exploded onto the music scene in Japan where spend per ticket including merchandise spend is significantly higher than in other countries.

Chairman David Ciclitira commented: "I am delighted to team up with Birdman to bring an iconic festival to Japan" .

CEO Akihiro Date CEO of Birdman Inc commented: "I am so excited about this partnership with LVCG which will provide me with the exclusive rights to stage KPOP LUX in Nagoya for a four-year term. I can't wait to bring KPOP LUX to the Japanese fans who are hungry for more KPOP concerts - being the second largest KPOP fan base outside of South Korea"

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]
Oval(X) (Broker) Thomas Smith	Tel: [phone]

About 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 four divisions:

· 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. 

· KPOP - the company owns the rights to the K.Flex brand and through its joint venture with the Explorado group KPOP Europa (KPE) is a partner in and the Executive Producer of K.Flex in Frankfurt. 

LVCG also owns the brand KPOP Lux and is the executive producer of KPOP Lux in Madrid and London. Both shows are produced in partnership with SBS - the Korean television network. The Company organises an annual Japanese KPOP festival called KPOP Lux Nagoya in partnership with Birdman - a leading advertising and entertainment company based in Tokyo.

· StART Art Global (SAG) - SAG owns StART Art Fair in London which has been staged over the last 9 years at the Saatchi Gallery. SAG has licensed the rights to the StART brand in Korea. The licence includes the right to create and run StART Art Fair Seoul and various StART+ exhibitions.

SAG has also licensed the right to the StART brand in Japan to Live Company Japan a joint venture with M Group Holdings Co.

SAG has also licensed the brand to Live Company Korea to create the StART Art Coin.

· Live Company Sports and Entertainment (LCSE) - LCSE owns LCSE Pty in South Africa which has a long-term relationship with Pick 'n' Pay and the Ocean Race.

LVCG is a founder shareholder in E-Movement - the promoter of the Formula E Race in Cape Town. As part of this relationship E-Movement has retained LCSE (through E-Movement holdings) as its implementation partner. E-Movement Holdings a 100% subsidiary of Live Company Group has the right to sell sponsorship for the Formula E race in Cape Town.

 

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