TIDMLVCG
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 Tel: 020 7225 2000
David Ciclitira, Executive Chairman
Sarah Dees, Chief Operating Officer
Beaumont Cornish Limited (Nominated Adviser) Tel: 020 7628 3396
Roland Cornish/Rosalind Hill Abrahams
===================
Monecor (London) Limited (Broker) Tel: 020 7392 1436
Thomas Smith
===================
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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