Live Company Group PLC says KPOP.Flex festival was profitable

Live Company Group PLC (AIM: LVCG) said the first KPOP.Flex festival in Frankfurt last month is expected to have been profitable, as it confirmed that 65,000 tickets were sold and at average ticket prices that were higher than expected.

The average ticket price was € 86 for the two-day event, well up on the € 70 that was the company’s previous guidance, which would equate to total sales of around € 5.5mln.

With the dates for next year Frankfurt concert confirmed, ticket sales were said to have exceeded € 1mln, even before artists have been announced. Including the 2023 festival, there will be four more KPOP.Flex events in Frankfurt under the current deal.

Live Company also signed a four-year contract with The O2 arena in London for a three-day KPOP.FLEX festival, beginning in September 2023, and plans to extend the concept into other cities in Europe and globally.

“I am delighted that the KPOP.Flex Festival in Frankfurt was profitable – something that is not usual for first time festivals of this magnitude and especially as we had very little time (less than six months) to put everything together,” said LVCG chairman David Ciclitira.

“There were plenty of learnings both on the way we structure the concerts contractually and the different revenue streams and the fan experience where we gathered plenty of feedback.”

Having signed an upfront € 350,000 guaranteed payment for merchandising, the company said sales ended up matching this and that changes are being evaluated for merchandising and availability for future KPOP.Flex concerts.

The company said streaming revenues broke even for the event and that future streams with partner Doors Live will be made available sooner after the end of the concert, with more backstage artist content added and more songs per artist included in the stream.

Revenue generated via the pay-per-view system will be shared, with Live Company receiving 60%.

The kpop.flex brand is owned by Kpop Europa, a 50-50 joint venture between LVCG and the Explorado Group.

Shares in Live Company rose 3.7% to 5.29p in early deals on Friday morning.

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