(Alliance News) - Live Co Group PLC said on Friday its two-day Kpop.Flex festival in Frankfurt was a profitable success.
Shares in Live Co were up 13% at 5.74 pence on Friday morning in London.
They Surrey, England-based live events company sold 65,000 tickets at an average ticket price of EUR86. This was higher than the EUR70 per ticket previously guided by the company, meaning the event is expected to be profitable overall.
Further, ticket sales for the 2023 Frankfurt Kpop.Flex festival are already over EUR1.0 million, Live Co said, despite no artists as of yet being announced.
Streaming revenue broke even but Live Co said it took "plenty of take-aways" for new structures to be put in place for future events to increase revenue generation for the next shows.
Merchandising consisted of a guaranteed upfront payment of EUR350,000. Sales matched this payment but nonetheless Live Co said it may make some changes to merchandising and online availability moving forward.
Though the events company did not secure sponsorship for the event, it said conversations were ongoing for future events.
"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 Chair 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," he continued.
By Heather Rydings; heatherrydings@alliancenews.com
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Live Company (LVCG)