Last checked at 1 Jul 2022 07:00
1 July 2022
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
Update on KPOP.Flex Frankfurt
Live Company Group plc (AIM: LVCG) (the "Company") provides an update on the KPOP.Flex post receipt of the final ticket reconciliation.
Highlights
· Final ticket sales of 65k over the two day festival with a higher than expected average ticket price
· Overall the event is expected as reported in our recent 2021 Report and Accounts to be profitable
· Event streaming broke even with plenty of take aways for potential increased revenue generation for next shows
· Merchandising upfront payment was €350,000 and total merchandising sales were in line with this payment
· There was insufficient time to secure sponsorship but conversations are ongoing for future events
Ticket Sales and profitability
A total of 65,000 ticket sales at an average price of €86 were sold over the two day period. The Company previously guided an average ticket price of €70 so is delighted with the increase in average price.
This meant that the festival is expected subject to final reconciliation to be profitable overall, which for a maiden concert immediately post Covid is something the Company is extremely pleased to announce.
Ticket sales for the 2023 Frankfurt KPOP.Flex Festival are aleady in excess of €1.0 million with no artists announced as yet which is testimony that the concept works and fans want to see their KPOP idols again in Europe.
Streaming and Merchandising
Streaming revenues broke even for the event with plenty of learnings and new structures to be put in place for future events such as the time between the concert and the stream shortened, the content to feature more back stage interaction with the artists and five rather than three songs per artist included in the stream.
The Company reminds investors that merchandising consisted of a €350,000 upfront guaranteed payment. Sales matched this upfront payment. Changes to the merchandising and availability online and sales points at the concerts are currently being evaluated to improve the overall experience for fans and profitability of this part of the KPOP.Flex revenue pool.
David Ciclitira, Chairman of LVCG said: "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. 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. I am also delighted that ticket sales for 2023 Frankfurt have exceeded €1.0 million with no artists announced as yet. As a team we are so pleased with the outcome from Frankfurt and look forward to London 2023 and other concerts in Europe and beyond in both 2022 and 2023. "
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
Sarah Ullman, Chief Operating Officer
Beaumont Cornish Limited (Nominated Adviser) Tel: 020 7628 3396
Roland Cornish/Rosalind Hill Abrahams
Monecor (London) Limited (Trading as OvalX) (Broker) Thomas Smith | Tel: 020 7392 1436 |
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. The second is Kpop Europa (KPE), which operates the KPOP.flex Festival in Frankfurt. KPOP.flex Frankfurt is Europe's first ever Mega KPOP music festival. The third is Live Company Sports and Entertainment, which manages a number of global sports, entertainment and lifestyle events. LCSEs main focus for 2022 will be Cape Town Cycle Tour and the successful one year out launch of the Formula E Cape Town race for series 9 in 2023. The fourth division is StART Art Global, in which LVCG holds a minority stake. StART Art Global is a combination of both physical art shows and a digital art platform.
Website: www.livecompanygroup.com.