Live Company Group PLC (AIM:LVCG) shares jumped 26% as it announced a new joint venture with Birdman to set-up a K-pop festival in Japan.
K-Pop Lux in Nagoya, Japan will be a two-day festival showcasing some of the genre’s biggest artists and a deal worth US$1mln in licensing fees.
The concert, which will take place in June, will run over a four-year term and will feature each day at least two of the most well-known K-pop artists in the world.
The fee will be spread out over three payments is in return for KPL’s brand name and international digital and PR strategy.
Ticket revenue will go to Birdman in return for organising staging, marketing in Japan, contracts, venue hire, related costs and ticket sales.
“Additional revenue will be generated via merchandise, sponsorship, TV broadcasting, streaming and a profit share,” Live Company said in a statement.
KPL will own all copyright and commercial rights from the concert including from live streaming and merchandise.
Live Company chairman David Ciclitira said: "I am delighted to team up with KBS to bring an iconic festival to Japan."
The events company has seen its share price soar 61% to 3.2p over the last five days.