Live Company Group Plc (LON:LVCG) said its subsidiary, Brick Live International Limited (BLI), has entered into a new licence and content lease with two South Korean companies.
The AIM-listed media group said the agreement with HiBrick Limited and Brick Live World Limited (BLW), extended contractual arrangements between BLI and the two organisations ensuring event output in South Korea until 31 December 2022.
WATCH: Live Company Group renews and extends contract in South Korea
Under the terms of the new agreement, HiBrick will retain exclusivity in South Korea provided a minimum number of BRICKLIVE centres (permanent) and BRICKLIVE Lite shows (temporary) are opened or staged each calendar year.
Live Company added that the new agreement waivers the previous exclusivity of other BRICKLIVE brand extensions within South Korea.
The agreement also allows Hi Brick and BLI to work together to sublicense the brand, seeking additional partners to promote BRICKLIVE centres and BRICKLIVE Lite shows in the territory.
Both HiBrick and BLW are controlled by Reon Kim, a substantial shareholder in Live Company in relation to certain BRICKLIVE events in South Korea.
David Ciclitira, executive chairman of Live Company, said: "Our relationship with our partner in Korea has been fundamental to the growth of the business. HiBrick's investment in the business has led to Mr Kim becoming the second largest shareholder in LVCG and so we are delighted that we are announcing an extension of his agreement.
He added: “HiBrick has also been fundamental to developing the educational elements of Bricklive in Asia which is expected to further evolve later this year through a new BL Group subsidiary called Bricklive Education.”