Live Company Group PLC (AIM:LVCG) has confirmed the K-Pop festival ‘KPOP.Flex’ will take place in Frankfurt, Germany on 14 May 2022.
The festival, which will be the biggest of its kind in Europe, was previously announced as being in negotiation by the AIM-listed company at the time of its September interim results.
The event is a joint venture (JV) between Live Company’s 50%-owned K-Pop Europa (KPE) subsidiary, Deutsche Bank Stadium (DB Stadium), PK Events and Seoul Broadcasting Service.
"KPOP.Flex is a tremendous opportunity for the JV partners to showcase K-Pop to the genre's huge European fan base at a world-class stadium that has hosted concerts for global superstars such as Coldplay and Elton John,” said Live Company chairman David Ciclitira.
Monsta X and G.Idle are the first two of seven headline acts to be unveiled with the remaining ones to be announced in January.
The festival, which will hold 44,000 fans in the DB stadium, can be extended by KPE for a further four years at no additional cost.
KPE will pay US$400,000 of the total US$1.75mln financing cost, while it will receive 40% of sponsorship revenue, 100% profit on online merchandise, 75% of net profit from merchandise at the event, all the broadcast and streaming rights, and a percentage of ticket sale profits.
K-Pop has 44.8% year-on-year growth – making it one of the quickest growing music genres in sales, streaming and paid subscription services.
“I am delighted that LCG continues to diversify its revenue sources in the live entertainment space [and] with KPOP.Flex we are building an asset value which in due course could be highly marketable to large event companies," added Ciclitira.
Ticketmaster, who is owned by Live Nation Inc, is handling all ticket sales