Live Company Group PLC (AIM:LVCG) has announced it will be adding a second day to its KPop.Flex festival, taking place in Frankfurt in May.
The company says the festival was extended following “unprecedented demand and a sold out first day”, with tickets going on sale tomorrow.
Currently, day two artists are confirmed as IVE, a six member girl band, and ONEUS, a six member boy band, with further acts to be confirmed in due course, a statement said.
The event is a joint venture agreement with KPE, a 50% subsidiary of Live Company, acting as the touring promoter.
KPE earns revenue via a number of sources, including 40% of all sponsorship revenue, 75% of merchandising at the event and 100% of broadcast and streaming rights, among others.
With average tickets costing €70, Live Company said research showed roughly the same amount would be spent on merchandise, indicating potential revenue if the second day also sells out, of close to €12mln.
“The success of KPOP.Flex is proof of our strategy that revenue diversification has the potential to bring significant benefit financially and raises our profile on the global stage within the live music event space,” said chairman David Ciclitira.