Live Company Group PLC (AIM:LVCG) said ticket sales for the second day of its KPOP.FLEX Korean pop festival are going very well.
Ticket sales with the Ticketmaster agency for day two of the festival opened earlier this month and sales for this additional date are currently in excess of 18,000.
Live Company earns revenue from ticket sales, merchandise, consultancy fees, sponsorship, broadcasting and streaming relating to this festival.
Streaming for the show is currently being negotiated and as costs are covered by ticket sales would drop straight to the bottom line profitability of the event, the company told investors.
Live Company has decided to set up a video production division to manage the streaming of the Frankfurt Festival and subsequent festivals. To provide funding for this new division and for further expansion of the KPOP-FLEX concept and additional working capital for the group post-lock-down, the company has raised £825,000 (before expenses) by placing 16.5mln shares at 5.0p each with institutional investors.
Following the completion of the share placing, Live Company will have 18.5mln shares in issue.
Shares in Live Company surged 14.29% to 5.60p in mid-morning trade.