Live Company Group PLC (AIM:LVCG) said it has struck a deal for its K-pop festival later this month to be streamed online, on a pay-per-view basis.
Doors Live, a Stockholm-based concert streaming specialist, will stream the KPOP.flex festival in Frankfurt two weeks after the event takes place, and be responsible for packaging, marketing and sales of an interactive stream.
After the concert is held on 14 and 15 May, Doors, which has streamed concerts for Damon Albarn, The Ark and others since being founded in 2020, will hold the streaming event on 29 May.
The event, said Live Company, will cater for multiple time zones (excluding South Korea), facilitate group chats for fans “to amplify a truly global event and will allow fans to get a close-up of some of the incredible performances from the mega festival”.
Revenue generated via the pay per view system will be shared, with Live Company receiving 60%, Doors retaining between 38.5% and 35% dependent on volume of streaming tickets sold, and Seoul Broadcasting Service retaining between 1.5% and 5.00%
Live Company said it will be responsible for any costs associated with the streaming rights with the artists and in country publishing rights.
In the event that revenues do not exceed costs, the deficit will be solely covered by Doors.
“The KPOP.Flex festival in Frankfurt brought to you by KPE, SBS and PK Events is fast approaching,” said Live Company chairman David Ciclitira.
He added: “This is the first step together with Doors and I look forward to developing our partnership further as we grow KPOP.Flex across the globe.”