Live Company Group PLC (AIM:LVCG) said it signed a four-year contract with The O2 London for a three-day KPOP.FLEX festival in September 2023 with Kpop Europa, a 50% subsidiary of Live Company.
Next year’s event will be staged by Kpop Europa and promoter PK Events and will be an opportunity for fans to immerse themselves in Korean culture, art and music, Live Company said in a statement.
As well as that, the event will also act as the first KPOP.FLEX awards for emerging artists while also celebrating artists who have “graced the global stage”, it added.
Live Company said it expects 50,000 K-pop fans for the three-day event across a range of venues at the O2 campus.
Revenue will be generated via a percentage of the profits from a variety of different avenues, such as ticket sales, streaming and merchandise, and there are not expected to be any upfront costs, the company noted.
Additionally, both parties are able to terminate the multi-year contract after the first 12 months should they wish.
“The K-Pop phenomenon shows no signs of slowing down and I am pleased to continue to deliver on our strategy of bringing additional concerts to the K-Pop fans,” said chairman David Ciclitira.