GHY Culture & Media has entered into a new agreement with Sure Legend International for the right to hold Jay Chou’s Bangkok concert for two days, Dec 8 and 9, at the Rajamangala National Stadium.

This came after the concert organiser announced on Oct 2 that it would hold the singer’s Carnival World Tour in Bangkok for one day on Dec 9 – part of the group’s strategy to ride on the revival momentum of the concert industry.

Jay Chou’s manager Yang Jun Rong, as a non-executive director, owns a 45 per cent stake in Sure Legend International.

GHY Culture & Media said in an update to shareholders on Friday (Nov 17) that the extended Jay Chou’s Bangkok concerts are not expected to have any material impact on the earnings per share or net tangible assets per share of the company for the current financial year. It will make further announcements if there are material business updates.

On Oct 30, the group said that it had agreed with Sure Legend to discontinue a master concert agreement which both parties entered in November 2018, as certain terms and conditions of the agreement were no longer applicable in the “evolved industry landscape”.

Sure Legend had confirmed at the time that it would grant GHY the production rights of Jay Chou’s Carnival World Tour Concerts in Bangkok this year and in Yokohama, Sydney and Melbourne in 2024, with a new concert agreement “to be deliberated and entered into in due course”.

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This month, GHY announced it would pay a US$10 million collaboration fee to Al Nassr Club to co-host a football tournament in China next January, where football superstar Cristiano Ronaldo is expected to play.

In its latest H1 financials released on Aug 7, the mainboard-listed entertainment group posted a widened net loss of S$1.4 million on the year, despite a 58 per cent increase in revenue.

The group attributed the revenue boost driven by an S$13.8 million contribution from its concert production business segment – mainly the sold-out Jay Chou concerts in Malaysia and Australia during the half year period. However, the Singapore dollar being stronger against the renminbi eroded the revenue growth, leading to a net loss.

Its shares closed Friday flat at S$0.38.