The O2 venue, rebranded The O2, was reopened to the public on 24 June 2007 with a concert by Bon Jovi in the arena. The O2 celebrated its first year with a book, including a double page picture of Elton John from his September 2007 "Red Piano" show. Prior to this reopening, other events took place, including a soft opening for residents of the area to explore the entertainment district and an opening for staff called "The O2 Premiere" which featured Peter Kay, Tom Jones, Kaiser Chiefs and Basement Jaxx. An event called "Out of the Blue" featuring circus acts also took
Millennium Dome estimated at £48 million, which could have been realised by demolishing the structure, but it was considered preferable to preserve the Dome. The dome was publicly renamed as The O2 on 31 May 2005, in a £6 million-per-year deal with telecommunications company O2 plc, now a subsidiary of Telefónica Europe. This announcement, which presaged a major redevelopment of the site that retained little beyond the shell of the dome, gave publicity to the dome's transition into an entertainment district including an indoor arena, a music club, a cinema, an exhibition space and bars and restaurants. This redevelopment was undertaken by