Isle of Wight festival increases profits despite fall in attendance | Music industry
Pet Shop Boys and Prodigy helped the Wight Island Music Festival to increase the profit last year and produced £ 2.6 million for the parent company, the biggest player in the event industry, Live Nation.
In a year, in a year when many small music festivals lost money or canceled between wet air and rising costs, the summer show on the island managed to develop a ferry journey from the southern coast of England.
Despite a 4.5% decrease in participation, the 2024 festival made a profit of £ 3.4 million. This was an increase of £ 2.8 million the year ago when Pulp and Chemical Brothers chaired the arrangements on Friday and Saturday night.
Organizers said in a statement on Monday that 2026 titles will be Lewis Capaldi and Calvin Harris.
The festival started in 1968, and two years later, when the permanent population was estimated on an estimated island with only 100,000, 600,000 people came to the world.
In the 1970 series, Who, Miles Davis, Joan Baez, Joni Mitchell, Jethro Tull and Sly and Family Stone, and only weeks before his death, Jimi Hendrix took a set.
One of the participants of that year was John Giddings, who has been the festival since 2002. Since 2017, the festival has ultimately became part of a expanding company network of large and sometimes controversial US events and Ticket Live Nation.
The accounts opened at the House, the ISL OF WIGHT Festival Ltd, an increase of 1.9 million pounds in 2023, such as reading festivals, such as reading festivals, a holding company, a parent, the UK Festival Holdings Ltd pays £ 2.6 million.
This company is very small to publish detailed accounts. In the property chain, the company Ln-Gaiety Holdings Ltd is a channel for dividends from Live Nation’s UK events. Ln-Gaiety Holdings has reported approximately £ 34 million dividend revenue in which accounts have existed in the last two years.
In 2023, LNGH Ireland, a holding company in Ireland and where the company’s tax rates were lower than the UK, paid approximately £ 49 million dividends to LTD.
Los Angeles -based Live Nation, also owned by Ticketmaster, acquired the Wight Island Festival in 2017 during an expansion period. The Competition and Markets Authority (CMA) would resolve the agreement, saying that the event was not competing with the company’s portfolio of approximately 20 England Festival, including Reading, Leeds and downloads.
Live Nation faces a lawsuit in the US, which is allegedly allowing tickets to earn millions of dollars at the expense of fans. At the same time Legal proceedings from the US Department of Justice The competition at the expense of fans is on the domination of the “strangling” live event industry.
In the United Kingdom, the competition guard forced the concert tickets, including Live Nation’s subsidiary Ticketmaster, Oasis Reunion Tour after a fan reaction, including the “misleading” information about the seats they bought.
