3Arena firm doubles profit as ticket sales increase 11%

Fleetwood Mac performed the most lucrative gig at the 3Arena last June.

U2 and Fleetwood Mas last year helped the Live Nation firm that operates the 3Arena in Dublin to double its pre-tax profits to £5.16m (€6.19m).

U2 were the biggest box-office draw at the 3Arena in 2015 where the band earned more than a cool €1.1m a night for their four-night stint at the venue last November.

Seen by 46,784 fans, the U2 gigs generated €4.6m in box office receipts, as the band donated €2m from their Dublin gigs to the Music Generation initiative in collaboration with the Ireland Funds.

New accounts filed by UK-based Live Nation firm Apollo Leisure Group Ltd (ALGL) show that pre-tax profits at the group last year increased by 102% to £5.16m, while revenues at the group increased slightly to £15.6m.

The accounts show that the numbers attending the 3Arena last year increased by 11% to 666,318.

The number of shows at the arena last year totalled 78 compared, helping the venue to be ranked by Pollstar as the 15th best-attended arenas in the world.

The new accounts underline the close ties that now exist between Denis Desmond’s MCD Productions and Live Nation. 

The sharp rise in pre-tax profits came as the company cut administrative expenses from £8.56m to £6.1m.

Accumulated profits at the group increased from £25.2m to £28.57m. Numbers employed by the group last year increased from 42 to 44, with staff costs declining from £2.32m to £2.09m. Its cash pile reduced from £7.6m to £6.85m.

Music giant Live Nation bought the remaining 50% stake in the 3Arena Amphitheatre Ireland Ltd from Nama for £29.3m in 2013. 

The single most lucrative gig of the year was by Fleetwood Mac whose gig generated €1.2m last June. 

With Taylor Swift enjoying the biggest box office draw worldwide, the 3Arena figures show the superstar generated receipts at the door of €1.76m for two gigs last June.

Take That generated box office receipts of €1m per night for its two shows last May, while Michael Flatley’s Lord of the Dance scooped €1.1m for two shows last March. 

The Coronas had a box office of €438,347 last February, while Van Morrison’s November gig generated €671,334 in receipts.


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