Mr Desmond confirmed the sales surge for Electric Picnic 2016 yesterday when commenting on new accounts that show the company behind Electric Picnic, Electric Republic Ltd enjoyed profits of €653,444 in 2014.
Last year, performing acts included Lily Allen, Chic featuring Nile Rogers, Portishead and Hozier.
Mr Desmond said that he is “very happy” with the level of profit generated by the festival in 2014.
“It was very healthy. It is a big turnaround. A lot of effort and a lot of work has gone into to making the Electric Picnic what it is and it is good to see that pay off,” Mr Desmond said.
The promoter said that profits for 2015 will not be as high as 2014 due to capital expenditure on the event. He said: “We are reinvesting all the time in the event.”
Commenting on the 20,000 tickets already sold for next year, Mr Desmond said: “It’s excellent, but we have loyal patrons who avail of the reduced ticket prices. The family camper tickets are always the first to go.
“The Electric Picnic is a unique event that appeals to all ages. This year, it was sold out three months in advance. There is so much to do at the event over the weekend.”
Commenting on the overall 2015 performance of MCD — the concert promotion company founded in 1980 by Mr Desmond and Eamonn McCann — Mr Desmond said that “business is very good”.
“[The fourth quarter] is quiet and it has been a quieter year overall but 2016 is shaping up to be very busy.”
Mr Desmond explained that “the business is cyclical. It is just the way it is. Venue availability is an issue and the Rugby World Cup has impacted on that so bands who may have been looking to tour in 2015 will be touring in 2016 instead”.
He said that events such as Longitude and concerts at Marlay Park went off very well this year.
Accounts for Electric Republic Ltd show that the firm’s cash pile last year increased from €172,238 to €1.23m, while its accumulated losses reduced from €2.76m to €2.11m.