3Arena firm doubles profit as ticket sales increase 11%

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.