AEG Presents UK revenues surge after Bieber's mammoth tour

AEG Presents UK revenues surge after Bieber's mammoth tour

AEG Presents’ UK operation has announced a surge in revenues in its financial results for the year ending December 2016.

The company, formerly known as AEG Live (UK) until a rebrand in March, posted revenues of £127.1 million for 2016, an increase of 326% on the 2015 figure of £29.8m.

In its audited financial statement, the company said Justin Bieber’s global tour contributed “significantly” to the UK company’s turnover increasing by £97m. It also described the “successful production of the prestigious Hyde Park music series” over two weekends in July.

Bieber played 110 shows on his Purpose World Tour in 2016, shifting 857,598 tickets for its 48-date European leg, which included 16 arena dates in the UK, six of them at The O2 in London.

The results show that 44% of the London-based operation’s revenue (£55.5m) was generated in the UK, with the remainder (£71.6m) from international. In 2015, the UK company's revenue from international activity was just £80,651.

The UK operation of AEG Presents was involved in 446 events in 2016, an increase of 8% over 2015. The statement added that the concert promoting business remains “very competitive”.

“The Group expects 2017 to be a busier year than 2016 in terms of established artist touring,” said the statement. “The Group continues to direct its resources to build up the level of activity emulating from UK acts and furthermore developing a non-core events strategy.”

Gross profit increased year-on-year from £2.7 million in 2015 to £7.1m in 2016, while group operating profit was up to £1.8m from £1.55m.

The financial statement noted the US parent company’s loss for the year to 31 December 2016 as £1.8m.

AEG Presents' UK operation had 39 staff last year, a slight increase on 2015.

The highest-paid directors received £275,838, up from £247,273 the previous year.

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