The O2 owner’s touring and festivals arm almost doubles sales
Sales at the UK touring and festivals arm of the group that owns The O2 in London almost doubled as its profits surged during 2024, it has been revealed.
AEG Presents has posted a turnover of £340m for its latest financial year, up from the £178.3m it reported for 2023.
New accounts filed with Companies House also show its pre-tax profit rocketed from £5.6m to £28.2m over the same period.
The division, which is headquartered in the capital, is part of the wider LA-based AEG group which is the world’s second-largest presenter of live music and entertainment venues, behind Live Nation.
AEG Presents’ UK venues include the Hammersmith Apollo, which is currently called Eventim Apollo, Indigo at The O2, University of Wolverhampton at The Halls and Olympia West Hall in London.
Indigo at The O2 held the squad announcement for the British and Irish Lions last week.
The business is also involved in BST Hyde Park, All Points East, Eden Sessions, Country To Country and Forwards.
The O2 owner to face new competition
A statement signed off by the board said: “The company continues to direct its resources to build up the level of larger tours both in the UK and internationally, whilst furthermore developing none-core events and investment strategy.
“We would hope to see the benefits of continued growth from these activities in 2025 and beyond.”
Separate accounts for the company behind The 02 for 2024 are due to be filed with Companies House by the end of September.
For 2023, its turnover increased from £108.2m to £121.9m in 2023 while its pre-tax profit rose from £43.4m to £52.6m.
The results come after Morning Wire revealed that the live entertainment giant which co-owns the UK’s largest indoor arena, Co-op Live, is looking at building up to two new venues in London at a cost of around £1.5bn.
Oak View Group (OVG) chief executive Tim Leiweke confirmed that plans for up to two arenas are currently being considered with the capital being classed as a “high priority location”.
The venues would be more expensive than the £450m OVG and City Football group shelled out to build Co-op Live in Manchester and would also be larger than that arena – which is currently the largest in the UK.