The O2: Peter Kay and Olivia Rodrigo help arena to record profit
The O2 in London raked in a record profit in 2024 thanks to the likes of Peter Kay, Sir Paul McCartney and Olivia Rodrigo, it has been revealed.
The arena has posted a pre-tax profit of £64.8m for its latest financial year, according to new accounts filed with Companies House.
The latest total is up from the previous record of £58.4m The O2 set in 2023.
The new results also show that The O2’s turnover grew from £122.3m to £130m – also a new record.
As a result of its improved financial performance, the company behind the arena doubled its dividend from £15m to £30m.
The O2 is owned by Anschutz Entertainment Group (AEG), which itself is controlled by US billionaire Philip Anschutz.
The O2 eyes another revenue record
A statement signed off by the board said: “2024’s event diary saw a continued strong content mix with a diverse range of high profile artists including The Killers, Olivia Rodrigo and Sir Paul McCartney.
“Once again the comedy offering was underpinned by the continuation of Peter Kay’s monthly residency and saw tours from Michael McIntyre and Romesh Ranganathan in this genre.
“The arena also hosted the final of the League of Legend World Championships for the first time.”
The company behind The O2 added: “2025 will see a strong event pipeline. The directors anticipate continuing growth in EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation] and revenue.”
Profit rockets at AEG division
The results for The O2 come after Morning Wire reported in May that sales at the UK touring and festivals arm of AEG almost doubled as its profits surged during 2024.
AEG Presents posted a turnover of £340m for its latest financial year, up from the £178.3m it reported for 2023.
Its pre-tax profit also rocketed from £5.6m to £28.2m over the same period.
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.
The business is also involved in BST Hyde Park, All Points East, Eden Sessions, Country To Country and Forwards.
Co-op Live owner plots new London venues
Also in May this year, 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 outlined 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.
Co-op Live is owned by a joint venture between OVG and Manchester City owner, City Football Group.
Pop star Harry Styles is also an investor alongside concert promoters Simon Moran and Denis Desmond.
Co-op Live has a total capacity of 23,500 and has hosted concerts by the likes of Elbow, Paul McCartney and Liam Gallagher.
In comparison, the O2’s capacity in London stands at 20,000.