Half of Electric Picnic tickets sold as profits soar
Published 24/10/2015 | 02:30
Promoter Denis Desmond has said around 20,000 - or 50pc - of tickets have already been sold for next year's Electric Picnic festival, even before music fans know who will be performing.
Mr Desmond was commenting on new accounts that show that the company behind Electric Picnic, Electric Republic, enjoyed profits of €653,444 in 2014.
Lily Allen, Chic and Hozier were among last year's acts. Mr Desmond said he is "very happy" with the profit generated. "It was very healthy," he said. "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 profits for 2015 will not be as high due to capital expenditure. "We are reinvesting all the time in the event," he said.
Commenting on the tickets sold for next year, he 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."
On the overall performance of MCD in 2015, Mr Desmond said that "business is very good", adding: "Q4 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 been looking to tour in 2015 will be touring in 2016 instead." Electric Republic's cash pile last year rose from €172,238 to €1.23m while accumulated losses fell from €2.76m to €2.11m. GORDON DEEGAN