Business Irish

Tuesday 17 July 2018

Tour success helps U2 firm make €8.5m in two years

The Edge and Bono played to more than a million fans worldwide in 2015 on a U2 tour that grossed more than $150m
The Edge and Bono played to more than a million fans worldwide in 2015 on a U2 tour that grossed more than $150m

Gordon Deegan

A firm owned by the members of U2 has recorded combined profits of €8.5m over the past two years.

New abridged accounts filed by U2 Ltd show that the firm recorded the €4.8m profit last year and this followed the company recording a profit of €3.77m in 2015.

The profits over the two years follow the company sustaining a loss of €1m in 2014.

However, the cash pile at the firm last year plummeted going from €6.8m to €338,150. Revenues at the company are not disclosed as the accounts are abridged.

The strong performance of the firm in 2016 followed the band grossing $152.2m in box office receipts as more than 1.28 million fans paid to see the band perform across the globe in 2015.

Box office receipts are split between artist, promoter and venue.

The average gross from each U2 gig was $6.92m - easily the most lucrative average gross out of any of the performers touring that year.

The band's U2 Ltd firm is engaged in the creation, protection and licensing of intellectual property.

The band is set to add to the firm's coffers again following the eagerly-awaited release of their 14th studio album, 'Songs of Experience' last Friday.

Numbers employed by the firm increased to nine, including four artists with staff costs increasing from €203,466 to €292,214.

The accounts show that the firm owed under the heading of 'employee current accounts' €7.9m at the end of 2016.

Staff costs at another U2 firm, Not Us Ltd totalled €518,921 last year.

Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business