Business Irish

Thursday 26 April 2018

UK profits lift for concert promoters Aiken

Bruce Springsteen on stage during The River Tour at Croke Park in 2016
Bruce Springsteen on stage during The River Tour at Croke Park in 2016

Gordon Deegan

Accumulated profits at the UK arm of concert promoters Aiken Promotions last year jumped to £1.6m (€1.74m).

New accounts recently filed by Aiken Promotions Ltd with Companies House in the UK show that accumulated profits at the firm jumped from £1.37m to £1.64m in the 12 months to the end of December last.

During the same period, the firm's cash pile reduced from £6.1m to £5m.

The performance of the Aiken Promotions' Irish business is off limits as the firm has unlimited status here and is not required to file annual accounts.

The firm's most recent auditor's report lodged with the Companies Office doesn't confirm if the firm made a profit or a loss in 2014.

The company is led by Peter Aiken and separate figures from music industry journal 'Pollstar' show that the number of fans attending the Aiken Promotions (Ireland) gigs here last year came to a total of 549,210.

This was more than a doubling of the 229,904 tickets sold by Aiken Promotions in 2014.

A large factor behind the increase were the two sell-out concerts by Ed Sheeran promoted by Aiken Promotions at Croke Park in July 2015 that were enjoyed by 160,000 music fans.

The number of tickets sold for Aiken Promotions concerts last year exceeded the 520,000 who attended Aiken gigs in 2013.

These were boosted by around 140,000 music fans who attended Bruce Springsteen concerts, with the gross box office receipts on the Springsteen gigs coming in at around €13m.

However, the 'Pollstar' figures are believed to be an underestimate of Aiken Promotions' entire operations. Separate 'Pollstar' figures show that last year Aiken Promotions (Ireland) attracted a number of big names to the 3Arena in Dublin, including Olly Murs and Nicki Minaj.

Aiken Promotions promotes events at one of the most popular music venues in the country at Vicar Street in Dublin which won the title of Irish Music Venue of 2014.

It also promotes Live at Marquee in Cork, Live at Iveagh Gardens and the Vodafone Comedy Festival.

Some of Aiken Promotions' upcoming events include Paul Simon at the 3Arena.

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