The 3Arena operator says it will be profitable again this year as it field Dylan, Kendrick Lamar and Robbie Williams

Live Nation, which operates the 3Arena concert venue in Dublin, expects to return to profitability this year after two years impacted by Covid-19, which decimated its box office earnings.

obbie Williams, Bob Dylan, Sigrid and Kendrick Lamar are just four of the acts set to perform at the Dublin venue over the coming weeks as part of a packed 2022 schedule.

However, the venue was closed to fans from March 2020 until October last year due to Covid-19 restrictions.

New accounts filed by Live Nation company Amphitheater Theater Ltd show the company made €655,156 in pre-tax losses last year due to the impact of Covid-19.

Losses would have been much higher had the company not received €528,920 in funding from the government’s Live Performance Support Scheme, a Covid relief scheme.

The company posted a pre-tax loss as revenue fell 43% from €8.37 million to €4.79 million.

Directors state that there were 14 events at the 3Arena last year compared to 26 events in 2020.

The number of guests attending events at the 3Arena last year was 87,408 compared to 236,137 in 2020.

To underscore the impact of Covid-19 on the business, the company’s 2021 revenue represents just 15 per cent of the €30.7 million pre-Covid-19 revenue of 2019, when 956,242 fans attended events at the Docklands venue.

Last year’s pre-tax loss of €655,156 is followed by a pre-tax profit of €1.599 million in 2020.

The company posted an operating loss of €1.08 million, offset by interest income of €432,025.

However, directors sound more optimistic, stating that once Covid-19 restrictions are lifted, “the company is forecast to return to profitability in 2022”.

The 3Arena’s return to profitability is part of a global comeback in the live music industry, with trade magazine Pollstar reporting worldwide ticket sales of US$3.5 billion with 46.8 million ticket sales for the first half of this year year reports.

The company 3Arena recorded a profit before interest depreciation and amortization (Ebitda) of 700,000 euros last year, compared to 3 million euros in 2020.

The company’s balance sheet remains strong with shareholder funds of €58.68 million despite the two years affected by Covid-19.

The shareholders’ funds include unappropriated profits of €42.3 million. The company’s cash and cash equivalents fell from €4.6 million to €2.72 million.

The company’s headcount fell by five to 30 last year as personnel costs fell from €1 million to €875,744.

The previous year’s loss includes non-cash depreciation costs of €1.77 million.

https://www.independent.ie/business/irish/3arena-operator-says-it-will-be-back-in-profit-this-year-as-its-lines-up-dylan-kendrick-lamar-and-robbie-williams-42049541.html The 3Arena operator says it will be profitable again this year as it field Dylan, Kendrick Lamar and Robbie Williams

Fry Electronics Team

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