Ticketmaster New Zealand said a spike in operating expenses led to an annual loss in 2015 despite an increase in revenue.
The consolidated accounts, which cover Ticketmaster and its controlled entities such as Live Nation NZ, revealed a NZ$309,000 (£182,000/$223,500/€202,000) loss in the year to December 31, 2015, compared to a profit of NZ$770,000 in 2014, according to the BusinessDesk news agency.
Consolidated operating revenue was at NZ21.0m, up 39% year on year, while cost of sales increased 50% to NZ$10.8m and operating expenses rose 54% to NZ$10.5m. Within cost of sales, licence costs more than doubled to NZ$2.0m and the consolidated group booked NZ$2.9m in event costs, from nothing in 2014.
The company’s operating costs were driven by a 34% increase in employee expenses to NZ$3.3m, with operating lease rentals rising from NZ$228,000 to NZ$1.1m, and unspecified other expenses doubling to NZ$2.8m.
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