Industry News

AMG hits right note thanks to new venues

Academy Music Group (AMG), the joint venture between Live Nation and concert promoter Denis Desmond’s investment firms, generated £43.7m (€51.9m/$51.7m) in revenue last year.

AMG saw a 22 per cent increase in revenue in 2016, with the boost coming from the four venues that were added to the its portfolio in 2015.

AMG, the UK’s leading owner and operator of nationwide live music and club venues, recorded pre-tax profits of £6m.

Through his share in LN Gaiety Holdings and his ownership of MCD Productions, Irish entrepreneur Desmond owns 26 per cent of AMG.

Shepherds Bush Empire O2, Brixton Academy O2 (pictured) and regional venues across the UK including the O2 Academy in Leicester and the O2 Academy in Sheffield are all owned and operated by AMG.

The company incorporated five new venues in 2015, but dropped one in 2016, according to the AMG directors’ report, the Irish Independent newspaper reports.

The directors said that the four venues contributed £9.92m towards revenues and £931,945 to pre-tax profits.

The directors added: “During the year, the company continued to implement its management and control environment in these new venues as well as achieve synergies through sponsorship, booking of events and through its supply chain.”

AMG paid no dividend to Desmond or other shareholders last year, but was recorded paying out £40.44m between 2011 and 2015.