Ticketmaster New Zealand saw its profits soar during 2016 as it benefited from increased revenues from the Spark Arena in Auckland.
Ticketmaster NZ’s annual profit rose by 59 per cent to NZ$2.1m (£1.2m/$1.5m/€1.3m) during the 12 months to December 31.
In figures filed with the Companies Office and seen by the New Zealand Herald, operating revenue grew by 50 per cent to $31.5m. The accounts cover Ticketmaster and entities such as Live Nation NZ, EVENZ, NZ Venue and Event Management, QPAM and Quay Park Arena Management Trust NZ.
The company said the increase in sales was led by a more than doubling of ‘other revenue’ to $12m in a year when telecoms giant Spark took over the naming rights to the 12,000-capacity former Vector Arena, which is Auckland’s biggest indoor arena.
“The reason for the large increase in this revenue relates to QPAM/Vector Arena, which Ticketmaster provides the ticketing services for. The nature of this ‘other revenue’ includes catering revenue, ticketing revenue, merchandise and advertising/sponsorship,” Ticketmaster told the New Zealand Herald.
The cost of sales rose to $15.2m from $10.7m in the prior year while total operating expenses increased to $13.3m from $8.9m, partly due to higher employee expenses.
Spark Arena will hosts acts such as Ariana Grande, Little Mix and Lionel Richie in the coming months.
IMAGE: JACNZ
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