AEG Presents’ UK-headquartered division recorded a loss in 2018 despite an 81 per cent year-on-year rise in revenues to £141m.
In its full accounts filing for the year to December 31, AEG Presents Ltd reported that it staged 951 events in 2018, which marks a 20 per cent increase from the previous year, driven primarily by club and theatre events.
The promoter reported operating losses in 2018 of almost £1.37m, after logging a small profit of £153,865 in the previous year. The company, which derives most of its income from ticket sales, said its event margin was affected by a lower profit participation on certain tours and losses arising from investment in new business.
During 2018, the firm launched the All Points East festival at London’s Victoria Park, and continues the “successful production” of its BST Hyde Park series.
The firm said in its statement that it expects 2019 to be a busier year in terms of established touring artists, and continues to direct its resources to build up the level of activity emulating from UK acts. It added that it continues to build up UK artist touring activity alongside a “non-core events strategy.”
In July 2019, AEG Presents created a new European Festivals division to reflect its growing presence in the market, with several new hires.
The firm also formed a joint venture with Australian and New Zealand concert promotion company Frontier Touring for Asia-Pacific growth. It more recently announced it is relocation its Asia headquarters from Shanghai to Singapore.