Live Music

3Arena expects to return to profit in 2022

Featured image credit: David Dixon

Dublin concert venue 3Arena, which is operated by Live Nation-owned Amphitheatre Theatre, is expecting to return to profit this year following two COVID-impacted years.

Over the next few weeks, singers Robbie Williams, Bob Dylan, Sigrid and rapper Kendrick Lamar are set to perform at 3Arena as part of its jam-packed 2022 schedule.

According to a report from The Irish Times, accounts showed that Amphitheatre Theatre Ltd recorded a pre-tax loss of €655,156 (£574,000/$636,000) last year due to the pandemic.

The loss was softened by funding supplied by the Irish Government’s Live Performance Support Scheme, which equated to €528,920.

The company recorded the pre-tax loss as revenues decreased by 43% from €8.37m to €4.79m. Notes that accompany the accounts said that there were just 14 events at the 3Arena last year, compared to 26 events in 2020.

Just 87,408 live music fans attended the 3Arena in 2021 compared to 236,137 in 2020. In 2020, the venue posted pre-tax profits of €1.599m. Amphitheatre Theatre also recorded an operating loss of €1.08m which was reduced by interest income of €432,025.

Directors also said in the note that the lifting of COVID-19 restrictions would enable the company to ‘return to profitability in 2022’.

The 3Arena operators also recorded EBITDA of €700,000 last year compared to €3m in 2020, while the company’s balance sheet remains strong with shareholder fans of €58.68m that also includes accumulated profits of €42.3m.