ATC Group boosted by US expansion

All Things Considered Group (ATC) said its ATC Live division is now the sixth largest touring agency worldwide as it posted record revenues for 2022.

In a trading update for the year to December 31, 2022, ATC – which floated on the London Stock Exchange in 2021 – said it achieved record group revenue of £12.1m, which was up 33% on the prior year. Group revenue included the nine-month contribution of Driift, which is shown as discontinued operations, due to group ownership reducing to 32.5% following the Dreamstage transaction announced in September.

ATC, which houses talent management, live booking, livestreaming and talent services, said growth was underpinned by resilient business platform with integrated and complementary services across artists’ commercial interests. Operational highlights included the opening of its office in New York in February which led to a positive impact on US revenues during the year.

Adam Driscoll, chief executive of ATC, said: “We are delighted with the progress we have made in our first year as a PLC, delivering 33% top line growth and profitability earlier than expected, whilst also investing in a number of important strategic developments for the group.

“Our performance has been driven by strong growth across our core artist representation businesses, supported by improved trading conditions as live touring resumed, together with progress within the group’s complementary services and livestreaming divisions. During the year we expanded the group’s geographic footprint, attracted new agents, managers, artist clients and key operational management into the group, and launched new innovative artist service lines.”

ATC Management and ATC Live recorded best revenue numbers to date, with over 70 management artists and over 500 live clients respectively, representing roster growth of around 25%. It said there was strong traction in the US artist management market following the opening of its New York office, including attracting new managers and doubling its client roster with several high-profile signings. Highlights include The Lumineers performing the first post pandemic show at the O2 Arena London by an international artist.

2022 also saw the launch of ATC Experience to create and distribute artist-led digital and in-person experiences for global audiences.

In livestreaming, Driift’s acquisition of technology and commerce platform Dreamstage, concurrent with £4m of additional investment from Deezer, resulted in ATC ownership of Driift reducing from 52% to 32.5% and Driift becoming an associate of the group.

ATC said profitability was achieved ahead of expectations and materially ahead of prior year with PBT of £0.01m, compared to a loss of £2.7m before IPO and related costs in 2021.

With a gain on disposal of its controlling interest in Driift of £2.5m, it had an overall post tax profit of £2.4m, compared to a loss of £3.3m in 2021.

Driscoll added: “The new year has started with continued positive momentum and a pipeline of exciting projects and opportunities. As the music industry continues to undergo rapid change, we believe there is substantial opportunity to co-create, co-produce and deliver new IP via events and experiences, underpinned by our multi-service approach across artists’ commercial interests.  We look ahead with confidence in the group’s growth prospects.”