Ed Sheeran’s Musical Magic Triples Revenues for Thomond Park Firm

"Ed Sheeran's Thomond Park Gigs Boost Stadium's Revenues to €1.52m in 2022"

Revenue at Thomond Park Stadium Co DAC almost tripled to €1.52m last year, thanks in part to income generated from two Ed Sheeran gigs held at the stadium in May 2022. According to newly released accounts, the business received €320,908 in “public event income” in 2022, while hospitality and catering income also soared. The two Sheeran gigs generated €4.71m at the box office after selling 61,780 tickets, according to trade industry journal Pollstar. 

Thomond Park stadium director John Cantwell said the positive performance was “definitely boosted by the welcome return of major concert business to the stadium”. Cantwell added that the concerts not only generated “an important revenue stream” but also reinforced the stadium’s reputation as a superb venue for music events. The stadium will also benefit from the three Dermot Kennedy concerts in July, he said. The revenue of €1.52m compares to revenues of €650,342 in 2021. 

The revenue comprises €643,960 in licence-fee income, €384,177 in rights income, €112,392 in hospitality and catering income, €44,409 in rental income, €15,333 in bar income, and €320,908 in public events income. The figures show that €612,410 of the licence-fee income was received from the Munster branch of the IRFU. The firm narrowed its pre-tax losses by 27.5% from €1.1m to €800,1919 in the 12 months to the end of July last and the pre-tax losses take account of non-cash depreciation costs of €1.045m. 

The directors state that they are pleased with the success of the events hosted to date and the related stadium revenues. The firm received a capital contribution of €1m last year and €468,575 in the prior year. The €1m capital contribution last year consisted of €980,867 from the Munster branch of the IRFU and €31,427 from the IRFU. The amount owed by the firm to the Munster branch totalled €24.05m at the end of July last. The firm received €27,374 in Government wage subsidy scheme payments last year and this followed €109,578 under the same heading in 2021. 

Cantwell said that the stadium’s performance is improving again this year and that the consistently strong attendances at Munster Rugby games, coupled with the concert business, deliver significant economic benefits to Limerick and the Mid-West Region. The directors of the stadium company are optimistic about the future, stating that they intend to continue to host successful events and maximise the commercial potential of the venue.

Categories: Top Business News