Glastonbury Festival almost doubles profits

[hjwright]

Glastonbury Festival almost doubles profits this year according to article in the FT

 

Link

 

Also mentions them buying £3.7m worth of land - did we know this before? Which land?

[paulshane]

 

 

 

Quote

 

Glastonbury Festival almost doubles profits

Accounts reveal nearly £6mn in earnings days after being criticised by Neil Young for being a ‘corporate turn-off’

 

Glastonbury Festival has revealed a near-doubling in its annual profits, days after being criticised by singer Neil Young as a “corporate turn-off”. According to accounts filed in Companies House, pre-tax profits rose to almost £6mn for the year to March 2024, from £2.9mn in the previous 12-month period, with revenues rising to £68mn from £57mn. The summer festival uses its profits in part to fund charitable donations, with £5.2mn given over the 12-month period to a range of good causes such as the NHS, Oxfam and Greenpeace. Glastonbury also paid £1.3mn to charities and local groups in return for services at the site, such as for volunteer stewards, while giving thousands of tickets free to locals. However, its altruistic ambitions have not stopped criticism of the festival’s commercial tie-ups, with Young saying on his blog this week that Glastonbury’s partnership with BBC — which broadcasts much of the festival live — meant it was “now under corporate control”.

 

The Canadian musician said he had been “looking forward to playing Glastonbury, one of my all time favourite outdoor gigs” this year, but that “we were told that BBC was now a partner in Glastonbury and wanted us to do a lot of things in a way we were not interested in”. Other brands that have partnerships with the festival include the Co-op, which runs an on-site supermarket, and telecoms group Vodafone. The festival also attracted complaints from festivalgoers this year about overcrowding at some of the more popular acts on smaller stages, such as Bicep, Barry Can’t Swim and the Sugababes. Overall capacity of the festival has increased over recent years to 210,000 people over the weekend, about 7,000 more than in 2022. During the year, the festival spent £3.7mn on acquiring more land, the accounts show, potentially signalling even further expansion in future. The accounts say that the company aims “to keep ticket prices as low as possible, while managing the effects of rising inflation, so that the festival remains accessible, with demand for tickets far outweighing supply”. The accounts also show that Michael Eavis, who founded the festival in 1970 on his land at Worthy Farm, has now transferred his shares in the company to his daughter Emily. Michael remains a director of the company. Glastonbury said in a statement to the Financial Times: “Having entered his 90th year, Michael Eavis is . . . proceeding with his long-held plan to pass control of the festival over to his daughter, Emily. The past few years have already seen Emily take over the day-to-day organisation of the event, and this latest change is simply another part of that process.” Each year the festival hosts more than 4,000 performances at more than 100 stages across pop, rock, hip hop, dance, jazz, folk and classical, as well as theatre, circus, cinema and poetry reading. Glastonbury in 2023 commissioned a report to measure its economic impact, which found that the festival generated about £168mn of income for UK businesses, including £32mn for businesses based in Somerset. “Following record losses caused by Covid — when Glastonbury’s 2020 and 2021 events were unable to go ahead, costing the festival millions — we were pleased to enjoy successful, dry Glastonburys in both 2023 and 2024,” the festival said in the statement to the FT. “This has enabled us to continue to rebuild the event’s vital financial reserves, while also allowing us to continue to support good causes and charities.”

 

 

 

 

hopefully this doesn't look too poorly formatted

Edited Thursday at 02:02 PM by Alvoram
tidied

[paulshane]

posted the texty, but it needs mod approval (probably the links that were in the text I guess)

[Crazyfool01]

Just now, paulshane said:

posted the texty, but it needs mod approval (probably the links that were in the text I guess)

approved ... was just the email adress that it doesnt like posted 

[hjwright]

Also interesting to see how they relate profitability to the weather - wonder how much extra a wet one costs and what the main reasons are for the increased cost. Can’t all be wood chip!

[paulshane]

Just now, hjwright said:

Also interesting to see how they relate profitability to the weather - wonder how much extra a wet one costs and what the main reasons are for the increased cost. Can’t all be wood chip!

 

tidying up after, litter picking is much harder when its all stamped into the mud

heavy equipment to tow everything out that can't make it on its own

rebuilding the fields for actual farm use after they are basiucally ruined

and so on

 

a wet year is bad all round

[hjwright]

1 minute ago, paulshane said:

 

tidying up after, litter picking is much harder when its all stamped into the mud

heavy equipment to tow everything out that can't make it on its own

rebuilding the fields for actual farm use after they are basiucally ruined

and so on

 

a wet year is bad all round

Makes sense, thanks! 

[incident]

If anyone wants to dig through them, the actual accounts are at:

 

https://find-and-update.company-information.service.gov.uk/company/02737866/filing-history

https://find-and-update.company-information.service.gov.uk/company/04348175/filing-history

 

I would have in the past, but not sure I can be arsed anymore.

[ShakeyCrash]

So it made £6 million and gave £5.2 million to charity? 

 

Would have been nice if the article heading was "Glastonbury Festival almost doubles charity donations"

[Yoghurt on a Stick]

https://www.irishtimes.com/business/2025/01/02/glastonbury-festival-doubles-profits-amid-accusations-of-corporate-control/

[Suprefan]

42 minutes ago, Yoghurt on a Stick said:

https://www.irishtimes.com/business/2025/01/02/glastonbury-festival-doubles-profits-amid-accusations-of-corporate-control/

 

amazing headline.

 

 

The timing of this all is great too. Cause now its sounding like the festival is in damage control so this info comes out today.

 

and can we get a split figure on capacity? Cause its 210k allowed on site, not tickets sold. 

Edited Thursday at 04:53 PM by Suprefan

[Havors]

19 hours ago, hjwright said:

Also interesting to see how they relate profitability to the weather - wonder how much extra a wet one costs and what the main reasons are for the increased cost. Can’t all be wood chip!

More likely loss of earnings as opposed to increased costs. 

[Havors]

18 hours ago, ShakeyCrash said:

So it made £6 million and gave £5.2 million to charity? 

 

Would have been nice if the article heading was "Glastonbury Festival almost doubles charity donations"

I would imagine the donations are pre profit. And these profits reported are also gross not net. 

[ShakeyCrash]

1 hour ago, Havors said:

I would imagine the donations are pre profit. And these profits reported are also gross not net. 

 

I took from "The summer festival uses its profits in part to fund charitable donations" that 5.2 million donation was post profit.

 

The pre profit costs II would say are from "Glastonbury also paid £1.3mn to charities and local groups in return for services at the site, such as for volunteer stewards, while giving thousands of tickets free to locals."

 

My issue is the mass majority will read the headline and opening sentence and move on.  I think it's negative and misleading (if not overly sensationalist), whereas the rest of the article is actually nicely balanced.

[Spindles]

Honestly, the people who hate Glastonbury are going to carry on hating it and making their snide comments regardless.  I say let them wallow in their little vat of bitterness while the rest of us enjoy the best party of the year every summer (ticket gods permitting).

 

I've been told a thousand times that Glastonbury isn't what it used to be by people who never go, that it's a corporate hell hole of champagne charlies and it has lost it's soul.  But every year I keep going back and the magic is still there for me.  Hell, this year's festival was one of my all time greats.

[Havors]

19 minutes ago, ShakeyCrash said:

 

I took from "The summer festival uses its profits in part to fund charitable donations" that 5.2 million donation was post profit.

 

The pre profit costs II would say are from "Glastonbury also paid £1.3mn to charities and local groups in return for services at the site, such as for volunteer stewards, while giving thousands of tickets free to locals."

 

My issue is the mass majority will read the headline and opening sentence and move on.  I think it's negative and misleading (if not overly sensationalist), whereas the rest of the article is actually nicely balanced.

 

"In part" 

If they gave 5.3 million from profits they would have no profit and not be able to refill their financial reserves. Some of it will be donated from profits for sure as its tax deductable. 

Edited yesterday at 11:53 AM by Havors

[Havors]

2 minutes ago, Spindles said:

Honestly, the people who hate Glastonbury are going to carry on hating it and making their snide comments regardless.  I say let them wallow in their little vat of bitterness while the rest of us enjoy the best party of the year every summer (ticket gods permitting).

 

I've been told a thousand times that Glastonbury isn't what it used to be by people who never go, that it's a corporate hell hole of champagne charlies and it has lost it's soul.  But every year I keep going back and the magic is still there for me.  Hell, this year's festival was one of my all time greats.

 

Thats what people do though... talk out of their ass. Someone only has to go to Glasto then go to Leeds Reading and then apologise for thinking Glasto is all corporate. 

It has changed over the years but it does really really well at keeping corporate control out of the festival. Minimal sponsors and well considered sponsors. 

[Spindles]

Yeah, nothing is every forced down my throat as far as corporate sponsorship goes.  The soulless box that is the vodafone area is easily ignored, the co-op add value to the festival by providing reasonably priced consumables for the masses and they flog those chillies bottles at the same water aid huts as you can just buy a nice Glasto milk churn one for a better price.  Hardly killing the vibe.

[hjwright]

3 hours ago, ShakeyCrash said:

 

I took from "The summer festival uses its profits in part to fund charitable donations" that 5.2 million donation was post profit.

 

The pre profit costs II would say are from "Glastonbury also paid £1.3mn to charities and local groups in return for services at the site, such as for volunteer stewards, while giving thousands of tickets free to locals."

 

My issue is the mass majority will read the headline and opening sentence and move on.  I think it's negative and misleading (if not overly sensationalist), whereas the rest of the article is actually nicely balanced.

Doubt they will be post-profit as that would mean paying corporation tax on them. 

[doogie]

I didn't know Glasto donated money to the NHS.  I thought the NHS was 100% funded by our taxes.

[brendan84]

31 minutes ago, doogie said:

I didn't know Glasto donated money to the NHS.  I thought the NHS was 100% funded by our taxes.

There is a nhs charities which is a charity fundraising arm. 

Thats where loads of the captain tom money went for doing laps of the garden. 

[doogie]

6 minutes ago, brendan84 said:

There is a nhs charities which is a charity fundraising arm. 

Thats where loads of the captain tom money went for doing laps of the garden. 

You're absolutely right.  The thing is most people don't know the difference and they assume their donations are paying for doctors and nurses etc.  It's the same with donations to Great Ormond Street Hospital.

 

 

Edited yesterday at 03:16 PM by doogie

[Paul ™]

Well done Melvin, you've turned it around post-covid 😅

[Ayrshire Chris]

With 2026 being a fallow then the festival won’t be getting income that year so needs cash in the bank. 

[Ayrshire Chris]

7 hours ago, Spindles said:

Honestly, the people who hate Glastonbury are going to carry on hating it and making their snide comments regardless.  I say let them wallow in their little vat of bitterness while the rest of us enjoy the best party of the year every summer (ticket gods permitting).

 

I've been told a thousand times that Glastonbury isn't what it used to be by people who never go, that it's a corporate hell hole of champagne charlies and it has lost it's soul.  But every year I keep going back and the magic is still there for me.  Hell, this year's festival was one of my all time greats.

Spot on. For decades I’ve had folk who have never been making adverse comments about the festival. All based on jealousy or they have absolutely no understanding of the event and its ethos. Of course it’s changed but as you say it’s still the best party of the year!