Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Ticketmaster NZ profit climbs 59%

Ticketmaster NZ profit climbs 59% as renamed Spark Arena boosts revenue

By Rebecca Howard

July 10 (BusinessDesk) - Ticketmaster New Zealand's annual profit rose 59 percent in 2016 as the booking agency benefited from increased revenues generated by the 12,000-seat Vector Arena, now renamed Spark Arena.

Net profit rose to $2.12 million in calendar 2016 from $1.33 million a year earlier as operating revenue climbed by 50 percent to $31.5 million, financial statements lodged with the Companies Office show. The accounts cover Ticketmaster and its controlled entities Live Nation NZ, EVENZ, NZ Venue and Event Management, QPAM and Quay Park Arena Management Trust NZ. The increase in sales was led by a more than doubling of 'other revenue' to $12 million in a year when telecommunications giant Spark took over the naming rights to Auckland's biggest indoor arena.

"The reason for the large increase in this revenue relates to QPAM/Vector Arena, which Ticketmaster provides the ticketing services for. The nature of this 'other revenue' includes catering revenue, ticketing revenue, merchandise and advertising/sponsorship," Ticketmaster said in an emailed response to questions.

Spark acquired the naming rights in May last year, refusing to say how much they paid citing commercial sensitivity, with the name officially changing in April of this year.

Vector was the previous rights holder signing a 10-year contract for an undisclosed sum in 2006, which was reported by the New Zealand Herald at the time to be worth $500,000 a year.

Ticketmaster's consolidated accounts had previously shown a $309,000 loss in the prior year, however, net profit in the year to December 2015 was understated by $1.6 million, while non-controlling interests were overstated by the same amount, it said. As a result, there was no net effect on closing equity, it said in the latest accounts.

On the other side of the ledger, the cost of sales rose to $15.24 million from $10.73 million in the prior year while total operating expenses jumped to $13.28 million from $8.93 million, partly due to higher employee expenses which rose to $4.38 million from $3.71 million in the prior 12 months.

Ticketmaster's parent company is Ticketmaster Australasia, and its ultimate parent entity is USA-based Live Nation Entertainment.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: