3Arena and Ticketmaster owner Live Nation’s Irish holding company lost €6 million in 2022, new accounts show.
Global entertainment behemoth Live Nation owns the 3Arena, ticket agent, Ticketmaster, promoter MCD and various related businesses in the Republic.
Newly filed accounts show that Live Nation Ireland Holdings Ltd lost €6.3 million in 2022, against a deficit of just €1 million the previous year, when Covid curbs would have hindered its main businesses.
The company’s directors state in their report that the loss was down to “significant operating expenses” incurred by a related party.
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The accounts also note that the company received a €14.5 million dividend from a subsidiary after the year-end date, December 31st 2022.
Live Nation Ireland Holdings does not name the related party whose expenses left it with a €6 million loss, or the subsidiary which paid the dividend. The company did not respond to a request for comment.
Net assets dipped to €22.7 million on December 31st 2022 from €29 million a year earlier the balance sheet shows.
Turnover almost quadrupled in 2022 to €4.3 million from €1.1 million the previous year. The accounts state that the company holds investments in other group undertakings, along with providing them with accounting, IT and other services.
