Six directors from a prominent firm associated with Oasis’ reunion tour have been awarded a substantial dividend payout. The payout comes as the company posted an impressive pre-tax profit for the year.
The timing of this dividend has caused a stir, coinciding with the uproar over dynamic pricing models that have seen ticket prices soar.
Massive Dividend for Directors
In 2023, six directors of a firm involved in the promotion and ticketing of the Oasis reunion tour received a substantial dividend payout totalling £14.8m. This payout followed the company’s impressive pre-tax profit of £11.8m for the year, as detailed in the accounts released recently.
Controversy Over Ticket Prices
The payout coincides with a public outcry regarding the dynamic pricing model used for Oasis’ UK and Ireland tour tickets. Fans initially saw tickets advertised at around £150, but many were shocked to find prices surged to approximately £350 at the time of purchase. This apparent price inflation has sparked considerable backlash.
Lack of Comment from Key Players
SJM, the company at the centre of this controversy, has declined to comment on the matter of the dividend payment. Despite the significant financial achievements and resulting payouts, the company remained silent on the contentious pricing strategy used for the ticket sales.
Broader Sales Performance
Aside from the Oasis tour, SJM has promoted and sold tickets for various high-profile artists’ gigs. This includes globally renowned names such as Harry Styles, Coldplay, and Little Simz. During the year in question, their sales increased to £286m from £275m the previous year.
Revenue and Future Projections
The significant payout to the directors was more than double the £7.35m distributed the previous year. It’s important to note that the revenue figures for 2023 do not encompass any fees related to the promotion of the Oasis tour. Experts anticipate that these fees could be substantial.
Potential Earnings from Oasis Tour
Birmingham City University has projected that the initial dates of the Oasis tour might generate approximately £400m from ticket sales and additional revenues. SJM is expected to take a portion of these earnings, further bolstering its financial standing.
Company Overview
SJM, led by Simon James Moran, is one of several companies involved in the promotion and ticket sales for the Oasis tour. This suite of businesses includes entities linked to LiveNation, the U.S. multinational behind Ticketmaster. Alongside SJM, other key promoters are MCD Promotions and DF Concerts.
Watchdog Investigation
The official competition watchdog has initiated an investigation to determine if the sale of Oasis tickets violated consumer protection laws. The watchdog expressed concerns about whether consumers received clear and timely information regarding ticket prices.
Band’s Stance on Pricing
Oasis has asserted that they were unaware that a dynamic pricing model would be implemented for ticket sales for the initial tour dates. This statement has been met with varying reactions from fans and the public alike.
Political Response
The controversy even extended into the political arena. Culture Secretary Lisa Nandy stated her desire to ensure tickets are sold at fair prices. Meanwhile, Irish politicians criticised the sale of tickets at Dublin’s Croke Park, where prices escalated from €176 (£148) to more than €400 (£337) during pre-sale.
The juxtaposition of significant director payouts with the public backlash over ticket prices paints a complex picture for the involved companies.
As investigations continue and political figures speak out, the saga around Oasis’ tour ticket pricing looks set to remain a hot topic.
