London’s O2 Arena posts record profits

Image: The O2 on Facebook

The O2 in London made a record profit in 2024 thanks to visiting tours by a number of high-profile music and comedy acts.

City A.M. said the arena has posted a pre-tax profit of £64.8 million ($87.6 million) for its latest financial year, according to new accounts filed with Companies House.

The latest figure is up from the previous record of £58.4 million The O2 set in 2023.

The new results also show that The O2’s turnover grew from £122.3 million to £130 million – also a new record.

As a result of its improved financial performance, the company behind the arena doubled its dividend from £15 million to £30 million.

The O2 is owned by Anschutz Entertainment Group (AEG), which itself is controlled by US billionaire Philip Anschutz.

The Los Angeles (US)-based AEG is the world’s leading sports and live entertainment company. Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts the AEG entertains more than 90 million guests annually.

The 20,000-capacity O2 Arena, commonly known as The O2, is a multipurpose indoor arena in the center of The O2 entertainment district on the Greenwich Peninsula in Southeast London, England (UK).

It opened in its present form in 2007. It has the third-highest seating capacity of any indoor venue in the United Kingdom behind the 23,500-capacity Co-op Live Arena and the 21,000-capacity Manchester Arena and in 2008 was the world’s busiest music arena.

A statement signed by the board of The O2 said, “2024’s event diary saw a continued strong content mix with a diverse range of high profile artists including The Killers, Olivia Rodrigo and Sir Paul McCartney.

“Once again the comedy offering was underpinned by the continuation of Peter Kay’s monthly residency and saw tours from Michael McIntyre and Romesh Ranganathan in this genre.

“The arena also hosted the final of the League of Legend World Championships for the first time.”

The company behind The O2 added, “2025 will see a strong event pipeline. The directors anticipate continuing growth in EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation] and revenue.”

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