Arena The O2 Sees aumented profits due to shows by Peter Kay and Olivia Rodrigo
In the bustling heart of London, the live entertainment landscape is set to undergo a significant transformation, as two leading industry titans, Oak View Group (OVG) and Anschutz Entertainment Group (AEG), have expressed interest in building up to two new venues in the city.
The joint venture between OVG and Manchester City owner, City Football Group, Co-op Live, has already made a splash in the live entertainment industry. With a total capacity of 23,500, Co-op Live has hosted a diverse range of concerts, from Elbow to Paul McCartney and Liam Gallagher. Now, OVG is considering a £1.5bn investment to construct venues that would surpass Co-op Live in size and cost.
Meanwhile, AEG, controlled by US billionaire Philip Anschutz, continues to thrive. The company behind The O2, the iconic London venue with a capacity of 20,000, has reported a pre-tax profit of £64.8m in its latest financial year. This impressive figure represents a new record for The O2, surpassing the previous record of £58.4m set in 2023.
The improved financial performance of The O2 led to the company doubling its dividend from £15m to £30m. AEG Presents' pre-tax profit for the latest financial year is £28.2m, a significant increase from £5.6m in the previous year. The company's turnover also grew to a new record of £340m, up from £178.3m reported in 2023.
The success of The O2 was further evident in 2024, with sales at the UK touring and festivals arm of AEG almost doubling, and profits surging during the year. The venue also hosted the final of the League of Legend World Championships for the first time, adding another feather to its cap.
Peter Kay continued his monthly residency at The O2 in 2024, and the comedy offering also included tours from Michael McIntyre and Romesh Ranganathan. High profile artists such as The Killers, Olivia Rodrigo, and Sir Paul McCartney graced the stage of The O2, contributing to a new record turnover of £130m for the venue.
Oak View Group (OVG) chief executive Tim Leiweke has classified London as a "high priority location" for potential new venues, signalling a promising future for the city's live entertainment industry. As these giants of the industry eye expansion, London audiences can look forward to more exciting performances and events in the near future.
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