It has come to light that the six bosses at one of the firms involved in the controversial ticketing and promotion of Oasis’ reunion tour have received a £14.8m total dividend for 2023.
Massive revenue from Oasis reunion
The directors got the payout after the firm, SJM, made a £11.8m pre-tax profit, as per its accounts for last year, posted on Thursday. The payout, which is unrelated to next year’s Oasis tour, comes as the band, the competition watchdog, and MPs hit out at several companies over the dynamic ticket pricing set for the gigs in the UK and Ireland.
The row erupted after fans found they were being asked to pay about £350 for some originally advertised tickets priced at around £150. SJM declined to comment on the dividend payment.
The company also promotes and sells tickets for various other gigs and shows from artists including Harry Styles, Coldplay, and Little Simz. The dividend from SJM’s accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022.
The payout for the six directors exceeded the £7.35m dividend the previous year.
The revenue from last year doesn’tinclude fees for promoting Oasis’ tour, which experts predict could be substantial. Birmingham City University estimated the initial tour dates may bring in roughly £400m in ticket sales and other add-ons, with SJM taking a cut of that.
Headed by ticket promoter Simon James Moran, SJM is one of several companies involved in the promotion of the Oasis reunion tour and the selling of the tickets.
The businesses involve companies that all have links to LiveNation, the US multinational that owns Ticketmaster. The other two promoters are MCD Promotions and DF Concerts. On the other hand, SJM owns gigsandtours.com, which was one of the three three ticket sellers alongside Ticketmaster and SeeTickets.
The official competition watchdog has launched an investigation into whether the sale of Oasis tickets breached consumer protection law, stating it had “concerns over whether buyers were given clear and timely information”.
Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.
Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337).
