Mama Group on song as live music thrives
The live music industry is still thriving despite the recession, concert venues owner and band manager Mama Group proved today.
Sales climbed by 38% to £17.5 million in the six months to the end of January for the owner of venues including Heaven nightclub, where latest pop sensation Lady Gaga played earlier this year, the HMV Apollo in Hammersmith and the Forum in Kentish Town.
"Gig tickets are not too expensive — they can be cheaper than a West End cinema ticket at our smaller venues — and it's a bit of escapism too for people," chief executive Adam Driscoll explained. He said that the company is benefiting from the resilience of the pink pound' at its G-A-Y nights.
Pre-tax profits jumped to £4.95 million in the six months, from just £152,000 in the same period the previous year. This was thanks in large part to a joint venture formed in January with HMV, the music and book retailer.
Under the deal, Mama moved 11 of its venues into a new group, the Mean Fiddler Group.
Mama takes half the group's profits and continues to run the venues. The £18.25 million deal left Mama debt-free and is being used to help fund a buying spree.
Although Driscoll said that the company is watching festival ticket sales carefully, sales are currently 15-20% ahead of last year for its two major festivals, the Lovebox Weekender in Victoria Park in July and Brighton's Bar-Fly — the Great Escape in May.
Mama now manages more than 40 artists in the UK, including Franz Ferdinand, Kaiser Chiefs and gloomy rockers White Lies.
