October 9, 2012 14:12

Glastonbury festival revenues increase

Worthy Farm's turnover has grown 36 per cent since 2008

Glastonbury festival revenues increase

Photo: Richard Johnson/NME

Glastonbury festival has published accounts that show its revenues have risen by 36 per cent since 2008.

The newly published accounts from Glastonbury Festival 2011 Ltd show revenues of £32.2 million, up 5.2 per cent on a year earlier, The Independent reports.

The Worthy Farm shindig, which sold out in a record time of one hour and 40 minutes on Sunday (October 7), has managed to weather the recession after the festival's revenues have risen from £23.6m in 2008, an increase of 36 per cent.

Founder Michael Eavis and daughter Emily are both directors of the company and have always rejected surplus commercial sponsorship of the festival. Yet gross profits still rose to £22.5m in 2011 against £21.7m a year earlier. Pre-tax profit slipped to £1.8m from £2.6m after expenses.

The highest paid director of Glastonbury Festivals Ltd earned £60,000. Michael Eavis also receives £500,000 for renting Worthy Farm to the festival because of "loss of earnings".

To read an interview with Emily Eavis, where she reveals everything NME.com users wanted to know about this years' festival, pick up a copy of this week's NME which is available on newsstands from tomorrow ( October 10) or available digitally.

Read More On This Artist

More News
The Gaslight Anthem unveil modern dance inspired 'Get Hurt' video - watch
Ryan Adams debuts new track 'Stay With Me' live - watch
Lana Del Rey discusses 'Pepsi-Cola pussy' lyric: 'My mum didn't think it was...
The Orwells announce November UK tour
Grimes guests on track by Fun. guitarist Jack Antonoff's solo project Bleachers - listen
Silent album raises £12,000 in Spotify royalties
Bring Me The Horizon's Oli Sykes: 'I went to rehab for ketamine addiction'
Weezer perform new single 'Back To The Shack' on US TV – watch
Jessie Ware reveals new song 'Share It All', co-written by The xx's Romy...
Devon record shop goes up for sale on eBay for £9,000
'Weird' Al Yankovic says Prince is the only artist ever to turn down one of his parodies
Manic Street Preachers on new album: 'It's like 'Generation Terrorists' but...
Coolio to release new music exclusively through porn website
Lily Allen unveils Glastonbury tribute video for 'As Long As I Got You'
Snoop Dogg claims he smoked weed in the White House
Lancaster theatre appeals for stolen papier-mâché Frank Sidebottom head
Kid Rock ordered to hand glass sex toy over to court as part of Insane Clown Posse lawsuit
Courtney Love rules out Hole reunion:'I don't want to get on the oldies circuit'
Jack White brings fan on stage to perform 'Seven Nation Army' – watch
Eels frontman Mark Oliver Everett to be awarded Freedom of the City of London
The Who's Roger Daltrey and 'pals' to launch model railway museum in Kent
Lily Allen and Beyoncé producer claims guitar music is at an 'all time low'

More News

Comments

Please login to add your comment.

Featured Videos
Latest Tickets - Booking Now
 
Know Your NME
  • Facebook
  • Twitter
  •  
  •  
  •  
  •  
 

 
NME Store & Framed Prints
Most Read News
Popular This Week
Inside NME.COM
On NME.COM Today