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
George Harrison, The Bee Gees to be honoured with The Recording Academy's Lifetime...
Single hidden by Jack White inside furniture found a decade later
The Maccabees on new album: 'It's stripped back, fewer layers, more piano'
Alt-J, Florence + The Machine, The War On Drugs to play Sweden's Way Out West festival
Blink-182's Tom DeLonge discusses plans for punk trio's new album
Karen O says label boss Julian Casablancas is 'a fucking amazing guy'
The Wombats announce details of new album 'Glitterbug'
Sam Smith becomes only artist to sell one million albums in UK and US in 2014
London superclub Fabric respond to reports they are facing closure after drug-related deaths
Pussy Riot: 'Our goal is not to make a political album'
Azealia Banks accuses Eminem of sexism in his music
Gerard Way 'made plans to work with' The Libertines' Carl Barat
The Smiths' Mike Joyce says Queen should wear 'Queen is Dead' T-shirt during...
Wu-Tang Clan tried to get James Blake to feature on 'A Better Tomorrow'
Royal Blood 'wanted to support Foo Fighters before even starting the band'
Spectres announce UK tour dates
Taylor Swift was surprised at industry's reaction to her decision to leave Spotify
Ride, Bastille, Duran Duran and more to play tiny War Child gigs
Noel Gallagher's teenage daughter recalls how he embarrassed her in front of Harry Styles
Manics' Nicky Wire: 'There hasn't been a decent attempt at a Christmas single in...
Radio 1 music boss tells The Killers' Brandon Flowers: 'You're not too old to make...
John Lydon: 'Ukip's talk about immigration is subdued racism'

More News

Comments

Please login to add your comment.

Latest Tickets - Booking Now
 
Know Your NME
 

 
NME Store & Framed Prints
Inside NME.COM