Ticketmaster New Zealand, which has a controlling interest in the soon-to-be-renamed Vector Arena, turned to an annual loss in 2015, despite revenue growing, with operating expenses spiking.
The consolidated accounts, which cover Ticketmaster and its controlled entities Live Nation NZ, EVENZ, NZ Venue and Event Management, QPAM and Quay Park Arena Management Trust NZ, showed the company booked a $309,000 loss in the year to Dec. 31, 2015, compared to a profit of $770,000 in 2014.
Across its various subsidiaries, the group was involved with event ticket sales, concert and event promotion, arena rental and event hosting and catering services, notes to the 2015 accounts say.
Consolidated operating revenue rose 39 per cent to $21 million, while cost of sales advanced 50 per cent to $10.8 million and operating expenses rose 54 per cent to $10.5 million. Within cost of sales, licence costs more than doubled to $2 million in 2015 and the consolidated group booked $2.9 million in event costs, from nothing in 2014.
Operating costs were driven by a 34 per cent increase in employee expenses to $3.3 million, while operating lease rentals rose from $228,000 in 2014 to $1.1 million in the year. Unspecified other expenses doubled to $2.8 million.
