Ticketing and promotion firm SJM has paid six directors a dividend of £14.8m ($20.7m) after a pre-tax profit of £11.8m for last year, according to accounts released on Thursday. The six bosses, who work for one of the firms involved in the controversial promotion of Oasis’ reunion tour, had received a payout that was more than double the £7.35m dividend that was paid the previous year, and was unrelated to next year’s event. Birmingham City University estimated that the tour may bring in £400m in ticket sales and add-ons, with SJM taking a cut of that revenue.
SJM, the British company that promotes and sells tickets for a range of artists including Harry Styles, Coldplay, and Little Simz, is among several companies involved in the promotion of the Oasis reunion tour. The businesses involved are linked to Ticketmaster-owned LiveNation. The other two promoters of the tour are DF Concerts and MCD Promotions. Additionally, SJM owns one of the three ticket sellers, gigsandtours.com.
Currently an investigation is ongoing into whether the sale of Oasis tickets breached consumer protection law, with the competition watchdog voicing concerns over whether consumers were provided with clear and timely information. Critics hit out at several firms over the dynamic ticket pricing set for the gigs in the UK and Ireland as fans found they were being charged £350 for some tickets that were initially priced at around £150. Oasis stated that they had no knowledge of the use of dynamic pricing in the sale of tickets for the initial dates.
Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold at fair prices, while Irish politicians also criticised the sale after standing tickets for a performance in Dublin rose from €176 ($197) during presale to over €400 ($448). SJM has declined to comment on the dividend payment. The revenue from 2023 does not include fees for promoting Oasis’ tour, which experts predict could be substantial.
In summary, the company behind Oasis’ reunion tour, SJM, paid six directors a £14.8m dividend after generating an £11.8m pre-tax profit last year. The dividend was double that of the previous year and is unrelated to next year’s Oasis tour. Birmingham City University predicts that the tour could bring in £400m in revenue of which SJM would receive a cut. The official investigation is ongoing into whether the sale of Oasis tickets breached consumer protection law after criticism of dynamic ticket pricing. Irish politicians have also raised concern over rising ticket prices. Neither Oasis nor SJM has provided a comment on the matter
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