Glastonbury’s profits more than doubled to £5.9million in 2024

nme.com:

Glastonbury‘s profits more than doubled to £5.9million last year.The festival which returns to Worthy Farm in Pilton, Somerset from June 25 this year, brought in £5.9million in pre-tax profits for the year to March 2024 – up from £2.9million the year before, according to BBC News.During the same period, the event also donated £5.2million to charitable organisations including Oxfam, Greenpeace and WaterAid.A spokesperson for the festival told the BBC “successful, dry Glastonburys in both 2023 and 2024” had helped to “rebuild the event’s vital financial reserves” after the event saw record losses during the pandemic, with the event called off in 2020 and 2021, “costing the festival millions”.Companies House records show Glastonbury’s profits remain relatively small in comparison with its overall revenue, which was £68.4million, a 20 per cent rise on the year before.

In 2023, a report commissioned to gauge the event’s economic impact found it also generated around £168million for UK-based businesses.The company also spent £3.7million on buying land in June 2024.The figures come after Neil Young said that he had decided to pull out of Glastonbury 2025 as he feels it has become “a corporate turn-off”.He added: “The Chrome Hearts and I were looking forward to playing Glastonbury, one of my all time favorite outdoor gigs.

We were told that BBC was now a partner in Glastonbury and wanted us to do a lot of things in a way we were not interested in.”“It seems Glastonbury is now under corporate control and is not the way I remember it being,” he continued. “Thanks for coming to see us the last time!“We will not be playing Glastonbury on this tour because it is a corporate turn-off, and not for me like it used to be.