Friday 27 September 2024
Abba Voyage doubles profit as sales pass £100m
By:Jon Robinson
Abba Voyage first launched in 2022.
The company behind London’s Abba Voyage experience more than doubled its pre-tax profit as its turnover passed the £100m mark during 2023, it has been revealed.
The business has reported a profit of £6m for the 12 months, up from the £3m it achieved in 2022.
According to newly-filed accounts with Companies House, Abba Voyage’s turnover also increased from £97.1m to £103.6m over the same period.
The accounts show that its turnover from show sales surged from £58.8m to £101.5m in the year as its earnings from the sale of film rights were slashed from £15.3m to £1.1m.
Its turnover from the sale of stage rights also fell from £22.8m to almost £900,000.
In the year the average number of people employed by the firm behind Abba Voyage increased from 64 to 113.
Abba Voyage to continue ‘as long as possible’
A statement signed off by the board said: “The group’s long-term strategy is to continue to run the show in London for as long as it remains commercially viable.
“During the period, the group successfully operated the Abba Voyage show, building on the critical acclaim received following its launch in May 2022.”
In 2023, 374 performances were staged, up from 228, which attracted more than one million visitors, up from 675,600.
The company added: “There is substantial market demand for Abba Voyage and the directors anticipate a continued high level of activity throughout 2024.”
Concerts feature digital avatars which depict the group as they appeared in 1979.
They are held at Abba Arena, a purpose-built venue in the Queen Elizabeth Olympic Park.
The results come after Oxford Metrics, the technology firm behind the concerts, posted a revenue of £23.5m for the first half of 2024, up 10.5 per cent.
However, its pre-tax profit fell by 17 per cent to 2.8m compared to the same period in 2023.
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ABBA Voyage revenue topped £100m in 2023
The groundbreaking production sold more than 1m tickets last year, with the company behind it posting a £6m profit
By James Hanley on 30 Sep 2024
ABBA Voyage
image © Ralph Larmann
ABBA Voyage grossed more than £100 million (€120m) in 2023 after attracting in excess of one million visitors, it has been revealed.
The groundbreaking production pulled in a total of 1,097,597 visitors last year, according to documents filed in the UK with Companies House by Aniara, the firm behind the virtual concert residency.
Over the 12-month period, the show completed 374 performances and attracted 1,097,597 visitors, achieving an occupancy rate of 97.8%. Revenue from ticket sales was £103,665,597, with Aniara declaring a pre-tax profit of £6,065,402 – more than double the £2,990,757 garnered in 2022, when it played for seven months.
Held at the purpose-built 3,000-cap ‘ABBA Arena’ under the direction of producers Svana Gisla and Ludvig Andersson and director Baillie Walsh, the show debuted at London’s Queen Elizabeth Olympic Park in May 2022.
“During the period, the group successfully operated the ABBA Voyage show, building on the critical acclaim received following its launch in May 2022,” reads the report. “There is a substantial market demand for ABBA Voyage and the directors anticipate a continued high level of activity throughout 2024.
“The group’s long term strategy is to continue the run of the show in London for as long as it remains commercially viable”
“The group’s long term strategy is to continue the run of the show in London for as long as it remains commercially viable.”
The show has brought the Swedish pop legends – Agnetha Fältskog, Björn Ulvaeus (co-founder of lead investor Pophouse Entertainment), Benny Andersson and Anni-Frid Lyngstad – back to the stage in avatar form, supported by a 10-piece live band. Standard tickets range from £27.50 to £319.50.
Costing £141 million, the entire venture was funded privately from Swedish investors. Turnover for the seven months its was active in 2022 was £97,118,038 from 675,600 visitors across 228 shows, meaning ticket sales revenue topped £200m in its first 19 months of operation.
By the year-end of 2023, Aniara had net assets of £13,886,925, compared to £5,826,001 12 months earlier.
Revisit IQ‘s 2022 interview with producers Svana Gisla and Ludvig Andersson and director Baillie Walsh here. Gisla also delivered a keynote during Touring Entertainment Live (TEL) at this year’s ILMC.
https://www.iq-mag.net/2024/09/abba-voyage-topped-100m-revenue-in-2023/
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