The Glastonbury Festival saw its turnover drop from £ 45million to under £ 1million following the event’s cancellation in 2020.
In the accounts for the year ended March 31, 2021, the organizers of the world famous music and art festival held at Worthy Farm in Pilton, Somerset recorded a loss of £ 3.1million sterling after tax, with turnover of 936,000 pounds sterling.
Sir Paul McCartney, Taylor Swift and Kendrick Lamarr were slated to headlining the Pyramid Stage in 2020, with Diana Ross playing the Sunday Legends tea time slot, before the coronavirus pandemic forced cancellations to be made. performance.
The event was postponed again last year, with the organization hosting a live event – Live at Worthy Farm – which featured sets from Coldplay, Michael Kiwanuka and Wolf Alice.
The directors of Glastonbury Festival Events Ltd said the company had been able to cover the significant losses incurred as a result of the pandemic and the cancellation of the 2020 festival with a float of retained earnings from previous years.
The organization added that the float enabled it to help with running costs in 2021 when the festival was canceled for the second time, and that it would look to rebuild the float for future events.
The board, which includes organizers Micheal and Emily Eavis, said it continues to examine the risk posed by the pandemic for this year’s event, although plans are underway for it to have held in June.
Administrators added that there would likely be “significant costs” specifically related to the Covid-19 measures and related issues.
In April 2021, it was announced that the Glastonbury Festival would receive nearly £ 1million to help keep the organization afloat after the pandemic, through the Government’s Cultural Recovery Fund, which according to the Eavis family, would make “a huge difference” in securing the future of the event.
The accounts noted that ticket prices for the festival were increased in 2019, in order to ensure sufficient profits after the necessary expenses incurred during its ‘fallow’ year in 2018, organizers took a break – as well as payments. to its main charities.
The organization also runs two much smaller events, Pilton Party and Glastonbury Extravaganza. In addition to the Live at Worthy Farm online event, the company diversified its revenue streams in 2021 with the assembly of a family campsite at the Glastonbury festival site called Worthy Pastures.
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