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MAMA Group profits up up up

By | Published on Wednesday 16 December 2009

Talking of the MAMA Group, now I think about it, I should have asked for a muffin with my coffee at the start of the meeting I had at their London HQ yesterday. And a big box of chocolates. And a big apple pie. All served on gold plated crockery.

Because the live music and artist management group announced its financial results for the financial year to 31 Jul yesterday, and revenues were up 14% while profits before tax were £6 million, up from £600,000 the previous year. While much of the music industry is all doom and gloom, things are all kind of rosy at MAMA’s house. So where were my muffin and chocolates?

Commenting on the group’s performance, co-CEOs Adam Driscoll and Dean James, speaking in unison as usual (in person, they harmonise wonderfully), said this: “Strategically, our combination of strong live venues married to both a growing artist management roster and significant positions in ticketing, sponsorship and digital environment is, we believe, the model for the industry of the future. Our results are demonstrating that to be the case. We see opportunities for further growth”.

Commenting on the biggest development during the last financial year, their alliance with HMV with regards the Mean Fiddler part of their business, the CEOs continued: “The partnership we announced with HMV in January created one of the strongest live music companies to emerge in the UK in recent years. Our combination of music venues and HMV’s distribution capabilities allows us to work closely with artists at all stages of their careers to drive ticket and merchandise sales”.