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Power’s plc admits festival market is slow this year

By | Published on Tuesday 22 May 2012

Vince Power

I think it’s generally known that, with a few exceptions, the European festivals market is having a bit of a wobbly year, and now that Vince Power’s festivals company is a PLC we get to have that confirmed in the form of an official statement.

As previously reported, Power floated his latest festivals company on the Alternative Investment Market last June to create Music Festivals plc.

In a statement to investors in the company this week, according to The Independent, Power has admitted ticket sales for his firm’s two flagship events, the UK’s Hop Farm Festival and Spain’s Benicassim are “currently slower than last year”, despite some big name bookings.

The statement adds: “The festivals market in general has been affected by the continued depressed economic climate and the availability of strong revenue-generating acts”.

The company added that it would look to cut costs to help counter slower ticket sales.

Shares in Music Festivals plc are now 42.5p, having opened at 65p last summer.