Joe GallopGlastonbury Festival (cap. 147,000) saw its turnover drop from £45m to less than £1m following the cancelled event in 2020 due to Covid-19.
In accounts for the year ending 31 March 2021, organisers Michael and Emily Eavis recorded a loss of £3.1m after taxation, with a turnover of £936,000.
In a recent financial filing, Glastonbury Festival Events Ltd said it was able to cover its losses from the pandemic due to profits made in previous years.
The festival’s organisers confirmed plans are underway for it to take place from 22-26 June but there are likely to be “significant costs” to ensure Covid-19 safety measures are in place.
After 2020’s cancelled event, which was meant to host performances by acts including Sir Paul McCartney, Taylor Swift and Kendrick Lamar, a livestream event Live at Worthy Farm was staged with performances from artists such as Coldplay, Michael Kiwanuka and Wolf Alice.
This summer’s event is currently sold out, as the 2020 tickets have rolled over to the 2022 festival. A full lineup is yet to be announced, but Billie Eilish is confirmed to be headlining the Pyramid Stage on Friday night.