The controversy surrounding the ticketing and promotion of Oasis’ reunion tour has taken a new turn as it was revealed that the six bosses at SJM, one of the firms involved, received a total dividend of £14.8 million for 2023. This payout comes after the company made a pre-tax profit of £11.8 million, according to its accounts for last year.
The directors’ hefty payout has raised eyebrows, especially in light of the ongoing criticism over the dynamic ticket pricing for the Oasis tour. Fans were shocked to discover that tickets originally advertised at around £150 were being resold for as much as £350. This has prompted backlash from the band, the competition watchdog, and MPs.
SJM, which also promotes and sells tickets for other artists like Harry Styles and Coldplay, saw its sales climb to £275 million in 2023. The dividend for the directors more than doubled from the previous year, indicating a lucrative period for the company.
Despite the controversy, experts predict that the Oasis tour could bring in around £400 million in ticket sales and add-ons, with SJM set to take a cut of the profits. The company, headed by ticket promoter Simon James Moran, is part of a group of promoters involved in the tour, all with ties to LiveNation, the US multinational that owns Ticketmaster.
The competition watchdog has launched an investigation into the ticket sales, citing concerns over consumer protection laws. Oasis has denied any knowledge of the dynamic pricing strategy, while politicians in both the UK and Ireland have called for fair pricing for fans.
As the saga continues to unfold, the future of ticketing practices in the music industry remains uncertain, with stakeholders and fans alike demanding transparency and fairness in the process.
