Final accounting figures show Electric Picnic’s insurance paid out €3.6m when the music festival was cancelled in the first year of Covid-19.
The payout helped the festival company make a €2.4m profit in 2020.
Managing director of promoters MCD, Denis Desmond, who operates Electric Picnic with Live Nation, revealed that the 2020 festival was covered by an insurance policy that covered events such as a pandemic.
Read More: Electric Picnic sells out in minutes as thousands left disappointed ahead of 2022 festival return
However, after Covid-19 shut down the world, insurance companies “decided that they wouldn’t give pandemic cover”, according to Mr Desmond, so Electric Picnic 2021 was not covered.
Latest accounts now show that the €2.4 million profit for 2020 was a 50% increase on the event’s profits for 2019.
It was held months before the Covid-19 outbreak and generated revenues of close to €17m.
The award-winning festival is due to be back better than ever later this year – but with dearer ticket prices.
Tickets for 2020 cost €260 for weekend camping and €100 for Sunday day tickets.
Costs for 2022, which is the first EP festival in three years, were €282 for weekend camping (an 8.5% increase) and €107 for Sunday day tickets (a 7% rise).
The tickets for the three-day festival at Stradbally in Co Laois went on sale on March 11 and sold out in 30 minutes.
Uncancelled tickets from 2020 and 2021 can be used at this year’s festival, which runs from September 2 to September 4.
The organisers’ company stages several events across Ireland and the UK, including Latitude in Dublin and the Leeds and Reading festivals in England.
A total of £30.6m has been paid out by insurance firms for the 2020 cancellations, including the €3.6m for Electric Picnic.
Government restrictions to tackle a spread in Covid-19 infections meant an end to live music events for much of 2020 and 2021.
Headline acts taking to the stage at EP22 in less than four months’ time include Megan Thee Stallion, Dermot Kennedy, Picture This and Snow Patrol, with top performers Tame Impala, Fontaines DC and Glass Animals also on the bill.
Electric Picnic has been staged at Stadbally since 2004 and has capacity for 70,000 ticket holders.
Major changes have been promised to enhance the experience of revellers with the main stage area increased by 60 per cent to give improved views, while The Jimi Hendrix arena entrance is to be doubled in size.
Festival organiser Melvin Bann said recently: “Being at Stradbally in September is something that I just can’t wait for to be honest. It’s very special.”
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