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ATC Group revenues soar 156% post Sandbag deal

London-based music company All Things Considered (ATC) Group has reported revenues of £24.1 million (€28.3m) for 2023.

The total, revealed in ATC’s newly released financial results, represents a year-on-year increase of 156% on 2022’s £9.4m, fuelled by a £16.2m contribution from its “transformative” acquisition of merchandise firm Sandbag in July last year.

ATC’s divisions include booking agency ATC LiveATC Management, ATC Services, ATC Experience and livestreaming company Driift. Its artist representation segment was up slightly from £6.57m in 2022 to £6.65m in 2023.

ATC Live, which operates a strategic partnership with Arrival Artists in North America, saw a 4% decline in revenue during 2023, “with a small number of key clients between touring cycles”. Its roster includes acts such as Nick Cave and the Bad Seeds, Fontaines D.C., PJ Harvey and Jungle.

“ATC Live’s relationship with Arrival Artists in North America continues to bear fruit as the combined offer of ‘global live representation’ assists in winning new clients,” says ATC Group CEO Adam Driscoll. “A number of ATC Live’s key clients are active in touring during 2024. Given the lead times involved in touring, ATC Live has already contracted 90% of its financial forecast for 2024 so we are encouraged about the likely financial outturn for the business for this year. One of the key clients, Fontaines D.C., for example, has recently announced a tour which has generated substantial ticket sales far in excess of the previous touring cycle.

“In an indication of the breadth of artists that are being attracted to ATC Live’s roster, two recent signings include legendary classic band Devo alongside brand new artist Good Neighbours, whose first single release has, with the aid of TikTok fan interaction, already delivered over 175 million Spotify plays.”

“This position will be reversed in 2024 with bigger clients out on the road again and a strengthened roster as a result of recruiting new agents and clients”

The division, which is said to be now ranked as the seventh largest agency globally, generated £2.14m of revenue in 2023, compared to £2.22m in 2022.

“This position will be reversed in 2024 with bigger clients out on the road again and a strengthened roster as a result of recruiting new agents and clients in 2023,” says the filing. “ATC Live is forecasting materially increased turnover for 2024 and has already contracted nearly 90% of its budgeted figure so we remain confident about the continuing pattern of growth for the business.”

ATC Group, which also has offices in New York and Los Angeles, declared a loss before tax of £3.04m for the year “substantially impacted by share of results of Driift, a minority interest, as expected”. Its operating EBITDA showed a loss of £0.46m (2022: Operating EBITDA loss of £0.10 million before profit of £0.83m from one-off services transaction), “reflecting continued investment in managers and agents”.

ATC Management’s recent acquisition of a 55% stake in Raw Power Management cost £1.41m, according to the filing, while it also acquired 50% of Mckeown Asset Management in February 2024, extending its revenue streams into festival management, live music promotion and venue assets. ATC raised £2.3m through a share subscription earlier this year.

“The material developments realised in 2023 following a period of strategic investment have substantially enhanced the Group’s position to capitalise on the multiple revenue opportunities within the disrupted and growing global music industry,” says Driscoll. “The value in the music market lies with the artists and the way in which they engage directly with their fanbases. We have put together a collection of assets that sit at the heart of that strategic shift.

“Following this year of consolidation, we believe we have the right building blocks in place, including a larger, more diversified client base, a broader service offerings and a robust financial position. This, together with positive trading momentum into 2024, leaves us excited about the remainder of the year and the opportunities that lie beyond.”

“I am delighted that we are in business with Modern Sky”

Yesterday (23 May), ATC Group announced a new cooperation agreement with leading Chinese independent music company Modern Sky. The deal seeks to expand the global presence of the Modern Sky brand and its talent and events portfolio worldwide, with the initial focus being on the UK market.

“I am delighted that we are in business with Modern Sky,” adds Driscoll. “As one of China’s leading independent music companies, they offer a significant opportunity for ATC to expand its reach into a growing market for the benefit of our clients. And we are excited to work with the team in Beijing to bring Modern Sky events and talent into the markets in which we operate.”

Modern Sky will help to cultivate the growth of artists from the ATC talent roster in China, with the companies to leverage their mutual resources across management, live representation, merchandising, marketing and digital, to drive artists’ business forward in their respective markets.

“I am very much looking forward to cooperating with ATC Group,” says Modern Sky founder and CEO Shen Lihui. “I hope that through this cooperation, we can open up the connection between the two markets and jointly provide more complete services and more development for talented artists around the world.”

ATC listed on the Aquis Growth Market in London in December 2021 after raising £4.15 million in its initial public offer.

 


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ATC joins forces with Raw Power Management

ATC Management has announced a majority investment in Raw Power Management, bringing two of the UK’s leading artist management companies together under one roof.

Founded in 2006 by CEO, Craig Jennings, Raw Power Management represents rock artists including Bring Me The Horizon, Bullet For My Valentine, The Mars Volta, Don Broco and The Damned.

Under the new partnership, Raw Power’s UK team, including Jennings and commercial director Don Jenkins will relocate to ATC Management’s London HQ, with both companies’ Los Angeles-based operations also merging in the US.

“I am delighted to welcome the expertise and talent of Craig and the Raw Power team to ATC, along with their stellar roster of artists,” says ATC Group CEO Adam Driscoll. “At heart, our two companies have a common purpose – to support artists and empower them to achieve their creative and commercial goals. By coming together and combining forces, the capacity to deliver on those goals has increased substantially.”

As part of the independently-owned ATC Group, which encompasses live booking agency ATC Live, merchandise company Sandbag, livestream business Driift, ATC Services and ATC Experience, ATC Management represents more than 60 artists, composers and producers. Clients include Nick Cave, The Smile, PJ Harvey, Yaeji, The Hives, Sleaford Mods, Johnny Marr, Black Country, New Road, Kelela, Isobel Waller-Bridge and Kwes.

Headquartered in London, and operates offices in Los Angeles and New York, ATC Group has sought to strategically expand its range of services to artists and industry partners since listing on the Aquis Growth Market in 2021.

“There’s a mutual admiration of what each company has achieved in the past, and a real excitement of what we’ll achieve together in the future”

“This is a significant milestone for ATC Management,” says co-founder Brian Message. “Similar to Craig and the Raw Power team, ATC’s specialism is long-term talent development on a global scale – whether that’s breaking new acts, or enabling iconic artists to continue pushing boundaries. There’s a mutual admiration of what each company has achieved in the past, and a real excitement of what we’ll achieve together in the future.”

Raw Power’s roster also includes the likes of You Me At Six, Heartworms, Kid Kapichi, The Chisel and Refused.

“Along with Matt, Don and the Raw Power team, I am delighted to begin a new era of the company with Adam, Brian, Craig and everybody at ATC,” adds Jennings. “It feels like we’re ready for ‘Raw Power Mark 2’, and this partnership fits perfectly with our ambitions for the company and our acts.

“Both ATC and Raw Power value integrity, belief in the acts we look after, passion for the music and doing everything for the benefit of our artists. I have watched over the years as ATC have developed their artists on a global scale and have always had great admiration for the team and the way they go about things. This feels like a massive opportunity to take our artists to a whole new level. I feel that together we will be a powerhouse organisation. It’s a very exciting time ”

Raw Power Management’s US president Matt Ash adds: “For Raw Power, merging with ATC is very exciting. As two London-based companies with a well-established footprint in Los Angeles and a truly global outlook, we already share a strong crossover from a musical and commercial perspective. By coming together, we can now progress a wide range of new ideas that will add to the endeavours and ambitions of all our acts.”

PHOTO: Brian Message, co-founder, ATC Group; Craig Jennings, CEO, Raw Power Management; Adam Driscoll, CEO, ATC Group; Don Jenkins, commercial director, Raw Power Management

 


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Touring power players enjoy stock market surge

Live music powerhouses have recorded big six-month gains on the stock market, with CTS Eventim sailing to its highest ever share price.

Shares in the German pan-European ticketing and live entertainment giant reached an all-time high of €77.90 yesterday (19 March) – representing a 13% upswing in the last month and a huge 40% rise on six months ago.

In its latest financial results, published last month, the company reported it had “significantly exceeded” its 2023 forecast thanks to a “very strong” Q4. It enjoyed a record year, attaining consolidated revenue of €2.359 billion – a 22.5% increase on the previous year’s €1.926bn.

“The CTS Eventim share has been in a long-term upward trend since January 24, 2024 and has gained +28.96% in value during this period,” reports Boerse.

Live Nation is also on a significant upward trajectory. Its current price of US$103.47 (€95.31) is 12% higher than a month ago and has leapt 27% over the last six months. The firm posted all-time highs for attendance, ticket sales and sponsorship activity in its financial results for full-year and Q4 2023.

“The live music industry reached new heights in 2023, and demand for live music continues to build,” Live Nation president and CEO Michael Rapino told investors at last month’s earnings call.

Furthermore, Madison Square Garden Entertainment shares have jumped 18.8% in half a year to their current price of $38.87, while shares in its Sphere Entertainment spinoff have seen a 28% uptick in the same period to $46.73.

German live entertainment power player DEAG postponed its return to the Frankfurt Stock Exchange earlier this year

Sphere Entertainment encompasses the first Sphere venue in Las Vegas as well as MSG Networks and Tao Group Hospitality businesses. The company reported revenues of $314.2m for fiscal 2024 Q2, an increase of $154.6m on the prior year quarter, and an operating loss of $159.7m, (up from the prior year’s quarter $109.9m).

In addition, MENA streaming service Anghami, owner of Dubai-based event management company Spotlight Events, has climbed 63% in six months to $1.30, while music company ATC, which listed on the Aquis Growth Market in London in December 2021, has risen from 92.5p to 115p. The UK-based company announced in February 2024 that it had raised £2.3 million through a subscription of 2.2 million shares priced at 105p each.

And Roblox Corp, the company behind social gaming platform Roblox, is up 40.5% since September 2023 to hover at $36.88.

Meanwhile, German live entertainment power player DEAG postponed its return to the Frankfurt Stock Exchange earlier this year.

The group was due to list in Q1 2024 with an offer consisting of a capital increase of €40-50 million, together with an additional offering of existing shares from the holdings of current shareholders. However, it announced that the management board has decided to continue conversations with investors at a later date as it is “currently in advanced conversations with several acquisition targets”.

The Berlin-headquartered firm first went public in 1998 and delisted in January 2021 in the wake of the pandemic after accepting a takeover offer from its largest single shareholder Apeiron Investment Group and its Malta-based subsidiary Musai Capital.

 


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ATC Group raises £2.3m through share subscription

All Things Considered (ATC) Group has raised £2.3 million (€2.7m) through a subscription on shares.

London-based ATC Group’s divisions include booking agency ATC LiveATC Management, ATC Services, ATC Experience and livestreaming company Driift.

According to Alliance News, the firm says it has raised the funds through a subscription of 2.2 million shares priced at 105p each.

It adds that the proceeds will be used primarily to fund the exploration and development of opportunities already identified across the company’s artist representation and direct to consumer divisions. They will also provide balance sheet strength and support for further potential acquisitions and developments in live events.

“We have an exciting pipeline of opportunities to expand and develop the business and having a stronger balance sheet provides us with a more robust position”

“I am delighted that new and existing shareholders have demonstrated their support for the company’s growth strategy via this £2.3 million fundraise,” says CEO Adam Driscoll. “We have an exciting pipeline of opportunities to expand and develop the business and having a stronger balance sheet provides us with a more robust position to potentially realise a number of them.”

ATC listed on the Aquis Growth Market in London in December 2021 after raising £4.15 million in its initial public offer (IPO). The group recorded a profit on revenue of £12.1m (€13.9m) in its first full year as a a public company, but subsequently announced a loss of £1.1m for the first six months of 2023 due to higher costs.

ATC, which opened a New York hub in February 2022 and also has an office in Copenhagen, Denmark, agreed terms for a “new, expanded office” in Los Angeles in early 2024.

 


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ATC Group moving to ‘new, expanded’ LA office

Multi-faceted music company ATC (All Things Considered) Group has agreed terms for a “new, expanded office” in Los Angeles.

The new office is said to offers 30% additional capacity, with the team set to relocate from its existing LA base later this month as the firm continues to grow its US operations.

London-headquartered ATC opened a New York hub in February 2022 and also has an office in Copenhagen, Denmark.

“We are delighted to have secured our new premises in Los Angeles, which provides our teams with a fantastic urban working environment to collaborate with our artists and creative partners,” says MD Adam Driscoll, as per Alliance News.

“Our new Los Angeles hub complements our presence in our other global locations”

“Our new Los Angeles hub complements our presence in our other global locations, including our recently opened New York office, and supports our growth ambitions by recruiting and retaining the best talent in the industry.”

ATC Group’s divisions include booking agency ATC LiveATC Management, ATC Services, ATC Experience and livestreaming company Driift.

In late 2023, ATC appointed director of business affairs Emma Stoker as executive director to the board and improved its asset base with the acquisition of a 60% stake in merchandise company Sandbag.

ATC listed on the Aquis Growth Market in London in December 2021 after raising £4.15 million in its initial public offer (IPO). The group recorded a profit on revenue of £12.1 million (€13.9m) in its first full year as a a public company, but subsequently announced a loss of £1.1m for the first six months of 2023 due to higher costs.

 


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ATC promotes Emma Stoker to executive director

Music company ATC (All Things Considered) Group has appointed Emma Stoker as new executive director to the board.

The London-based firm previously appointed Stoker as director of business affairs in 2016. Its divisions include booking agency ATC LiveATC Management, ATC Services, ATC Experience and livestreaming company Driift.

A lawyer by training, Stoker was a litigator focusing on the music industry prior to joining ATC. Previously, she helped guide the company through its Aquis listing in December 2021 and will serve specifically as director of legal and business affairs.

“As a highly valued member of the team, we are delighted to appoint Emma to the board of ATC Group,” says CEO Adam Driscoll, as per Alliance News. “Her wealth of relevant sector experience and expertise will help strengthen the board at ATC as we continue to grow.

“Emma has been instrumental in the company’s [IPO] and ongoing business affairs and we look forward to continuing to work with her at this exciting time as we further develop the business.”

“This leaves us in a strong position to take advantage of the near-term evolution of the music industry”

The group surpassed its own expectations to record a profit on revenue of £12.1 million in its first full year as a a public company.

In September, ATC announced a loss of £1.1m for the first six months of 2023 due to higher costs, as administrative expenses rose 23% to £3.2m, while revenue dropped 19% to £3.4m, although it said its artist representation and services divisions performed in line with its expectations.

The company added that it expected its recent acquisition of a 60% stake in merchandise company Sandbag to improve its asset base, adding that it was approaching the rest of the year with “good pipeline visibility, a strong financial position and the initial revenue and profit synergies from the Sandbag acquisition still to be realised”.

“This leaves us in a strong position to take advantage of the near-term evolution of the music industry,” said Driscoll.

 


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ATC Group revenue up 33% to £12.1m

UK-based music company ATC has beaten its own expectations to record a profit on revenue of £12.1 million (€13.9m) in its first full year as a a public company.

The London-headquartered group, which opened a New York office in February 2022, has posted its financial results for its first full year of trading since listing on the Aquis Growth Market in London in December 2021 after raising £4.15 million in its initial public offer (IPO).

Its divisions include booking agency ATC Live – which it says is now the sixth largest touring agency worldwide – ATC Management, ATC Services and livestreaming company Driift. In addition, it launched ATC Experience in 2022 to “create and distribute artist-led digital and in-person experiences for global audiences”.

Revenue was up 33% for the year ending 31 December 2022, contributing to an “ahead of expectations” pre-tax profit of £0.01m, compared to a loss of £2.69m in the pandemic-hit 2021. Artist representation contributed £6.57m of total revenue, up from £3.7m in the previous 12 months, while services accounted for £2.87m (2021: £778,502).

When taking into account streaming service Deezer’s acquisition of a minority stake in Driift, the group achieved an overall post tax profit of £2.44m for 2022. ATC, which previously owned 52% of Driift, retains a 32.5% interest.

“We are delighted with the progress we have made in our first year as a PLC, delivering 33% top line growth and profitability earlier than expected”

“We are delighted with the progress we have made in our first year as a PLC, delivering 33% top line growth and profitability earlier than expected, whilst also investing in a number of important strategic developments for the group,” says ATC Group plc CEO Adam Driscoll.

“Our performance has been driven by strong growth across our core artist representation businesses, supported by improved trading conditions as live touring resumed, together with progress within the group’s complementary services and livestreaming divisions. During the year we expanded the group’s geographic footprint, attracted new agents, managers, artist clients and key operational management into the group, and launched new innovative artist service lines.

“The new year has started with continued positive momentum and a pipeline of exciting projects and opportunities. As the music industry continues to undergo rapid change, we believe there is substantial opportunity to co-create, co-produce and deliver new IP via events and experiences, underpinned by our multi-service approach across artists’ commercial interests. We look ahead with confidence in the group’s growth prospects.”

ATC Live, led by Arthur Award-winning agent Alex Bruford, boasts a roster of more than 350 artists including Fontaines D.C, Georgia, Alma, Goat Girl, Mac Demarco, Metronomy and Nick Cave & The Bad Seeds, and says it is on course to deliver 6,000 shows in 2023.

“The live music scene in 2022 has seen strong growth in live music activities and this has created a huge demand for ATC Live’s roster”

“The ATC Live business continues to perform in line with management expectations following a highly successful 2022 and we now represent over 500 clients,” adds Driscoll in the report. “New agents continue to join the business, the most recent being Ed Thompson whose clients include Jungle, a festival headlining act.

“Our relationship with North American agency Arrival Artists continues to deepen and prosper and we are excited about the opportunities to explore new markets together in the coming months and years.”

Driscoll continues: “The live music scene in 2022 has seen strong growth in live music activities and this has created a huge demand for ATC Live’s roster as evidenced by the 400% growth in revenue from £0.56 million in 2021 to £2.22 million in 2022. In a similar vein, ATC Management also achieved double digit revenue growth of 33% from £2.89 million in 2021 to £3.85 million.

“The group expanded its live and management businesses during the year and expects to reap the long-term benefits from these investments.”

“Driift is now poised to play a key role in the renewed growth of the livestreaming sector, which is forecast to become a multi-billion dollar segment over the next three to five years”

Driift, which was co-founded by Ric Salmon and Brian Message at ATC Management, has produced dozens of online shows for artists including The Smile, Westlife, Laura Marling, Nick Cave, Niall Horan, Andrea Bocelli, Kylie Minogue, Fontaines DC and Dita Von Teese, and produced the BAFTA Award-winning Glastonbury Festival: Live at Worthy Farm in cooperation with BBC Studios. It acquired technology and sales platform Dreamstage last year amid a fresh £4m investment from Deezer.

“Driift has had a positive start to 2023 as artists and managers look beyond traditional touring and ticketing and seek promotional and revenue-generating opportunities within the livestream market,” adds Driscoll. “Having weathered tougher trading conditions in 2022, and with strong end-to-end delivery capabilities and a solid balance sheet, Driift is now poised to play a key role in the renewed growth of the livestreaming sector, which is forecast to become a multi-billion dollar segment over the next three to five years.

“Having recently signed a number of deals for upcoming events alongside partnerships with the likes of IMAX, the prospects for the business are looking very good for the coming year.”

A statement from ATC co-chairs Brian Message and Craig Newman says that ATC “continues to cement its position as a leading independent music company at the forefront of a rapidly changing industry”.

“We continue to assess any implications from wider macroeconomic headwinds, including potential pressure on consumer budgets or rising production costs,” they conclude. “However, music and ticketing have often outperformed the wider market in difficult economic times and the livestream sector should improve for Driift as larger players cut expenditure on productions, opening opportunities from talent looking to expand revenue streams. We remain positive about our prospects.”

 


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