The Los Angeles-based Ticketmaster Group has acquired a 50 per cent stake in The Ticketshop, Ireland's largest ticketing company, for an undisclosed sum. Set up 11 years ago, The Ticketshop sells around one million tickets a year for concerts, shows and sports events.
This indicates that it handles ticket sales of £18 million to £20 million. Operating on a commission rate of 5 per cent to 10 per cent would point to turnover of under £2 million.
The Ticketshop is owned by managing director, Mr Tommy Higgins, and two other directors who sold 50 per cent of their holdings to Ticketmaster. The Ticketshop operates with a core staff of 15 people but ticket sales are generated through franchise outlets in record stores. In Dublin, the HMV stores operate one of the franchises. Mr Higgins said the company operates a computer ticketing operation for the Point, the Abbey and the Olympia and when these are closed "we take over". It also handles U2 ticket sales. The company operates on a 24 hour basis.
"By having Ticketmaster as a strategic partner we will be able to substantially expand the growth of the company in Ireland.
"We will be able to sell tickets in Ireland for major UK and US theatres and sporting events." Ticketmaster operates an automated ticketing service, selling more than 60 million tickets a year through more than 2,900 retail outlets, 25 telephone call centres and Ticketmaster's Internet site. It said it serves over 3,700 customers in the US, Canada, Mexico, Europe and Australia.
Mr Fredric Rosen, president and chief executive officer of Ticketmaster, said the move into Ireland was consistent with its strategy to expand its ticketing business into international markets where it does not have a presence.
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