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27/10/2021

No compo for Electric Picnic 2021 but 2020 edition pay out drove profits up

No compo for Electric Picnic 2021 but 2020 edition received pay out

The Larkins and friends at Electric Picnic 2019. Photo: Alf Harvey.

There will be no insurance compensation paid out for the cancelled and unlicensed Electric Picnic 2021 but the organisers were covered for the previous year, according to the organisers.

MCD Managing Director Dermot Desmond is a key player in the Laois festival which takes place in Stradbally. He has confirmed that the 2020 edition was covered by a global Live Nation insurance policy. It also extended to sister concerts in the UK.

However, Mr Desmond also told the Irish Times that the insurance would not give pandemic cover to this years event. 

The famous Irish music promoter said there were no issues getting payment for 2020.

The Irish Times reports that accounts for Live Nation which controls Festival Republic Limited reveal that €15.5 million was paid out to cover the cancellations of Electric Picnic, Leeds and Reading music festivals. 

Festival Republic's Revenues dropped from £56.4 million in 2019 to over £732,600 when the insurance payout was excluded. The compensation led to an rise in profits from £7.2 million in 2019.

While Laois County Council refused a licence for Electric Picnic in August in line with public health guidelines, Mr Desmond said 1.6 million people attended its summer events in Britain. This included 90,000 a day attending the Leeds and Reading festivals.

Festival Republic had applied for a licence to allow 70,000 people go to the Electric Picnic at Cosby Hall at the end of September.

After extensive efforts to try to have Laois County Council reverse the refusal, Festival Republic finally called the event off in early September after the Government announced a reopening roadmap.

The eased restrictions potentially would have allowed over 50,000 attend the event in Stradbally at the end of September.

Full Irish Times story here

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