London’s ABBA Voyage saw a significant jump in 2023 earnings, as the immersive concert experience continues to attract large audiences.
The ABBA Voyage concert series, launched in May 2022, showcases digital versions of the iconic Swedish pop group performing seven nights a week in their custom-built 3,000-seat ABBA Arena located in East London.
The UK-based holding company for the virtual event series, Aniara Ltd., achieved a pre-tax profit of GBP £6.07 million ($8.1 million) for the 12-month period in 2023, up from the £2.99 million reported in 2022, according to a September 26 filing with the UK’s Companies House.
It came as turnover rose 6.7% YoY to £103.67 million ($129 million) from £97.12 million. The report revealed that sales continue to be the primary driver of growth, with turnover in this category surging to £101.58 million from £58.9 million in 2022.
However, this increase was partly offset by a sharp drop in sales of film rights and stage rights. Sales of film rights shrank to £1.19 million from £15.39 million, while sales of stage rights narrowed to £899,416 from £22.83 million the prior year.
In 2023, ABBA Voyage staged 374 performances, a significant increase from 228 in the previous year. These shows attracted 1.1 million visitors, up from 675,600 in 2022.
“There is substantial market demand for ABBA Voyage, and the Directors anticipate a continued high level of activity throughout 2024.”
Abba voyage board
The company’s expansion is further evidenced by an increase in its workforce. The average number of people employed by the company rose to 113 in 2023 from 64 in 2022, indicating substantial operational growth to support the increased demand for the show.
Administrative expenses during the year ballooned to £106,835 from £70,060 in 2022.
The company’s board also expressed optimism about the future of ABBA Voyage. In a statement, they said: “The Group’s long-term strategy is to continue the run of the show in London for as long as it remains commercially viable.”
“There is substantial market demand for ABBA Voyage, and the Directors anticipate a continued high level of activity throughout 2024. The main uncertainties that could impact the Group relate to general economic developments and the potential for new COVID-19 outbreaks,” the board said.
In its first year of operation (between May 2022 and May 2023), ABBA Voyage contributed £322.6 million in turnover to the London economy, according to an analysis published in December 2023.
ABBA Voyage attracted over 1 million visitors, 20% of whom had traveled from outside of the UK, in its first year. The concert experience was created with Agnetha Fältskog, Björn Ulvaeus, Benny Andersson and Anni-Frid Lyngstad, directed by Baillie Walsh, and produced by Svana Gisla and Ludvig Andersson.
It was also created in partnership with Sweden-headquartered Pophouse Entertainment and Industrial Light & Magic, the George Lucas-founded and Disney-owned visual effects company most famous for working on Star Wars properties through the decades. ABBA member Björn Ulvaeus is a shareholder in, and board member of, Pophouse.
Earlier this year, Pophouse acquired the song catalog, plus name, image and likeness rights of legendary rock band KISS. KISS also partnered with the Swedish company on an avatar concert featuring digital versions of themselves, similar to ABBA Voyage.
All GBP to USD currency calculations in this story have been made using the average annual exchange rate as published by the IRS.
