Wednesday, 23 May 2012

Power warns of festival ticket sales slowdown

Vince Power's Music Festivals group yesterday warned that economic woes are hitting sales at its Hop Farm Music Festival in Kent and its Benicassim event in Spain. Mr Power said tickets for Hop Farm, which takes place at the end of June and features Bob Dylan, left, as the headline act, "are currently slower than last year". Benicassim, which is held in mid-July, is also suffering from flagging ticket sales, despite announcing some big-name acts including Noel Gallagher's High Flying Birds and New Order. "The festivals market in general has been affected by the continued depressed economic climate and the availability of strong revenue-generating acts," said the AIM-listed company, which is now looking to cut costs. Shares in Music Festivals tumbled 3.5p to a record low of 42.5p. They have crashed more than 30 per cent since their 65p debut last June. 

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