1.0. Introduction
This assignment will examine financial statements of Glastonbury Festival Limited over the three-year period from 2003 – 2005. For estimating the trading performance of the company there must be necessity to highlight the sector in which company operates, its funding and ratio analyze. Due to the fact that Glastonbury Festival Limited organized festival has notable publicity and their performance has been inspected publicly the substantial information from mass media sources will be given where relevant to understand the financial statements.
2.0. The sector Glastonbury Festival Limited is operating within Music Industry.
According to Glastonbury Festival Limited financial statements „the principal activity of the company is organizing the Glastonbury Festival of Contemporary Performing Arts.“ (Glastonbury Festival Limited, 2004.)
Glastonbury Festival is operating in the live music sector within the music industry which is at the moment one of the wealthiest areas comparing for example to recording music industry which has been for a long time considered as main and determinant sector. „Music and event merchandising, concerts and touring, and live entertainment in general accounts for some 25 billion USD globally, while music publishing is a 12 billion USD business, approximately. Further, according to sources in Pollstar, Billboard, and Music Week, record companies make nearly 2 billion USD every year in „special products“, such as give- away CD sets, corporate marketing items, and various business-to-business licensing activities.“ (Kusek D. and Leonhard G., p. 21)
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