Peter Kay's £27m 2024 tour powers record profit at The O2

£27 million from 35 shows: comedy's biggest cash machine keeps rolling

File this under numbers that make venue bosses smile: Peter Kay generated £26,992,507 in 2024 from 35 performances, according to data compiled by a US live-events analytics firm. That’s roughly £770,000 per show—and one of the biggest single-year totals by a British comedian in recent memory.

Kay’s run didn’t just sell tickets. It reshaped the balance sheet at Britain’s busiest arena. The O2 in London posted a record pre-tax profit of £64.8 million for its latest financial year, up from the previous high of £58.4 million in 2023. Turnover also hit a new peak, rising from £122.3 million to £130 million. Management singled out the monthly comedy residency—underpinned by Kay’s continuing run—as a major reason for the jump.

Residencies matter because they smooth out the calendar. Instead of scrambling for one-off bookings, the arena locks in reliable sell-through across the year. That steadiness helps staffing, hospitality, and premium seating. And it leaves more nights open for touring artists to slot in around a predictable headline anchor.

Kay wasn’t the only comic drawing crowds. The O2’s 2024 schedule also featured arena-level sets from Michael McIntyre and Romesh Ranganathan—proof that stand-up at scale has a real spine in the UK market. Comedy shows aren’t as production-heavy as stadium pop, but the margins can be attractive: big rooms, lean staging, strong bar spend, and a loyal audience that shows up multiple times during long runs.

Music still set the tone. The Killers, Olivia Rodrigo, and Sir Paul McCartney were among the marquee names filling the O2 this year. The arena also landed a first: hosting the final of the League of Legends World Championships, bringing in a different crowd with strong merchandise and hospitality potential. That mix—comedy, pop heritage acts, new-gen stars, and esports—spread risk and boosted footfall across weekdays and weekends.

The financial ripple went straight to investors. The company behind The O2, owned by Anschutz Entertainment Group (AEG) and controlled by US billionaire Philip Anschutz, doubled its dividend from £15 million to £30 million off the back of the stronger performance. When a venue is throwing off that kind of cash, it reflects not just ticket sales but the add-ons: suites, VIP packages, food and drink, parking, and sponsorship activation.

What does £27 million from 35 shows look like in real terms? At an average gross of about £770,000 per night, that could imply well over 300,000 tickets sold in 2024 alone, depending on pricing and venue configurations. The O2’s capacity can approach 20,000, but comedy often uses a tighter stage layout. Either way, the math points to sustained demand—and plenty of repeat business from fans who have been waiting to see Kay back on stage after his long break from touring.

It’s also worth noting what these figures are—and aren’t. The headline number refers to gross ticket revenue, not the cash the artist takes home after costs. Promoter fees, production, staffing, venue rental, marketing, and taxes all come out before net profit. Still, hitting nearly £27 million in a single year is clear evidence of box-office muscle, especially in a period when household budgets are under pressure and live events are fighting hard for discretionary spend.

Kay’s approach—anchoring a monthly residency at the O2 while playing select dates elsewhere—gives him scale without the grind of a traditional, city-by-city sprint. For the venue, it means predictable sellouts that feed the ecosystem around the show: pre-show dining, drinks, late-night transport, and even tourism from fans planning weekends around a gig. This is the same business logic that’s made residencies in other global hubs so valuable. Fewer load-ins, more nights filled, lower operational friction.

Zoom out, and the trend lines look healthy for live comedy. The UK arena circuit has matured to the point where top comics share billing with arena-level musicians. Ticket prices for comedy typically undercut premium concert seats, which can help at the checkout. In return, venues get high-frequency bookings and strong per-head spending. The O2’s numbers suggest that formula is working—even as dynamic pricing and the secondary market keep affordability in the spotlight.

The calendar balance matters too. Comedy can fill midweek slots that are tougher for touring bands, while big pop and legacy acts anchor weekends. Esports drops in with spike events that bring different sponsor categories and broadcast windows. After years of uncertainty for live events, that diversity looks like a hedge against shocks—and a template for other arenas across the UK and Europe.

As for what’s next, Kay’s O2 residency is set to continue into next year, and the arena will keep stacking high-visibility bookings across music, comedy, and one-off spectacles. If 2024 is the benchmark, the combination of reliable residencies and big-event tentpoles could make the record books a moving target.

A record year for The O2—and a blueprint

What stands out isn’t one show or one artist, but a programming strategy. Kay’s residency gave the O2 a business heartbeat. Major tours and a world championship final brought spikes of global attention. Together, they produced performance that feeds every revenue stream a modern arena has. The headline profit and turnover numbers tell the story; the doubled dividend underlines it.

For British entertainment, the message is simple: live comedy has real scale, fans are spending for the experiences they care about, and the venues that spread their bets across formats are the ones posting records. 2024 proved it—night after night, laugh after laugh, turnstile after turnstile.