Increased activity after the pandemic has turned the situation from minus to plus for NOVA Spektrum.
Ten sold-out Karpe concerts in Oslo Spektrum contributed to doubling the income for the company behind the arena. Photo: Heiko Junge / NTBPublished:
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NOVA Spektrum is the Foundation that owns and operates Oslo Spektrum and NOVA Spektrum (formerly Norges Varemesse).
Activity in concerts and events has picked up sharply after the pandemic.
The total operating income more than doubled, from NOK 245.5 million in 2021 to NOK 544.9 million in 2022.
The increase in income contributed to a sharp improvement in results and the foundation turned from negative to positive. The result before tax in 2022 ended at NOK 28.8 million, up from minus NOK 45.2 million in 2021.
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– It was never obvious that they would become so big
ketchup effect
Managing director of Stiftelsen Nova Spektrum, Gunn Helen Hagen, tells E24 that the main part of the activity came from the second quarter onwards in 2022.
At the beginning of the year, there was still uncertainty as to when the government would open up large events after the omikron shutdown. She says that they nevertheless called employees back from layoffs and arranged to get out of the starting blocks quickly again.
– It is extra gratifying that we get this turnover in a year where the activity originates from three quarters of the year, says Hagen.
She says that much of the activity has been events that were postponed one or more times during the pandemic. It produced high activity and a ketchup effect after the pandemic.
Among the highlights that contributed to the earnings was the rap duo Karpe, who filled Oslo Spektrum 10 times with over 100,000 audiences in total.
Managing Director of Stiftelsen NOVA Spektrum, Gunn Helen Hagen, is very satisfied with the result in 2022. Photo: NOVA Spektrum
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International competition
NOVA Spektrum still expects good activity and several large events in the coming year, but there is more excitement attached to the years 2024 and 2025.
– There is a lot of international unrest which can lead to less activity, at the same time Norway has an advantage in that it is seen as a safe haven for events, says Hagen.
She goes on to say that they see the greatest competition in the international landscape.
– We mainly compete internationally with other large congress arenas to get events to Norway.
Hagen singles out similar arenas in Stockholm and other European cities as close competitors.
– In Norway, we are a large and dominant player, she emphasizes.
The NOVA Spektrum foundation, which operates Oslo Spektrum and NOVA Spektrum in Lillestrøm (pictured), delivered record results in 2022. Photo: NOVA Spektrum
Project in the billions class
Earlier this year, NOVA Spektrum announced in a press release that Oslo City Council agreed to the plans to establish a new Oslo Spektrum.
– The decision represents great added value for us as a foundation, says managing director Hagen in a statement from the company.
Hagen will not comment on the full scope of the investment, but tells E24 that it is a project in the billions range.
NOVA Spektrum plans to start construction in 2024 and says it will take several years before completion. The project includes a new congress and cultural arena adjacent to today’s Oslo Spektrum, as well as an associated high-rise building with office space.
The high-rise is owned in collaboration with property developer Aspelin-Ramm and is intended for office workplaces.
It is an extension to today’s Oslo Spektrum, which is being demolished, and activity at the arena will be maintained throughout the construction period.
2023-07-04 19:00:00
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