V Music Festival Loss

Richard Branson has spoken about the loss of his V Music Festival, held in Sydney yesterday.

Sir Richard said he is committed to the festival and would continue to fund it until it became one of the largest music festivals in Australia.

Responding to questions about its losses last year, he said:

“We’ve now gotten bigger this year. We’re gonna lose an even bigger packet, but everyone’s going to have a great time.

“In a number of years I suspect we’ll break even and maybe make a bit of money, but it’s a really good thing for Virgin to do.”

Ticket sales for the event fell 2000 short of the 35,000 goal, but this was blamed onless then ideal weather.