Game of Thrones studio tour racks up £33m of losses in two years
The company responsible for the Game of Thrones studio tour in Banbridge reported a loss of £17 million last year, according to the latest financial statements for the business.
Even though Linen Mill Studios boosted its revenue by 40% to £2.7 million in the previous year, the company experienced an operating loss of £7 million for the year ending September 30, 2023.
An additional loss of £10 million was recorded because the company stated that it adjusted the historical value of its assets to better align with actual visitor numbers.
In 2022, the studio tour's worth was reduced by £13.7 million.
This raised the total pre-tax loss for 2022 and 2023 to £33 million.
The £40 million attraction for visitors launched in February 2022, with the initial goal of drawing in 600,000 guests annually.
The company has reduced its target to 400,000, leading to the reassessment of its assets, which are now valued at £20 million.
Linen Mill Studios hasn't revealed the exact number of visitors who participated in the tour last year. However, they did mention that attendance rose by 30% in 2023 and has climbed another 35% this year.
Created in collaboration with HBO and Warner Bros Discovery, the attraction is located in the old linen mill where some scenes of the popular series were shot.
The trading company associated with the tour, which employed 66 people last year, has gone through major changes in its organization.
Last year, control of the business changed hands from the local company John Hogg & Co to the American firm Stephens GOT LLC.
In the most recent update, the company announced that it completely reorganized its board and top leadership.
Linen Mill Studios announced that Stephens GOT LLC had pledged an additional £5 million in equity to help fund the project.
Even with the significant losses, Andrew Webb, the chair of the board for the Game of Thrones studio tour, expressed that the owners and investors are still devoted to its future.
"Although the early visitor figures were lower than we had hoped, we're now making progress towards drawing in 400,000 visitors each year," he stated.
Considering how important tourism is to the overall economy, we’re delighted to see that the Game of Thrones studio tour experienced a 30% increase in visitors in 2023, followed by an additional 35% rise this year to date.
Feedback consistently shows that people from all over the world regard the Game of Thrones studio tour as a top-tier experience. With a revamped team and a new marketing strategy, we are excited and hopeful about what lies ahead.
The owners and investors behind the Game of Thrones studio tour are dedicated to ensuring it remains a remarkable tourist destination for Northern Ireland and the rest of the island.
“It is believed that this will attract a wide audience, highlighting the diverse talents present in Northern Ireland's screen industry while also honoring the most popular television series ever produced.”
A representative from Stephens GoT LLC stated, “The increasing number of visitors and the positive feedback we’ve received are very promising. We are dedicated to making sure that this renowned attraction fully realizes its potential as a key part of the tourism experience in both Northern Ireland and Ireland.”
