Main Event Entertainment Group has started producing its own events as its traditional promotions business faces pressure.
It still earns nearly 90 per cent of its revenue from offering traditional event services to clients. But it recently started doing its own promotions and earned $210 million in its financial year ending October, compared to nil in the prior year. The bulk of the revenue came from “owned events” at $189.5 million, and $20.5 million from “joint venture/partnerships”, according to audited financials released this week.
“The company remains committed to fine-tuning the delivery of proprietary and collaborative events to improve efficiency and profitability, which will be essential to maintaining a strong edge in the current market,” stated the company in its financials.
The company trades on the Jamaica Stock Exchange’s Junior Market. It is run by founders Solomon Sharpe, CEO, and Richard Bair, COO. The company’s pivot towards producing its own events, rather than solely managing shows for clients, drove much of the revenue growth but squeezed profitability. Proprietary and collaborative events contributed 11 per cent of its $1.85-billion revenue and were “the primary driver of revenue growth in the current year”, the company said in its report to stockholders. Revenue was $1.7 billion in 2024.
“While proprietary and collaborative events delivered meaningful revenue gains, these were offset by higher operational costs required to execute events in an increasingly competitive market,” the company stated, with financials showing a decline in gross margins to 45 per cent from 50 per cent a year earlier.
That contributed to the company recording a US$5.2-million loss for its October 2025 year end, compared to a profit of US$70.1 million in 2024.
The shift to its own events reflects mounting pressure on Main Event’s traditional business of entertainment promotions, which earned the company $984 million, or 11 per cent less than a year earlier.
Revenue from other segments showed mixed results. Audio, video and multimedia services jumped 26 per cent, or $81 million, to $392 million. Digital signage revenues fell 48 per cent, or $55 million. MStyle income rose 10 per cent, or $18 million.
The company described navigating “a challenging operating environment” against a backdrop of “uneven macroeconomic indicators and shifting patterns in customer demand”.
Main Event’s asset base declined 2.0 per cent to $1.17 billion as of October. Equipment investments were “carefully managed” as the company shifted focus and strategy. Cash and cash equivalents fell 22 per cent to $128 million, while trade receivables increased 23 per cent, with provisions for expected credit losses up $8.2 million.
The results cover the period largely before Hurricane Melissa struck Jamaica on October 28.
“The hurricane has not resulted in any material disruption to the company’s overall operations, financial performance, or cash flows,” stated the company.
It added, however, that while its head office in Kingston was unaffected, the company’s retail outlets “situated in areas directly affected by the hurricane” sustained communication and electricity loss with minimal physical damage.
The island was also hit by Hurricane Beryl in July 2024. Following its impact, the entertainment sector witnessed a reduction in events and amusement licences. Seven of eight parishes with comparable data reported declines in both amusement licences issued and revenues collected in 2024, compared to 2023, according to the Economic and Social Survey of Jamaica. For instance, St James saw licences fall to 370 from 860. Only Clarendon recorded growth.
