The Deal – Lates
Important Note
The information on this page applies only to the Lates-programme only. If you’re looking to apply with any other kind of production, please read the The Financial Deal (or The Financial Relief Deal) page instead. We want our financial deal to set us apart from other inner-London venues & festivals; we’ve designed & honed our financial deal over the years, always with three key objectives:
- 1. We want to remove financial barriers that prevent artists being able to perform;
- 2. We want to reduce up-front costs that artists usually have to bear;
- 3. We want to fairly reward Artists for their work.
Venue Costs Guarantee
Every slot at VAULT Festival carries a cost to deliver the venue including renting the venue, the tech equipment, freelance staff etc etc.
We take that cost and divide it into thirds. We commit to paying 2/3 of that cost, which we do so from our split of box office & booking fees. You then commit to paying the final 3rd for that slot.
When artists commit to a slot with us, they are committing to cover that cost – we call this the Venue Costs Guarantee. For the Lates, this Venue Costs Guarantee is on a sliding scale, so reduces by 10% as sales increase by 10% and eventually reaches £0.
Importantly, we usually don’t ask for this money upfront from you, we pay it on your behalf to the venues, tech suppliers, and freelance staff. We then settle with you after your run has finished – usually from within your Box Office takings or occasionally via invoice. The aim is to remove financial barriers that prevent artists being able to perform in the first place by the Festival bearing those costs until after the run has finished.
WARNING: If your box office revenue does not exceed your Venue Costs Guarantee, you will owe the difference between your box office revenue & the Venue Costs Guarantee which you’ll be invoiced for after your run has finished.
We then cover our other costs such as core staffing, programming, communications, producing, operations, & security costs from our other income streams such as bar revenue & sponsorship.
The Venue Cost Guarantees per slot in each of our Lates venues are:
| Venue | Capacity | Venue Costs Guarantee Per Slot |
|---|---|---|
| The Flair Ground | 150 | £250.00 |
Demonstration of the Sliding Scale:
| Sales % | Underbar Lates | The Flair Ground | ||
|---|---|---|---|---|
| Sales % | Tickets Sold | Venue Cost Guarantee | Tickets Sold | Venue Cost Guarantee |
| 100% | 600 | £0 | 150 | £0 |
| 90% | 540 | £100 | 135 | £25 |
| 80% | 480 | £200 | 120 | £50 |
| 70% | 420 | £300 | 105 | £75 |
| 60% | 360 | £400 | 90 | £100 |
| 50% | 300 | £500 | 75 | £125 |
| 40% | 240 | £600 | 60 | £150 |
| 30% | 180 | £700 | 45 | £175 |
| 20% | 120 | £800 | 30 | £200 |
| 10% | 60 | £900 | 15 | £225 |
| 0% | 0 | £1,000 | 0 | £250 |
Underbar Lates (Saturday only) Additional Rooms & Time
For our Underbar Lates (on Saturdays) It’s possible to increase the capacity by opening up additional rooms. It’s also possible to extend the event finish time from 3am to 4am.
The costs for both of these are added to the Venue Costs Guarantee, so also reduce as you sell more tickets. The costs include:
• a Technician for each room added
• The additional Security, Staffing, & Cleaning required to open up further rooms.
| Standard | + Flair Ground | + Pit | + Cavern | + Flair Ground AND Pit OR Cavern | 4am Finish | |
|---|---|---|---|---|---|---|
| 0% | £1,000 | £250 | £250 | £250 | £395 | £325 |
| Capacity Increase | 0 | 100 | 60 | 90 | 150 | 0 |
| Final Capacity | 650 | 750 | 710 | 740 | 780 |
(If additional technical equipment is required outside the tech spec for these rooms then additional costs may be required).
All costs in the tables above are inclusive of VAT.
Box Office Deal
We offer all our Lates’ artists 100 / 0 box office split in the artist’s favour. We offer one deal to all our artists in the Lates programme to promote fairness & equity to all.
Box Office Commission
4% of the Box Office Revenue is deducted before the Box Office Split is calculated to pay the Box Office Commission and Transactions Charges. We deduct this from the Box Office Revenue and pay it forward to the Bank & Box Office Gateway provider.
PPL PRS Charge
PPL PRS Ltd takes 4.5% of gross revenue for our Lates events. We deduct this from the Box Office Revenue and pay it forward to PPL PRS Ltd on your behalf.
What You Keep
100% of Box Office:
- Less Box Office Commission (4%)
- Less PPL PRS Ltd Charges (4.5%)
- = 91.5% of Box Office Revenue
- Less any Venue Costs Guarantee remaining
WARNING: If your box office revenue does not exceed your Venue Costs Guarantee, you will owe the difference between your box office revenue & the Venue Costs Guarantee which you’ll be invoiced for after your run has finished.
