O2 hailed its partnership with what was once seen as the UK’s largest white elephant, saying it has been key to halving the number of people leaving the mobile network over the last 10 years.
The mobile network firm, owned by Spanish telecoms giant Telefonica, initiated the sponsorship in 2007 of what was then called the Millennium Dome, renaming it the O2 arena.
Legendary rockers Bon Jovi were the first act to grace the stage at the venue.
And O2 said today the number of people leaving the network had fallen over the last 10 years, partly as a result of investment in marketing initiatives such as that which it has with the O2 arena.
Contract churn has fallen from 1.8 per cent to 0.9 per cent over the last 10 years, the mobile network provider said.
Chief executive Mark Evans said he was “incredibly proud” of developing the arena “into the internationally renowned music and entertainment venue it is today”. The sponsorship of the venue has been such a success that O2 added that it would extend its association with arena for a further 10 years.
O2 also revealed it had added 584,000 net new contracts over the last year with its customer base topping 25.5m people.
Although full-year annual revenues fell by 1.5 per cent to £5.6bn, the firm’s profits grew by 1.7 per cent to £1.4bn.
“We are committed to making every day better for our customers through experiences that count and we continue to provide them with compelling reasons to join and stay with us,” said Evans.
Who has played at the O2 Arena over the years?
Earlier this week, Telefonica agreed a deal to sell a 40 per cent stake in its Spanish infrastructure subsidiary Telxius for €1.3bn (£1.1bn) to private equity firm KKR.
O2’s owner is keen to reduce its £47bn debt pile and it is understood this is one of a number of ways the firm is exploring to raise cash. Another is to reignite plans that were put on ice last October to float O2.
While sources close to the firm could not confirm the precise timing of what would be the UK largest listing of 2017, they did say the firm is readying itself for whenever Telefonica takes the decision to cut O2 adrift.