Barclays has suspended its sponsorship of all Live Nation festivals for 2024 after artists pulled out in protest against the bank providing financial services to defence firms supplying Israel.
The bank signed a five-year deal with Live Nation last year, covering the Download, Latitude and Isle of Wight festivals. The suspension does not apply to the whole contract, it is understood.
A spokesperson for Live Nation said: “Following discussion with artists, we have agreed with Barclays that they will step back from sponsorship of our festivals.”
A Barclays spokesperson commented: “Barclays was asked and has agreed to suspend participation in the remaining Live Nation festivals in 2024. Barclays customers who hold tickets to these festivals are not affected and their tickets remain valid.”
The news comes after a slew of acts due to perform at the festivals announced they would withdraw as a result of Barclays’ sponsorship.
Acts included band Pest Control, singer CMAT and comedian Joanne McNally. More than 100 performers previously withdrew from the Barclaycard-sponsored Great Escape festival in Brighton in May.
The Download festival began on Friday, while Isle of Wight is due to begin next Thursday and Latitude on 25 July.
Barclays has faced wider protests by pro-Palestine activists, with around 20 of its branches across the UK vandalised by the group Palestine Action earlier this week.
The bank’s spokesperson added: “The protesters’ agenda is to have Barclays debank defence companies which is a sector we remain committed to as an essential part of keeping this country and our allies safe.
“They have resorted to intimidating our staff, repeated vandalism of our branches and online harassment. The only thing that this small group of activists will achieve is to weaken essential support for cultural events enjoyed by millions. It is time that leaders across politics, business, academia and the arts stand united against this.”
Protestors have accused Barclays of having financial interests in both Israel’s weapons trade and fossil fuels. The bank says while it provides financial services to “public companies that supply defence products to NATO and its allies”, it does not directly invest in the businesses.
Barclays’ suspension follows Scottish asset manager Baillie Gifford cancelling all of its remaining literary festival sponsorships earlier this month after ending its deal with the Edinburgh International Book Festival.
It followed a row over the company’s investments in fossil fuels and companies benefiting from Israel’s occupation of Palestine.