Despite occupying at least a quarter of Centennial Park (far more space than the recent Good Vibrations and Jack Johnson events), and having two stages, the V Festival, which took place in Sydney last Saturday still lost money, according to Virgin boss, Richard Branson.

Responding to questions about the festival’s financial losses last year Branson said: “We’ve now gotten bigger this year - we’re gonna lose an even bigger packet but everyone’s going to have a great time. “In a number of years I suspect we’ll break even and maybe make a bit of money, but it’s a really good thing for Virgin to do.”

Despite the red ink, it is still Virgin’s aim to make the V Festival Australia’s biggest music event.

Branson said he would continue to inject funds into the festival until it became one of the biggest music festivals in Australia.

Photos of the Centennial Park show can be seen here, and on Flickr: random photos and Last FM tagged photos.