Quick answer: The most reliable ways to make money from your phone are reselling apps (fastest cash, lowest effort), cashback apps (small but genuinely passive), and freelance platforms (highest long-term earning ceiling). Survey and micro-task apps are legitimate but pay far less than most marketing promises – plan on $20–$80 a month, not $50 an hour.

Roughly one in six American adults has ever earned money through an online gig platform, according to Pew Research Center, so this isn’t a fringe activity, it’s become a normal way to supplement income. But “normal” doesn’t mean “equally worth your time,” which is the point of this guide.

Search “make money from your phone” and you’ll find lists promising 28, 40, even 46 different methods. Most of those lists pad their word count with app-testing gigs that pay $0.30 a task and “opportunities” that require you to first buy something. This guide cuts that down to 15 methods that produce real, verifiable income, along with what you should actually expect to earn from each one, because the gap between marketing copy and reality is where most people waste their time.

None of these will replace a full-time salary overnight. A few of them, done consistently, can become a meaningful second income stream. The rest are better thought of as ways to convert spare minutes into spare cash.

The quick list

1. Sell items you already own
2. Take paid surveys
3. Stack cashback apps on purchases you’re already making
4. Drive or deliver through gig-economy apps
5. Freelance an existing skill
6. Get paid for user testing and feedback
7. License your photos and videos as stock content
8. Launch a print-on-demand shop
9. Create short-form video content
10. Try affiliate and creator-commerce links
11. Rent out things you’re not using
12. Pet sit or dog walk through a marketplace app
13. Pick up local task-based gig work
14. Transcribe or caption audio and video
15. Tutor or coach online

A quick word on scams

Because this space attracts so much hype, it also attracts a disproportionate number of scams. The FTC has specifically warned about “task scams,” where an app shows a fake, ever-increasing earnings balance and then asks you to deposit your own money often in crypto to “unlock” a withdrawal. Its broader guidance on avoiding side-hustle scams is worth a skim before you hand any app your bank details: research the company first, and treat any offer promising big money for minimal effort as a red flag.

Here’s how each one actually works, and what it realistically pays.

1. Sell items you already own

The lowest-effort entry on this list is also the fastest to cash out: list what’s sitting unused in your closet or garage on a resale app.

Which app you use matters more than it used to, because the fee structures have diverged. Poshmark charges a flat 20% commission. Mercari takes about 10%, plus a buyer-side processing fee. Depop currently charges 0% seller commission in the US, though that’s worth double-checking before you build a shop around it, since eBay is in the process of acquiring Depop and fee structures tend to shift after an acquisition closes. For general household items, electronics, and anything outside of fashion, Mercari or eBay typically finds a wider buyer pool than the fashion-focused Depop or Poshmark.

Realistic income: Highly variable, but sellers who list consistently across two or three platforms report 30–50% higher monthly revenue than single-platform sellers, since different apps skew toward different buyers.

2. Take paid surveys

Survey apps are the most oversold item on almost every “make money” list, so it’s worth setting expectations before you download anything. Legitimate platform Swagbucks, Survey Junkie, Toluna, InboxDollars, and the invite-only Pinecone Research – pay real money, but the hourly rate is closer to pocket change than a side job.

Realistic income: Casual users earn roughly $20–$80 a month running two or three apps for 15–30 minutes a day. Academic-style research platforms like Prolific occasionally pay closer to $10–$15 an hour for longer studies, but availability is inconsistent. Treat anything promising more than that as a red flag.

3. Stack cashback apps on purchases you’re already making

Cashback apps don’t ask you to do anything new, they pay you a small percentage back on spending you’d do regardless. The category has consolidated around a handful of reliable names: Rakuten for online shopping (1–10% at most retailers, paid quarterly), Ibotta and Checkout 51 for grocery receipt-scanning, Fetch for a lower-effort version of the same thing, and Upside for gas station cashback.

The real value comes from stacking. Scanning the same grocery receipt into both Ibotta and Fetch, on top of a cashback credit card, can turn a $100 grocery trip into $15–$20 of combined rebates.

Realistic income: $10–$40 a month for casual use; up to a few hundred dollars a year for households that shop deliberately around active offers.

4. Drive or deliver through gig-economy apps

Uber, DoorDash, and Instacart remain the three largest platforms for phone-based driving and delivery work, and all three let you work whenever your schedule allows. Pay varies significantly by city, time of day, and vehicle costs, gas, maintenance, and depreciation eat into take-home pay more than most new drivers expect.

We’ve covered the earnings breakdown for delivery apps specifically, base pay, tips, and how the economics compare across platforms in our dedicated delivery-apps earnings guide, since it deserves more space than a single list entry.

Realistic income: Wide range depending on market and hours worked; expect this to require the most active time of anything on this list, in exchange for the highest per-hour ceiling.

5. Freelance an existing skill

If you already have a marketable skill like writing, graphic design, bookkeeping, video editing, virtual assistance – Fiverr and Upwork both have functional mobile apps that let you message clients, deliver work, and manage payments from your phone. This won’t replace a laptop for the actual work in most cases, but it’s enough to land clients, negotiate scope, and handle client communication on the go.

Realistic income: The most scalable method on this list. Beginners often start with $15–$30 per small gig; established freelancers with a portfolio and reviews can charge professional day rates for the same skill.

6. Get paid for user testing and feedback

Companies pay for real people to test websites, apps, and prototypes and record their reactions. UserTesting and similar platforms typically pay a flat rate often $10–$60 per completed test, depending on length and complexity. The catch is availability: tests are assigned based on your demographic profile, and you may go days without matching one.

Realistic income: $20–$100 a month for occasional testers; higher for those who qualify for longer paid research studies.

7. License your photos and videos as stock content

If your phone camera is decent, apps like Foap, EyeEm, and Snapwire let you upload photos directly from your phone and earn a royalty typically 20–50% of the license fee every time someone buys one. Foap also runs brand-sponsored “missions” with fixed cash prizes for the winning submission, and EyeEm distributes accepted photos to Getty Images for additional reach.

Realistic income: Casual contributors earn roughly $50–$300 a month with a growing portfolio; income scales with volume and how commercially useful the subject matter is (business, lifestyle, and diversity-representative photos tend to outperform scenery).

8. Launch a print-on-demand shop

Print-on-demand [POD — a model where products are only manufactured after a customer orders, so you never hold inventory] lets you design custom products t-shirts, mugs, phone cases and sell them online without upfront cost. Printify’s mobile app covers the core workflow: browsing the product catalog, uploading a design, previewing mockups, and connecting the shop to an online store.

Realistic income: Highly dependent on marketing and niche selection; this is closer to running a small business than a quick side gig, with income potential that scales well beyond the rest of this list if a design or niche catches on.

9. Create short-form video content

TikTok’s Creator Rewards Program pays eligible creators based on video performance rather than a flat pool, which was the old model under the discontinued Creator Fund. To apply, you’ll generally need at least 10,000 followers and 100,000 video views in the past 30 days, an account in good standing, and videos of at least 60 seconds. Payout works out to roughly $0.40–$1.20 per 1,000 qualified views [RPM — revenue per mille, or earnings per 1,000 views], depending on niche, audience location, and engagement.

We’ve written a more detailed walkthrough of building a TikTok income stream including strategy for reaching the follower threshold in our TikTok money-making guide, since the mechanics deserve their own space.

Realistic income: Meaningful only past the eligibility thresholds; below that, LIVE gifts and brand partnerships are more accessible starting points than platform payouts.

10. Try affiliate and creator-commerce links

Once you have any kind of audience – a TikTok following, an Instagram page, or even a group chat people trust for recommendations – affiliate links let you earn a commission on products you point people toward. Amazon’s Influencer Program and platforms like LTK (formerly LikeToKnowIt) or ShopMy are built specifically for mobile-first creators to build shoppable link pages.

Realistic income: Negligible without an existing audience; scales directly with trust and reach once you have one.

11. Rent out things you’re not using

Apps like Turo let you rent out a car you’re not driving every day, while apps like Neighbor connect people with unused garage or storage space to renters who need it. Both operate on the same principle as home-sharing platforms, applied to smaller assets.

Realistic income: Highly asset-dependent; a car in a high-demand market can generate meaningful monthly income, while storage space rental tends to produce smaller, steadier amounts.

12. Pet sit or dog walk through a marketplace app

Rover and Wag connect pet owners with sitters and walkers nearby, with everything booking, messaging, and payment handled through the app. This is one of the few entries on this list with genuinely flexible, set-your-own-hours scheduling.

Realistic income: Typically $15–$25 per walk or $25–$75 per overnight stay, depending on market and the sitter’s ratings.

13. Pick up local task-based gig work

TaskRabbit and similar apps connect you with people who need help with furniture assembly, moving help, minor home repairs, or errands. Pay is set per task or hourly, and you choose which jobs to accept.

Realistic income: Varies by skill and local demand; taskers with in-demand skills (furniture assembly, handyman work) tend to out-earn general errand-runners.

14. Transcribe or caption audio and video

Rev and GoTranscript both pay per audio minute transcribed or captioned, and both have mobile-friendly workflows for claiming and submitting short jobs. This is genuinely a phone-compatible task for short clips, though longer transcription work is still easier on a full keyboard.

Realistic income: Roughly $0.30–$1.10 per audio minute depending on the platform and job type, which translates to modest hourly pay for fast, accurate transcribers.

15. Tutor or coach online

If you have subject-matter expertise, a language, a school subject, a musical instrument, test prep – apps like Preply and Wyzant connect you with students for paid video sessions, bookable and manageable from your phone.

Realistic income: Typically $15–$40 an hour depending on subject and experience, with established tutors commanding more once they’ve built a review history.

More ways to earn (smaller payouts, still legitimate)

The 15 methods above are the ones worth building a routine around. The methods below are lighter-touch, smaller, more passive amounts, but still real and worth knowing about if you want to round out the list.

16. Refer friends to apps you’re already using

Many of the apps already covered in this guide – cashback apps, survey apps, delivery apps offer a cash or credit bonus for referring someone who signs up and completes a first action. It costs nothing beyond sharing a link.

Realistic income: $5–$20 per successful referral; adds up mainly for people with a genuinely large network, not as a standalone strategy.

17. Get paid for walking or exercising

Apps like Sweatcoin, StepBet, and HealthyWage convert daily steps or fitness goals into cash, gift cards, or wagered payouts. These reward activity you might be doing anyway, rather than paying a real hourly rate.

Realistic income: A few dollars a month in most cases; HealthyWage-style wager formats can pay more but require putting your own money on the line first.

18. Join a research panel that pays for anonymized usage data

Market research firms – Nielsen’s consumer panels are the best-known example – pay a small amount for permission to passively track anonymized app or browsing usage in the background. This is the most hands-off method on this list, but it’s worth being clear-eyed about the trade-off: you’re being paid for data access, not a task, so read what’s actually being collected before opting in.

Realistic income: Typically $5–$15 a month or occasional gift cards; not meaningful as a standalone income source.

19. Round spare change into automatic micro-investments

Apps like Acorns round up your everyday purchases and invest the difference. This isn’t really “earning” money from your phone – it’s automating small, regular investing, and like any investing, the balance can go down as well as up. It’s worth including on this list only with that distinction clear: this is a savings habit, not guaranteed income, and it’s worth talking to a financial advisor before treating it as an income strategy rather than a savings one.

Realistic income: Not applicable in the same sense as the rest of this list — outcomes depend on market performance, not effort.

20. House-sit or plant-sit through a marketplace app

Platforms like TrustedHousesitters connect homeowners who need someone to watch their house (and often pets or plants) while traveling with people willing to stay there for free or for a fee.

Realistic income: Often non-cash (free lodging) rather than a fee; occasional paid arrangements exist but are less common than the unpaid house-sitting-for-lodging model.

21. Sell unused gift cards for cash

Sites and apps like CardCash and Raise buy unwanted gift cards at a discount to face value, which is still better than letting them expire unused in a drawer.

Realistic income: Typically 70–90% of the card’s face value, paid out once the card is verified.

22. Rent out a driveway or parking space

In cities with limited parking, apps like Neighbor also list parking spaces and driveways alongside storage space, connecting owners with drivers who need a spot.

Realistic income: Modest and highly location-dependent; most valuable in dense urban areas near event venues, stadiums, or transit hubs.

23. Get paid to recycle old electronics

Kiosk networks like ecoATM pay cash on the spot for old phones and other devices, based on condition and current resale demand.

Realistic income: One-time payout per device, not a recurring income stream, but a fast way to turn a drawer of old phones into cash.

Getting started without wasting time

The apps on this list fall into two categories: ones that pay for time (surveys, testing, transcription, gig driving) and ones that pay for an asset you already have (unused items, a spare room in your camera roll, a skill, an audience). The time-based methods are the fastest to start and the easiest to quit; the asset-based ones take longer to build but scale further.

Most people who make meaningful money from their phone aren’t running all 15 of these at once – they’ve picked two or three that fit their schedule and their existing skills, and stuck with them long enough to build momentum.

A Sebi board meeting on Thursday (September 24) is likely to consider a wide set of capital-market reforms at its meeting with changes to portfolio management services, settlement rules, accredited investors, commodity derivatives and REIT-InvIT fundraising.

The board may take up around a dozen proposals, according to reports, many of which have already gone through the consultation route. The agenda comes at a time when the regulator is trying to widen market participation, reduce regulatory friction and deepen long-term capital pools, while keeping investor protection safeguards intact.

PMS overhaul in focus

One of the biggest proposals before the board is a revamp of Portfolio Management Services regulations. Sebi has proposed several changes to the PMS framework, including allowing discretionary portfolio managers to invest in pre-IPO securities and unlisted debt. Portfolio managers may also be allowed to invest in overseas markets.

A new MF-PMS category is also proposed. This would allow PMS products that invest only in mutual funds, with a lower entry barrier compared with regular PMS products.

The regulator has also proposed changes to derivative limits for discretionary PMS, qualification requirements for principal officers, net worth norms and the definition of related party. Another proposal would allow independent fund managers to operate under registered PMS players.

If cleared, the changes could widen the PMS market and give fund managers more flexibility in portfolio construction.
Also Read:Sebi weighs lower margins for longer-term derivatives as F&O losses stay high: Tuhin Kanta Pandey

Accredited investor pool may widen

The Sebi board is also expected to consider changes to the accredited investor framework. Under the proposal, individuals holding securities-market assets of Rs 5 crore and body corporates with securities-market assets of Rs 20 crore may qualify as accredited investors. This would be in addition to the existing income and net-worth criteria.

The move is aimed at expanding the pool of sophisticated investors who can access products such as AIFs with more flexibility. Sebi’s proposal indicates that the eligible accredited investor base could expand to around 4 lakh, compared with the existing AIF investor base of about 1 lakh.

Settlement rules

The board may also review Sebi’s proposed overhaul of settlement regulations. The draft framework seeks to simplify how settlement amounts are calculated. The regulator has proposed changes that could make settlement a more practical route in enforcement matters while retaining deterrence.

The proposed changes include lower values linked to the stage of proceedings in some cases, a more balanced treatment of mitigating and aggravating factors, and a revised approach to determining base amounts.

The draft also seeks to clarify how defaults are counted, how repetitive defaults are treated, and how wrongful gains or investor losses are dealt with. Wrongful gains may be factored only towards disgorgement rather than being counted again in the base amount.

Other proposals include lower additional amounts for refiling withdrawn applications, removal of surcharge for settling multiple proceedings, more standardised interest rates on disgorgement and a weighted-average method for interest calculation in cases involving many transactions.

Common ad code for Sebi-regulated entities

A common advertisement code for all Sebi-regulated entities may also come up before the board. The regulator has proposed replacing different entity-specific and exchange-specific advertisement codes with one unified framework. The proposal also seeks to move from mandatory prior approval to post-issue reporting within 24 hours.

Another important change is the possible permission for celebrity endorsements at the brand or entity level, subject to conditions and prior approval. The aim is to reduce regulatory overlap and bring consistency across regulated entities.

FPIs may get wider commodity access

Sebi may also consider allowing foreign portfolio investors to participate in physically settled non-agricultural commodity derivative contracts on recognised domestic exchanges. At present, FPIs are allowed in cash-settled non-agricultural commodity derivatives and commodity indices, except deliverable options contracts. The proposed change would allow them into non-cash-settled contracts, subject to safeguards.

The move is aimed at improving liquidity and institutional participation in India’s commodity derivatives market.

REITs and InvITs on agenda

The board may also take up proposals linked to REITs and InvITs. One proposal would allow REITs and listed InvITs to issue depository receipts backed by their units. This would give them a route to raise foreign capital through overseas exchanges. The framework may allow fresh DR issuance against new units as well as transfer of existing units by unitholders to foreign depositories. Indian residents and NRIs would not be eligible to hold these DRs.

Another proposal would allow REITs and InvITs to invest minority stakes in under-construction third-party projects within existing exposure limits. Sebi may also consider reducing the OFS cooling-off period and recognising remote common infrastructure as real estate.

The board may also deliberate proposals related to AIFs, certification requirements for associated persons, research analyst call recordings and vault manager regulations.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Shares of insurance distributor PB Fintech, the parent company of Policybazaar, bore the brunt of IRDAI’s proposed overhaul of the insurance sector, with the stock crashing up to 30% and wiping out more than Rs 26,200 crore from its market capitalisation.

PB Fintech shares breached multiple circuit limits, crashing 30% to trade at Rs 1,320.10 apiece on the NSE. The stock is on track to record its worst single-day plunge since listing in November 2021.

The sharp downturn has wiped out nearly Rs 26,200 crore from the company’s market capitalisation, dragging it down to Rs 61,087.99 crore.

Another insurance distributor, Turtlemint Fintech Solutions, saw its shares plunge 20% to Rs 109.04 apiece, hitting the lower circuit. The stock was headed for its steepest decline since listing in June.

The selloff has wiped out around Rs 803 crore from the newly listed company’s market capitalisation, pulling it down to Rs 3,211 crore.

Also read | Explained: Why PB Fintech, Turtlemint, SBI Life, HDFC Life and other insurance stocks tanked up to 26% on Thursday
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a major overhaul of the way insurers pay commissions to distributors, with limits to be linked to the type of product, distribution channel, size of the policy and the effort required to sell. The insurance regulator also plans to prohibit ‘dark patterns’ on insurance websites, including practices that require customers to provide personal details before accessing product features and pricing information.

Jefferies says proposed norms negative for distributors

Jefferies noted that IRDA’s distribution consultation paper proposes stricter Expense of Management (EOM) limits for insurers, and 1/2-⅓ rd commission cuts in health, term and motor insurance. Jefferies said this is a risk for PB Fintech and Turtlemint, noting 10% cut in new business commission rates translate to 10-12% fall in their earnings.

Also read: Irdai proposes big changes to insurance commissions; companies, agents may feel the pinch

“The scope for insurers to compensate distributors through opex is also limited, due to overall EOM caps and the regulator stating that any payments to distributors will be considered as commissions,” it added.

The international brokerage sees limited impact for SBI Life and LIC. It currently has a ‘Buy’ rating on the shares of PB Fintech and Turtlemint.

Citi on IRDAI’s proposed reforms

Citi said proposed commission caps could significantly tighten insurance distribution economics, ET Now reported, adding that the Wall Street major estimates distribution economics to compress 70-90% in several high margin categories if implemented as proposed.

Also read | Why is market falling today? Sensex tumbles over 650 points, Nifty below 23,250. 5 factors behind Rs 4 lakh crore wipeout

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Hinkley Point B ceased generating electricity in 2022 after 46 years of operation

Emergency evacuation plans for one of Somerset’s nuclear sites have been scaled back as the facility edges closer to formal decommissioning.

Every nuclear power station in the UK operates within a detailed emergency planning zone (DEPZ), with comprehensive arrangements in place to evacuate all residents within the zone should a meltdown or other nuclear incident occur.

Hinkley Point B ceased generating electricity in 2022 after 46 years of operation, was declared free of nuclear fuel in January 2026, and is now progressing towards decommissioning.

Following a report submitted by EDF Energy in March, Somerset Council has agreed to scrap the DEPZ surrounding the former power station, concluding that “urgent protective actions are no longer justified”.

The DEPZ previously covered all land and properties within a 3.5km radius – just over two miles – of the Hinkley Point B site, encompassing the village of Stogursey, the hamlets of Burton and Shurton, and a small portion of the Steart Marshes nature reserve.

Under the newly agreed changes, the DEPZ will be removed in its entirety, with EDF Energy arguing it could “no longer justify” its retention following the defuelling of the site.

The associated outline planning zone (OPZ, which accounts for the impact of an “extremely unlikely incident”) will be reduced from 30km, which previously stretched beyond the M5 as far as Glastonbury and Langport, down to just 1km.

Neil Kimmins, from the council’s emergency planning, response and recovery team, revealed that a public consultation held in June had drawn only a minimal response from local residents.

In his written report, he said: “People living near to Hinkley Point or who work in the area were asked questions about how close they resided to the site and how they felt the changes at Hinkley Point B may affect them and their properties.

“Attendance at the two drop-in sessions organised was relatively low, with eight members of the public attending the events, who were also offered the same opportunity to give any formal feedback via our online portal.

“As one local parish councillor said to the team: ‘Local people know about the lowering risk at Hinkley Point B and are simply not worried’.”

Councillor Leigh Redman, speaking on behalf of the Hinkley Point A & B site stakeholder group, said there was broad acknowledgement that Hinkley Point B had “moved into a fundamentally different phase of its life” and that these changes were therefore fitting.

Mr Redman, who represents the Bridgwater North and Central division, added: “We do not object in principle to a proportionate revision of the off-site emergency planning arrangements, including the removal of the DEPZ and the establishment of a 1km outline planning zone.

“The proposal must not be presented, or understood, as simply ‘ending the emergency plan’. Hinkley Point B will remain a nuclear licensed site and it will remain regulated.

“The public will need clear, plain English information about what is changing, what is not changing, and who remains responsible for warning, informing and protecting communities if any incident were to occur.

“Community confidence depends not only on the technical assessment, but also on transparency, continuity and clarity.”

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The WRU’s revenues for its last financial year are expected to come in well below an initial forecast at £110m

The Welsh Rugby Union is expected to have generated revenues of around £110m in its last financial year, having initially been confident of a figure £7m higher.

The governing body was initially projecting a figure of around £117m, but took a significant hit from lower-than-expected ticket, hospitality and food and beverage sales during last year’s Six Nations and, more markedly, during its autumn international series.

For the current 2026-27 financial year, the union’s chief financial and operating officer, Gavin Marshall, who joined the governing body last November from English Premiership rugby side Bristol Bears, where he was chief executive, is confident of a similar turnover, despite Wales only hosting five men’s internationals at the Principality Stadium compared to seven in its 2025-26 financial year.

As part of a new five-year hospitality and food and beverage partnership with US firm Aramark, he remains confident that a five-year target of growing related revenue from £18m per year towards the £25m to £30m level is achievable.

He said the union was having success in positioning the Principality Stadium as more of a year-round venue, with an increasingly diversified programme of non-rugby events, including concerts and the staging of major football finals. A number of headline events will be confirmed shortly, alongside an already confirmed sell-out concert from classical crossover singer Andrea Bocelli next May.

Aramark has committed an undisclosed capital contribution to support the widening of the hospitality offer at the stadium, including some 14,000 new padded seats on level four, which will replace plastic seats that have been in the ground since it opened back in 1999.

The initial £117m projected revenue figure was outlined by the union’s former chief commercial officer, Leighton Davies, with the support of the wider executive team and board in September 2025. It is not uncommon for firms to have to revise forecasts during a financial year.

Mr Marshall said: “In terms of the numbers, those assumptions haven’t materialised. When you budget, and you miss your budget, you need to understand why and learn from it.”

He stressed it wasn’t a criticism of his predecessor. He added: “It is just an observation and you learn and reflect. There are a number of variables in this business that move materially, like the number of events, attendance, ticket yield, team performance, but ultimately we have to take responsibility for budgeting accurately and we need to focus on that going forward.”

Mr Marshall, who hails from Pembrokeshire, said he could not give an actual turnover figure for the union’s last financial year to the end of June, as the accounts, which will be published next month, were still being audited by Grant Thornton.

However, he said that, based on historic outcomes and taking inflation into account, a figure of £110m could be seen as a responsible assessment.

He added: “The accounts have not been audited yet, so I cannot be specific, but in general terms we have had a challenging year.

“There is substantial cost around generating that revenue, like staging international rugby, putting on events, the cost of delivering hospitality and food and beverage for those events and the cost of the hotel. The cost of sales is around £50m, so we have a gross profit of £60m, a figure that is more relevant than turnover.

“After that we have our overhead costs, the cost of running the stadium and corporate costs of running a business, and the professional and community rugby programme. Those costs are around £30m. That leaves us with an Ebitda of around £30m, and that is a figure we are not too far away from this time.

“But when you get to £30m, we have the cost of community rugby clubs, Super Rygbi Cymru, the servicing of the debt, and we have to find capital expenditure for the stadium. What is left we spend on professional rugby, and that includes the optimum investment we have identified for our pathways, where we have under-invested.”

Four teams not sustainable

The WRU is committed to reducing the number of regions from four to three, with it looking for the Ospreys and the Scarlets to bid for one licence for west Wales. Cardiff, which is WRU-owned, and the Dragons will be invited to take up the other two licences.

He argued that maintaining funding for four regions was not sustainable. However, opponents to the strategy, including the so-called Coalition of the Willing, counter that there is very little difference financially between funding four – although requiring significant benefactor backing – and three regions, with the latter providing increased investment of around £28m over five years to invest in the pathway development of the game.

Mr Marshall said: “Nobody wants to reduce investment in professional rugby for the sake of it. We want successful professional teams in Wales. What we are saying is that we cannot afford the level of investment we are currently making in professional rugby. That argument will be strengthened when we publish our accounts next month.”

He added: “It is an affordability issue and we want our professional teams to be competitive and have the right level of investment, and the current level of investment we cannot afford. We need to have spending on professional rugby at a level where the game can be sustainable.

“Abi [chief executive Abi Tierney] has talked about investment of £20m in professional rugby, but at the moment it is significantly more than that in terms of our investment and it is more like £26m. We cannot afford that level of investment and, where we are at as a business, that is why we need to change.”

The Coalition of the Willing, which includes the founder of price comparison firm Hayley Parsons and former chief operating officer of Hodge Bank and Principality Building Society, Rob Regan, has called on the union to provide in full the business case for three regions and the risk assessment undertaken on the implications of a loss of a region.

Mr Marshall said he was aware of the public appetite for an Anglo-Welsh league or a British and Irish one. The respective stakeholders in the English Premiership, the governing bodies, CVC and the URC, have been holding exploratory discussions over a possible new league structure.

However, it would need enough of a commercial uplift, starting with a lucrative TV deal, to be appealing to all parties, but most importantly the English Premiership clubs.

Mr Marshall would not be drawn on the nature of any talks or whether he had any involvement. He added: “We are a member of the URC (United Rugby Championship, which the Welsh regions play in) and I want to respect that competition, but I acknowledge the public sentiment on Anglo-Welsh competitions and fully understand why it attracts such interest.

“It is worth noting that we have put in an application to PRW (Premiership Women’s Rugby) for two Welsh women’s teams to play in the English league.”

He said the union had no plans to reduce its headcount. In 2024-25, when the union posted revenues of £106.1m and pre-tax losses of £7.2m, it had a total workforce of 344.

He said: “Our headcount is pretty stable and that will be seen in the accounts, but we cannot cut our way to success. We need to grow our commercial revenues and we are happy with the cost base, which is appropriate for our business, although it is really important to control costs appropriately and we scrutinise every new hire, but we have no plans to run a redundancy programme.”

Its current financial year is the first with the WRU feeling the full impact of giving up equity, along with the other unions, to CVC in the Six Nations. That deal, struck in 2021, gave the private equity firm a 14% interest and rights to a share of commercial income generated by the Six Nations.

Last year the WRU received its last phased payment (£8.5m) for its £40m share in what was a £360m deal. The full impact of the dilution will see the union being around £3m down.

Wales match ticket sales

Mr Marshall said for the current 2026-27 financial year, despite fewer Welsh home rugby internationals, revenues should come in around the same as the last financial year.

He explained: “On the rugby side there will be five games rather than seven, but historically England and Ireland are very strong. We are ahead of where we were previously in terms of those sales. It is really important to have a strong autumn.

“It is still early days in terms of ticket sales for those games. We are really positive about the new tournament structure of the Nations Championship, and having three games to sell in quick succession is probably easier than four, which was a bit of a stretch last year.

“So, we are probably expecting a relatively flat year revenue-wise. We have got fewer games, but we would expect to drive a better yield and we have got some premium games in there with New Zealand, England and Ireland. In terms of events, the calendar for 2027 is looking very strong, with a lot of announcements over the next month or so for events between now and the end of the year.”

The union has increased its number of ticket price categories from three to six for rugby internationals. Mr Marshall said: “Our most expensive tickets are a jump, but we are already sold out. We need to drive increasing yields and I think we can do that with our six categories rather than three. We want to keep it affordable and accessible. We are only selling family tickets in the lower tier to create that family zone.”

On a full ground for the New Zealand game in November, Mr Marshall said: “We are not complacent, but confident.” With regards the other two autumn games against Australia and Japan, he added: “We got a great crowd last year against Japan, with a great family crowd and a great game of rugby. We are looking to replicate a similar crowd to what we had last year, with just over 60,000.

“We have kept the tickets affordable for Japan. The Australia game at 8pm on a Saturday is a challenging time as it potentially rules out families, with a lot of competition on a Saturday night. So we recognise that Australia is the most challenging due to the time, but we haven’t played them for a couple of years and we have got the Stickmen with the half-time show, which has proved really popular previously.”

New concerts and football matches

On the concert market, he said: “We are really happy and have a couple of concerts booked, with discussions ongoing in a really strong pipeline. We are really confident that 2027 will be a great summer for concerts. We have Andrea Bocelli announced and we are expecting that to sell out, with ticket sales really strong for May. We were delighted to get him and it fits in with our strategy of trying to get a broader mix of events here.

“We have been very strong with pop and rock concerts, but having a different genre and financial model for that event, we are really happy with, and we plan to make it a biennial event.

“We have been very successful with concerts, but what we are looking at is attracting elite football to the stadium, like the Community Shield, and we are delighted to secure the Women’s Champions League final in 2029, so we have really identified football as an area of growth.

On getting to £30m over a five-year period from around £18m from hospitality and food and beverage sales at the stadium, while an ambitious target, he is confident it is achievable.

He said: “Yes, we are (confident). So far we have focused on technology-led improvements, with speed of service and e-bars across the stadium, which were a big success at the Community Shield. But that is just part of it. With the deal with Aramark, we have a capital fund to spend to improve facilities.

“We are looking to develop level four as a real premium experience, including replacing around 14,000 seats on level four with new padded ones

“The seats are just part of it, with investment in the concourse and the whole area to create a premium experience around level four. We are also looking to increase our hospitality capacity and have different types of hospitality that we can offer. We are confident that these things will help us drive food and beverage revenue, but also ticket yield.”

As part of its strategy to create an all-year-round venue, the union has opened a new riverside bar (with a licensed bar) on the River Taff walkway side of the Principality Stadium.

The Parkgate Hotel

Mr Marshall said the Parkgate Hotel, next to the Principality Stadium, continues to perform strongly. The union owns a 75% stake in the hotel, with the remainder held by Cardiff-based property development firm Rightacres.

In its last audited financial year to the end of June 2025, the hotel, next to the Principality Stadium, posted revenues of nearly £13m, with a profit of £498,000. The hotel was financed with a £45m funding deal with L&G, repayable over 45 years.

With cash of more than £1m, Mr Marshall wouldn’t be drawn ahead of the accounts being published as to whether the union has now received its first dividend from the hotel. He added: “It is trading profitably and we are really pleased with its performance. It was always seen as a long-term investment rather than a short-term cash exercise. The objective is to create long-term value by the investment.

In 2024-25 the union had a net debt position of £124m. Mr Marshall said; “The focus is on ensuring that our debt is affordable and we maintain liquidity and do not constrain our ability to invest in rugby. Our debt levels are pretty stable in terms of the facility with Goldman Sachs and HSBC, but also the facility with Parkgate (around a £45m lease finance with L&G) and our debentures.”

He said that the union had not explored, although previous regimes did, a possible securitisation against future income from stadium events or a sale-and-leaseback deal. While it would provide significant upfront capital, it would have to be repaid with a profit margin for an institution or institutions prepared to do a deal.

Mr Marshall said: “There is a real cost around debt, so it is not something we are considering at the moment. What we are focusing on is getting value out of our assets, and what we are focused on is growing the events business from the stadium and driving more revenue and profit.

“We recognise that we need to broaden the mix of events. There is effectively a rental payment, but also the upside of food and beverage income, which is a similar financial arrangement to concerts.”

In January the union struck a new £60m funding deal, with a revolving facility element that can flex up and down when required, and £5m specifically for capital expenditure projects, with HSBC and Goldman Sachs. In what is a three-year deal around half was deployed by the WRU to refinance loans with the Welsh Government and NatWest. The facility has added to the overall debt position, but is carrying a lower interest rate than the previous debt deals.

Mr Marshall: “We are on better terms and will still have headroom in that facility, but the more we eat into it, the higher the interest payment.”

On striking a long-term deal with its funders he said: “It would be wrong to disclose confidential discussions around different options, but Goldman Sachs and HSBC are great partners and we hope they will continue to be beyond this period.”

The stadium zip wire

Last year the union terminated its partnership with Wire & Sky as operator of its stadium roof walk and zipwire attraction Scale. The attraction, using CVC monies, cost around £5m. Its performance was extremely disappointing and was failing to cover operational costs.

However, Mr Marshall said he is confident that new operators, Welsh firm Zip World, will turn things around. He said: “It is still early days with the new operator and we have not had the first full year yet, but we are seeing increased revenue and it is worth saying that in terms of customer feedback that is very strong.

“We know that people who are using it are enjoying it and are happy with the product. It is growing, but yes the original model didn’t perform as we hoped and we have to be open about that and acknowledge that, but we