Sales of Dua Lipa's Future Nostalgia last year contributed to pre-tax profits at the Irish arm of music giant Warner Music almost doubling to €1.8 million.
The global smash hit album was released at the start of the Covid-19 pandemic in March of last year and it contributed to revenues at Warner Music Ireland Ltd increasing by 14.75 per cent from €12.37 million to €14.2 million in the 12 months to the end of September last.
The surge in revenues resulted in pre-tax profits increasing by 82 per cent from €990,956 to €1.8 million last year.
The music label's roster of international artists also includes Coldplay and Ed Sheeran and according to the annual report the rise in revenues was "largely due to the growth of music streaming".
Opportunities
The report said “that the company will continue to grow turnover”.
Warner Music Ireland “is embracing the spectrum of opportunities presented by digital technology to deepen the connection between fans and artists”, the report said,
On the company’s future developments, the report said that “creating and developing new business models to accelerate its business transformation remains a top strategic imperative”.
The company recorded post tax profits of €1.54 million after paying corporation tax of €253,018.
A breakdown of revenues shows that direct sales increased by 17 per cent to €13.2million while income from royalties and license fees declined 6 per cent from €1.02 million to €960,031.
Numbers employed by the company increased from 11 to 12 as staff costs increased from €949,937 to €990,103.
Pay to directors, including pension contributions increased from €368,836 to €376,063.
At the end of September last, the company had accumulated profits of €4.63 million.
