On song: Hozier, U2 and Rihanna boost profits at Irish arm of Universal Music

Right note: Sales by Irish star Hozier have helped boost Universal profits. Photo: Reuters

On song: Hozier, U2 and Rihanna boost profits at Irish arm of Universal Music

Independent.ie

Sales of music by Hozier, Rihanna, U2 and Taylor Swift last year helped to boost revenues at the Irish arm of music giant Universal Music by 10pc to €16.56m.

https://www.independent.ie/business/irish/on-song-hozier-u2-and-rihanna-boost-profits-at-irish-arm-of-universal-music-38511931.html

https://www.independent.ie/business/article38511930.ece/ade82/AUTOCROP/h342/2019-09-19_bus_53462342_I1.JPG

Sales of music by Hozier, Rihanna, U2 and Taylor Swift last year helped to boost revenues at the Irish arm of music giant Universal Music by 10pc to €16.56m.

New accounts filed show pre-tax costs at Universal Music Ireland declined by 50pc to €1.6m.

The directors said that revenue increased in 2018 primarily due to the continued positive growth in subscribers to legal music streaming services.

They added that the company had maintained its leading share of the Irish market in 2018. 

The business recorded a post-tax profit of €1.37m after paying corporation tax of €228,933.

The firm’s costs last year increased by 26pc to €14.94m.

On the risks facing the business, the company pointed to the difficulties faced by high street retailers and their impact on the wider Irish music market.

The firm last year paid out a dividend of €2m.

A breakdown of revenues shows that the firm’s sale of goods declined by 20pc to €3.35m while revenues from “royalties and fees” increased by 21pc to €13.2m.

The workforce employed by the business last year increased by one to 19 and staff costs rose from €1.1m to €1.6m.

Remuneration for the firm’s two directors, Mark Crossingham and Nick Younger, last year decreased from €604,964 to €564,567.

At the end of December, the firm had shareholder funds of €2.9m that included accumulated profits of €2.44m. The company’s cash pile totalled €137,756.

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