Warner Music’s Irish division saw a 62% surge in its pretax profits last year, clocking in at €2.69 million. This was largely driven by the popularity of music artists such as Ed Sheeran, Dua Lipa, and Kylie. The newly released accounts of Warner Music Ireland Ltd show that a significant rise in revenues was observed due to enhanced music streaming and physical sales during the period.
The firm’s total revenue, boosted by earnings from music streaming and album purchases, was €16.14 million for the year ending September, an 8% increase from the previous year. Of this, direct sales accounted for €14.92 million, whilst royalty and licence fee income brought in an additional €1.2 million.
The firm released Kylie’s hit ‘Padam Padam’ last May, which stayed in the Irish Top 40 for eight weeks, bolstering its revenue growth. Furthermore, Dua Lipa’s Radical22 Live LLP, based in the UK, contributed significantly with revenues of £51.59 million (€61.22 million) in the year ending March 2023.
Looking ahead, the company’s directors announced that they are harnessing the potential of digital technology to boost the relationship between artists and fans. They stated that establishing and improving new business strategies to expedite the firm’s business transformation remains a principal strategic goal.
The firm employed a steady workforce of 12, with five people involved in promotion, advertising, and publicity, four in selling and distribution, and three in administrative roles. Staff-related expenses marginally decreased to €881,379 from €953,559.
Directors’ remuneration rose by nearly 13% to €344,374, comprising €310,307 in salaries and €34,067 in pension contributions.
After-tax profit reached €2.28 million, with shareholder funds amounting to €9.5 million at the year’s close.