Pre-tax profits at the Irish arm of music giant, Warner Music last year increased by 81 per cent to €990,956.
The US owned Warner Music Ireland Ltd enjoyed the surge in profits as the company benefited from the growing popularity of music streaming.
The company counts Coldplay, Dua Lipa and Ed Sheeran amongst its international artists and new accounts show that revenues at the company increased by 7 per cent from €11.59 million to €12.37 million in the 12 months to the end of September 2019 last.
The company’s Irish artists include Glen Hansard and Picture This and according to the directors’ report the increase in revenues was “largely due to the growth of music streaming”.
The directors state that they believe “that the company will continue to grow turnover”.
They state that Warner Music Ireland “is embracing the spectrum of opportunities presented by digital technology to deepen the connection between fans and artists”.
On the company’s future developments, they add “creating and developing new business models to accelerate its business transformation remains a top strategic imperative”.
The company recorded post tax profits of €847,483 after paying corporation tax of €143,473.
A breakdown of revenues shows that direct sales increased by 11 per cent to €11.34 million while income from royalties and license fees declined 27 per cent from €1.4 million to €1.02 million.
Numbers employed by the company increased from 10 to 11 as staff costs declined from €1 million to €949,937.
Pay to directors, including pension contributions decreased from €412,843 to €368,836.
At the end of September last, the company had accumulated profits of €3.09 million.