A Dublin-based company, which collects subscriptions from premium users of a global porn empire, has clocked up revenues of $427.17m (€356.79m) over two years, writes Gordon Deegan.
MG Billing Ireland Ltd is a subsidiary of Canadian firm Mindgeek — which owns a number of leading adult websites including Pornhub, Youporn, Twistys, and Brazzers — and clocked up average daily revenues of $585,000 each day in 2014 and 2015. Mindgeek also operates gay porn sites including Sean Cody, Bromo and Reality Dudes.
In 2015, the most recent year for which accounts for MG Billing Ireland have been filed, the Irish-based entity grew pre-tax profits by 8.5% to just under $3.4m. Revenues for that year jumped by 20% to $233.79m.
However, despite the surge in revenues, the company only paid corporate tax of $145,301 here in 2015.
As of the end of that year, MG Billing Ireland had accumulated profits of $10.38m. The firm’s cash increased from $1.1m to $2.5m.
The principal activity of MG Billing is the resale of membership subscriptions for certain websites operated by companies under common control. In the accounts, its directors said that they consider the result for the year under review to be “satisfactory”.
They added the company will continue to manage these revenues and the associated costs for other operating companies within the group.
Another Mindgeek subsidiary to file new accounts in recent days is MG Content RT Ltd which operates Mindgeek’s RedTube porn site.
That company recorded revenues of $27m in 2015 and recorded a pre-tax loss of $7.37m after incurring a non-cash impairment of goodwill of $7.9m.
© Irish Examiner Ltd. All rights reserved