Niall Horan and the other four members of boy band One Direction last year more than doubled their company’s cashpile to £42m (€57m).
Accounts just lodged by the band’s 1D Media Ltd with Companies House in the UK show the band was quick last year to convert their fans’ adoration into hard cash, with the firm’s cashpile jumping from £17.59m to £42.1m.
The enormous pre-tax profits generated by the firm, last year increasing almost tenfold going from £4.8m to £45.44m, show just what the band will be missing out on when they take a sabbatical next year.
The jump in profits followed revenues at the firm rising from £49m to £73.7m. The profit increase is also explained by the band members not taking the massive pay they had in 2013.
In 2013, Horan, along with the other band members, Zayn Malik, Liam Payne, Harry Styles, and Louis Tomlinson paid themselves an average of £5.5m (€7.14m) each for the year or £28m for the year.
However, last year, the directors paid themselves £548,611 or £109,722 each. Malik has since left the band, announcing his departure in March of this year.
In 2014, the band continued its hectic tour schedule when it started the money-spinning ‘Where We Are’ tour that began in April last year and included three sold- out dates at Croke Park.
The tour is estimated to have grossed €395m in box office receipts last year with attendances of 3.4m people. The band added to their coffers with the release of the Four album.
The profits by the firm last year resulted in its accumulated profits jumping from £4.5m to £39.5m. The turnover of the firm is derived from concerts and performance income, and also includes merchandising, recording and sponsorship income along with royalty income.
The annual return for 1D Media Ltd shows that Horan has a 20% equal share in the firm along with the other band members.
In 2013, One Direction secured their continued dominance of the world boy-band market when they signed a fresh deal with Simon Cowell and his Syco label. The three-album deal also requires the band to do extensive touring.
Horan, along with the other members of One Direction, auditioned for the 2010 X Factor competition as solo performers.
Horan’s global celebrity status has made him the Irish person with the most followers on Twitter recently.
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