A £24m windfall for Adele label’s owners
Saturday 12 October 2013
The owners of Adele’s record label have cashed in on the Tottenham singer’s record-breaking success by paying themselves a huge £24m dividend.
Accounts for XL Recordings show founder Richard Russell and business partner Martin Mills’s Beggars Group each collected £12m in April. Ladbroke Grove-based XL is home to Radiohead, The Prodigy, Jack White and rising Peckham rap singer King Krule but Adele remains the star performer, despite not releasing an album since 21 in 2011.
“Back catalogue sales of Adele continued to account for a significant proportion of the sales and profit,” said the 2012 accounts.
Turnover fell from £111.7m to £78.6m, with pre-tax profit dropping to £25.4m against £41.6m.
XL warned of another fall this year because the Skyfall singer will not be releasing a record. However, the independent label was able to pay the £24m windfall as the owners had not taken a divi since collecting £17m in 2011.
Adele has smashed records around the world with 21, the second-best-selling studio album in British history after The Beatles’ Sergeant Pepper.
The accounts were also bullish about the “huge growth in streaming and download services”, noting the global music industry increased revenues last year for the first time since 1999.
- 1 Moscow voted the world's unfriendliest city
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 4 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches, it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...