Perfect: cash pile at One Direction firm more than doubles to £42m
Published 16/10/2015 | 08:15
Niall Horan and the other members of One Direction last year more than doubled their company’s cash pile to a massive £42m.
New accounts show the band was quick last year to convert their fans’ adoration into hard cash with the firm’s cash pile jumping from £17.59m to £42.1m.
The enormous pre-tax profits generated by the firm - 1D Media - last year increasing almost ten fold going from £4.8m to £45.44m - show just what the band will be missing out on when they take their sabbatical next year.
The jump in profits followed revenues at the firm jumping from £49m to £73.7m.
The massive jump in profits is explained by the band members not taking the massive pay they enjoyed in 2013.
In 2013, the figures show that Horan along with the other band members, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson paid themselves an average of £5.5 million (€7.14m) each for the year or a total of £28m for the year.
However, last year, the directors paid themselves a total of £548,611 or £109,722 each.
Zayn has since left the band and announced his departure in March of this year.
In 2014, the band’s continued their hectic touring when they commenced their money spinning Where We Are tour that commenced in April of last year year taking in three sold out dates at Croke Park.
The tour is estimated to have grossed (Dollar)$290 million in box office receipts last year with total attendance of 3.4 million.
The monster profits enjoyed by the firm last year resulted in the firm’s accumulated profits jumping from £4.5m to £39.5m.
The turnover of the firm is derived from concerts and performance income, including merchandising, recording and sponsorship income along with royalty income.
The annual return for 1D Media Ltd show that Horan has a 20pc equal share in the firm along with the other band members.
The band's new song "Perfect" is being released today.