Business Irish

Saturday 21 July 2018

'Ed-mania' strikes the right note for Warner

Ed Sheeran (PA)
Ed Sheeran (PA)

Gordon Deegan

Ed-Mania powered the Irish arm of music giant Warner Music to soaring revenues last year of €10.8m.

New accounts filed with the Companies Office show that revenues at Warner Music Ireland Ltd increased by 35.5pc from €8m to €10.86m in the 12 months to the end of September last.

The period coincided with Mr Sheeran sending the charts into meltdown in March 2017 with the release of his album 'Divide'. In an unprecedented event in Irish chart history, every track from the deluxe edition of the album was ranked all the way from No 1 to No 16 on the Irish singles chart.

Mr Sheeran's chart takeover was because of individual streaming of tracks from his new album.

The directors of Warner Music Ireland said that the increase in revenues "was largely due to the success of streaming of music and music-based content".

The directors believe the company will continue to grow turnover. Mr Sheeran has been vital to the success of Warner Music in Ireland in recent years - in 2015, executives credited Mr Sheeran as the main reason behind a €1.5m jump in revenues at the company that year based on the singer song writer's best selling 'x'.

The impact of Mr Sheeran's success contributed to pre-tax profits at Warner Music Ireland last year increasing by 25.6pc, from €233,819 to €293,672. The firm employed 10 people here and its staff costs for the year totalled €947,732. Directors' pay rose from €349,507 to €400,103.

Shareholder funds totalled €1.78m.

Irish Independent

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