Revenues hit €550m at adult website billing firm in Dublin
A Dublin-based firm that collects subscriptions from premium users of a global porn empire has clocked up revenues of $649m (€550m) over the past three years.
MG Billing Ltd is a subsidiary of Canadian firm Mindgeek and counts Pornhub, Youporn, Redtube and tube8 as some of its porn sites. New accounts show that last year the company clocked up weekly revenues of $427,362.
Mindgeek also operates gay porn sites including Sean Cody, Bromo and Reality Dudes.
The $427,362 weekly revenues arose from the company enjoying revenues of $222.19m in 2016. This followed the company recording revenues of $233.79m in 2015 and $193.38m in 2014. The principal activity of MG Billing is the resale of membership subscriptions for certain websites operated by companies under common control.
The directors of MG Billing state that they consider the result for the year to be satisfactory. They state that the company will continue to manage these revenues and the associated costs for other operating companies within the group.
The directors state it is the company's policy to devote its resources to the growth of membership subscriptions.
The accounts show that in spite of the large revenues generated in 2016 of $233.79m the firm only paid $67,090 in corporation tax. This was as a result of the comparatively low profits of $2.99m that arose from high cost of sales of $218.24m.
At the end of 2016, the company had accumulated profits of $13.31m. The firm's cash increased from $2.5m to $3.53m.