Business Irish

Friday 23 February 2018

Van does a 'Moondance' as profits at his music firm rocket to €3m

Singer-songwriter Van Morrison
Singer-songwriter Van Morrison

Music legend Van Morrison is doing his own 'Moondance' after accumulated profits at his music firm last year rocketed more than 12 fold to £2.6m (€3m).

The stellar profits enjoyed by Morrison's Exile Productions Ltd coincided with the Belfast man playing a number of gigs to celebrate his 70th birthday in August 2015.

Long-time devotees of the celebrated singer songwriter converged on the tree-lined Cyprus Avenue in Belfast - immortalised by Morrison in song - in August 2015 as Morrison was lavished in praise for his contribution to music over more than half a century.

The new accounts filed by Exile Productions to the Companies House in the UK show that the firm generated profits of £2.4m for the year.

The accounts show that the firm's accumulated profits increased by £2.4m, going from £216,853 to £2.62m in the 12 months to the end of April last.

This was a happy reversal in fortunes for the firm - profits dived the previous year going from £1.62m to £216,853.

In the 12 months to the end of last April, the firm's cash pile increased from £367,405 to £2.55m while the money owed to the firm by debtors increased from £2m to £3.29m.

The massive profits enjoyed by the firm last year also coincided with Morrison selling the rights of 33 of his albums to Sony.

No price was disclosed for the deal, which didn't include the rights to two of Morrison's most popular albums, 'Astral Weeks and 'Moondance'. They remained with Warner Bros, which originally released those albums. 

Separate figures from trade industry journal, Pollstar show that Morrison's box office for a sold-out gig at the 3Arena in Dublin in November 2015 totalled €671,334. The box office is shared between venue, artist and promoter after all other costs are paid.

Morrison's creative energy shows no sign of slowing down - he released his 36th studio album, 'Keep Me Singing', last September.

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