Beyoncé helps boost profits at Sony’s Irish arm

Music label reported a 292% jump in profits as revenue increases 28% to €10.8m

Beyoncé. Pretax profits at Sony’s Irish subsidiary rose from €312,000 to €1.2 million in the 12 months to March. Photograph: Reuters

Beyoncé. Pretax profits at Sony’s Irish subsidiary rose from €312,000 to €1.2 million in the 12 months to March. Photograph: Reuters

 

The Irish arm of Sony Music, whose artists include AC/DC, Beyoncé, Bruce Springsteen and Christy Moore, reported a huge surge in profits and revenues in the year to the end of March.

The music label paid a €5 million dividend to its parent Sony Music Entertainment UK after pretax profits jumped by 292 per cent from €312,000 to €1.2 million.

Sony Music Entertainment Ireland Ltd, whose other artists include Alicia Keys, Rag ‘n’ Bone Man, Bob Dylan, Garth Brooks, Damien Dempsey, The Chainsmokers and Usher, also reported a 28 per cent rise in turnover to €10.8 million from €8.4 million a year earlier.

The firm’s ultimate parent is one of the largest music and entertainment companies in the world with revenues of $1.52 billion (€1.28 billion) in its first quarter ending June 30th.

Sony Music Entertainment Ireland employed 11 people last year with related costs, including wages and salaries, totalling €1.26 million, as against €1.16 million a year earlier.