Warner Music Ireland, a subsidiary of Warner Music Group, increased its pre-tax profit last year by 63 per cent to €233, 819, according to the company's latest accounts.
Last year the firm paid €31,000 in tax compared to €13,000 in 2015. Gross profit was down by €97,000 to €2.2 million.
Warner Music Ireland increased its turnover by €1.2 million to €8 million during the year, which it credited largely due to the success of streaming. Direct sales made up €7.1 million of the company’s turnover with the remaining €892,000 coming from royalties and license fees.
The company reported a total of ten staff members with the aggregate payroll costs totalling €830,202 last year. Directors’ remuneration totalled €350,000 last year, up from €271,000 in 2015.
Warner Music Ireland Ltd is a subsidiary of Warner Music Group Corp, one of the largest recording companies in the world. The company represent some of the most well-known artists including Coldplay, Tinie Tempah, Ed Sheeran and Dua Lipa.
The company said it is embracing opportunities presented by digital technology and are looking to develop new business models.