The Ghanaian performer Stormzy has, along with Rita Ora and Ed Sheeran, played a sizeable role in pumping over £197 million pounds ($262 million) into Warner U.K’s bank account.
Brilliant news below…
Powered by Alec Boateng and Max Lousada, the British arm of the record label has seen its commercial energy reach commanding levels after its largest performers sold enough units to generate $262 million for the business.
Put simply? Business is booming.
Profits rose by 281% to £18.8m for the year ending 9/29, while shareholders’ funds were up 244% to £11m. Of that £197m, nearly 90% (£177m) was generated in the U.K.
The performance exceeds the increase in revenue for the last financial years at Universal and Sony’s British-based operations. UMG U.K. revenues rose by 8.8% to £344m for its financial year ending 12/31, while Sony’s revenues were up 14% to £226.1m for its year ending 3/31 2017.
Even more impressive when one remembers the £10,000 loss the label was forced to report in 2016.