{"id":86786,"date":"2022-07-04T19:01:18","date_gmt":"2022-07-04T19:01:18","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=132900"},"modified":"2022-07-04T19:01:18","modified_gmt":"2022-07-04T19:01:18","slug":"arctic-monkeys-label-domino-grew-its-uk-turnover-by-31-6-in-2021-driven-by-strong-catalog-sales","status":"publish","type":"post","link":"https:\/\/businessnewsbox.com\/?p=86786","title":{"rendered":"Arctic Monkeys\u2019 label Domino grew its UK turnover by 31.6% in 2021, driven by strong catalog sales"},"content":{"rendered":"

Two weeks ago, electronic musician Four Tet, (Kieran Hebden) resolved<\/a> a UK legal dispute with Domino [110 articles]” href=”https:\/\/www.musicbusinessworldwide.com\/companies\/domino-recording-co\/”>Domino Records<\/a> over a deal he signed with the label in 2001.<\/p>\n

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Domino [110 articles]” href=”https:\/\/www.musicbusinessworldwide.com\/companies\/domino-recording-co\/”>Domino<\/a> was paying Hebden<\/a> 18% of revenues generated by his records on streaming platforms, but he claimed that he should get 50% as per the terms of the contract.<\/p>\n

In a document published by Hebden<\/a> on Twitter showing a settlement offer from Domino, the music company offered to pay<\/a> the artist a settlement of GBP \u00a356, 921.08 and also offered to pay a royalty rate of 50% \u201con all streaming and download income in respect of which [Domino] has not yet accounted to [Hebden]\u201d.<\/p>\n

Meanwhile, behind the scenes, Domino has been generating healthy revenues, driven by strong catalog sales.<\/p>\n

The independent label, currently home to the likes of British rock stars Arctic Monkeys and breakout British duo Wet Leg, grew its UK turnover by 31.6%, from \u00a315 million ($19m) in 2020, to \u00a319.8 million (approx $27.2m) in 2021.<\/p>\n

That\u2019s according to new documents filed on Companies House in the UK for Domino Recording Company Limited.<\/p>\n

According to the company\u2019s strategic report, included within the results filed for its fiscal year ended August 31 2021, Domino\u2019s revenue growth was driven by \u201ccyclical factors\u201d.<\/p>\n

Domino noted specifically that, \u201c2021 saw a stronger album release schedule with one of the company\u2019s more established artists having an album release in the year\u201d.<\/p>\n

Adds the filing: \u201cThe stronger album release schedule was supported by strong back catalog sales as a result of continued growth of streaming services revenues globally.\u201d<\/p>\n

Domino\u2019s strong catalog sales in 2021 saw AM<\/i>,<\/i><\/strong> the 2013-released fifth album from Arctic Monkeys, become the UK\u2019s No.1 independent album<\/a> (in terms of sales plus streaming) last year.<\/p>\n

Arctic Monkeys\u2019 debut album, Whatever People Say I Am (That\u2019s What I\u2019m Not)<\/em>, also released via Domino, in 2006, was the sixth biggest indie album in the UK in 2021.<\/p>\n

Arctic Monkeys also scored two of the Top 10 biggest indie singles in 2021, including Do I Wanna Know<\/em> and Why D\u2019you Only Call Me When You\u2019re High <\/em>(Domino Recordings). Both singles were taken from the band\u2019s 2013 album AM<\/em>.<\/p>\n

Domino reports that it released 23 albums in 2021 versus 34 in 2020.<\/p>\n

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The company also reveals in the filing that its operating profit grew to \u00a33.27 million ($3.96m) in 2021, up from \u00a31.75 million ($2.24m) in 2020 (see above).<\/p>\n

Elsewhere in Domino\u2019s filing, the company notes that, \u201cin common with other businesses serving the music distribution sector\u201d, it is currently \u201cbenefiting from the continued global growth and increased consumption due to the success of streaming services\u201d<\/p>\n

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\u201cThe company, in common with other businesses serving the music distribution sector, is benefiting from the continued global growth and increased consumption due to the success of streaming services\u201d<\/p>\n

Domino Recordings<\/span><\/p>\n<\/blockquote>\n

Domino adds that, \u201cwhilst the directors believe that this growth will continue for the foreseeable future they have also recognized that there is a considerable threat posed by future technological legislative developments\u201d.<\/p>\n

The statement continues: \u201cWhilst these developments could lead to an improvement in the artistic process they may also lead significant changes in the way music is distributed and consumed and therefore adversely affect our revenues and profitability\u201d.Music Business Worldwide<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Two weeks ago, electronic musician Four Tet, (Kieran Hebden) resolved a UK legal dispute with Domino [110 articles]” href=”https:\/\/www.musicbusinessworldwide.com\/companies\/domino-recording-co\/”>Domino Records over a deal he signed with the label in 2001. Domino [110 articles]” href=”https:\/\/www.musicbusinessworldwide.com\/companies\/domino-recording-co\/”>Domino was paying Hebden 18% of revenues generated by his records on streaming platforms, but he claimed that he should get 50% as per […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[],"class_list":["post-86786","post","type-post","status-publish","format-standard","hentry","category-music-business-worldwide"],"_links":{"self":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/posts\/86786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=86786"}],"version-history":[{"count":0,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/posts\/86786\/revisions"}],"wp:attachment":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=86786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=86786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=86786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}