Two weeks in the past, digital musician 4 Tet, (Kieran Hebden) resolved a UK authorized dispute with Domino Information over a deal he signed with the label in 2001.
Domino was paying Hebden 18% of revenues generated by his data on streaming platforms, however he claimed that he ought to get 50% as per the phrases of the contract.
In a doc revealed by Hebden on Twitter displaying a settlement provide from Domino, the music firm supplied to pay the artist a settlement of GBP £56,921.08 and likewise supplied to pay a royalty fee of fifty% “on all streaming and obtain revenue in respect of which [Domino] has not but accounted to [Hebden]”.
In the meantime, behind the scenes, Domino has been producing wholesome revenues, pushed by sturdy catalog gross sales.
The impartial label, at present dwelling to the likes of British rock stars Arctic Monkeys and breakout British duo Moist Leg, grew its UK turnover by 31.6%, from £15 million ($19m) in 2020, to £19.8 million (approx $27.2m) in 2021 (see beneath).
That’s in keeping with new paperwork filed on Firms Home within the UK for Domino Recording Firm Restricted.
In keeping with the corporate’s strategic report, included inside the outcomes filed for its fiscal yr ended August 31 2021, Domino’s income development was pushed by “cyclical elements”.
Domino famous particularly that, “2021 noticed a stronger album launch schedule with one of many firm’s extra established artists having an album launch within the yr”.
Provides the submitting: “The stronger album launch schedule was supported by sturdy again catalog gross sales on account of continued development of streaming providers revenues globally.”
Domino’s sturdy catalog gross sales in 2021 noticed AM, the 2013-released fifth album from Arctic Monkeys, develop into the UK’s No.1 impartial album (by way of gross sales plus streaming) final yr.
Arctic Monkeys’ debut album, No matter Folks Say I Am (That’s What I’m Not), additionally launched through Domino, in 2006, was the sixth largest indie album within the UK in 2021.
Arctic Monkeys additionally scored two of the High 10 largest indie singles in 2021, together with Do I Wanna Know and Why D’you Solely Name Me When You’re Excessive (Domino Recordings). Each singles have been taken from the band’s 2013 album AM.
Domino stories that it launched 23 albums in 2021 versus 34 in 2020.
The corporate additionally reveals within the submitting that its working revenue grew to £3.27 million ($3.96m) in 2021, up from £1.75 million ($2.24m) in 2020 (see above).
Elsewhere in Domino’s submitting, the corporate notes that, “in widespread with different companies serving the music distribution sector”, it’s at present “benefiting from the continued world development and elevated consumption because of the success of streaming providers”
“The corporate, in widespread with different companies serving the music distribution sector, is benefiting from the continued world development and elevated consumption because of the success of streaming providers”
Domino provides that, “while the administrators imagine that this development will proceed for the foreseeable future they’ve additionally acknowledged that there’s a appreciable menace posed by future technological legislative developments”.
The assertion continues: “While these developments may result in an enchancment within the inventive course of they might additionally lead important modifications in the best way music is distributed and consumed and subsequently adversely have an effect on our revenues and profitability”.Music Enterprise Worldwide
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