Sting’s pop music company has raked in more than £180,00 a day after the singer sold his entire back catalogue to Universal.
The Police musician’s firm Steerpike made a profit of £184,000 per day, totalling huge pre-tax earnings of £67.2million in the year leading up to December 31, 2021.
The company netted profits of £53.8million after tax and recorded a staggering turnover of £82.9million, according to new accounts filed to Companies House.
Impressive: Sting’s (pictured in May 2019) pop music company has raked in more than £180,00 a day after the singer sold his entire back catalogue to Universal
The accounts also recorded £30.2million in dividends, which were largely paid out to Sting, 71, who was referenced in the documents as the ‘ultimate controlling party’.
The impressive earnings appeared to have included income from the sale of Sting’s entire back catalogue to Universal in a deal reportedly worth £183million.
According to the Mirror, a review of the finances stated: ‘During the year the Group sold the rights to its music catalogue to Songs of Universal.’
It also warned that future profits could dip following the sale, adding: ‘This has the effect of reducing future income from royalties.’
Huge earnings: The musician’s (pictured in 2019) firm Steerpike made a profit of £184,000 per day, totalling pre-tax earnings of £67.2million in the year leading up to December 31, 2021
Steerpike’s accounts also showed that Sting took home a salary of £70.8million the year before in 2020, while the firm made a turnover of £106.2million across the same year.
The 2020 accounts saw the firm made a pre-tax profit of £24.7million, while the final earnings recorded after tax and other deductions totalled £19.6million.
It comes after it was reported in February that Sting sold his entire back catalogue of music to Universal in a deal reportedly worth £183million ($250m).
The publishing group now owns both his solo work and albums with The Police – encompassing hits such as Roxanne, Every Breath You Take and Fields Of Gold.
Profits: The firm netted profits of £53.8million after tax and recorded a turnover of £82.9million, according to accounts on Companies House. Pictured: Sting performing in 2019
Universal Music Group (UMG), which has been the North Tyneside-raised musician’s label home throughout his career, will now represent both his song catalogue and recorded music catalogue.
The group acquired Bob Dylan’s entire back catalogue in December 2020 for a reported £220m ($300m).
Sting, 70, said: ‘It is absolutely essential to me that my career’s body of work have a home where it is valued and respected – not only to connect with long time fans in new ways, but also to introduce my songs to new audiences, musicians and generations.
Sold: The earnings appeared to have included income from the sale of Sting’s (pictured in May 2018) entire back catalogue to Universal in a deal reportedly worth £183million
‘Throughout my career, I have enjoyed a long and successful relationship with UMG as my label partner, under the watchful guidance of Lucian (Grainge), so it felt natural to unite everything in one trusted home, as I return to the studio, ready for the next chapter.’
Born Gordon Sumner, Sting found fame as songwriter and bassist for new wave rockers The Police from 1977 until 1984 after which he left to pursue a solo career.
He has won 17 Grammys, including song of the year for Every Breath You Take in 1984, three Brits and various other accolades.
Sir Lucian Grainge, chairman and chief executive of Universal Music Group, said: ‘I’ve had the privilege to work with Sting for over 20 years and I’m so thrilled to expand our relationship to now include music publishing.
Band: The group now owns both his solo work and albums with The Police (pictured) – encompassing hits such as Roxanne, Every Breath You Take and Fields Of Gold
‘Sting is a songwriting genius whose music permeates global culture. We are honoured that by choosing UMPG for his music publishing, Sting’s entire body of work as a songwriter and recording artist – from the Police to his solo work – will all be within the UMG family.
‘It’s a responsibility we don’t take lightly, as well as a great validation of what we have built for artists at UMG.’
Sting was represented in the deal by American entertainment lawyer, Allen Grubman, who also represented the David Bowie estate during negotiations over Warner Chappell Music’s lucrative acquisition of the late musician’s publishing rights.
Artists including Mick Fleetwood, Neil Young and Blondie singer Debbie Harry have all also sold interests in their music in the past two years.
Success: Born Gordon Sumner, Sting (pictured in 2019) found fame as songwriter and bassist for new wave rockers The Police from 1977 until 1984 after which he left to pursue a solo career
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