Thursday 6 October 2022 01:22 AM Sting's pop music company rakes in more than £180,000 a DAY trends now

Thursday 6 October 2022 01:22 AM Sting's pop music company rakes in more than £180,000 a DAY trends now
Thursday 6 October 2022 01:22 AM Sting's pop music company rakes in more than £180,000 a DAY trends now

Thursday 6 October 2022 01:22 AM Sting's pop music company rakes in more than £180,000 a DAY trends now

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

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

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

Profits: The firm netted profits of £53.8million

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