NIALL’S WAVED GOODBYE TO 1D WITH €15.8M
Bandmates share farewell cash bonanza after splitting up
one Direction split up in 2015 NIALL Horan had the Perfect send-off from one Direction after raking in €15.8million last year from their main music business firm.
The 24-year-old from Mullingar, Co Westmeath, shared in a €79million bonanza with his former band members.
This is revealed in new accounts for 1D Media Ltd which generated over €236million in revenues over a five-year period for One Direction.
Horan, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson all resigned from the firm on April 4, 2016, after the group stopped working together in December 2015.
In a move overseen by Limerick based accountant to the stars Alan Mcevoy, the accounts disclose that Horan and his bandmates received the €79million in share-based payments last year.
This works out €15.8million for Horan and each of the other bandmates who got together after being picked from the solo artists on the X Factor in 2010.
Mr Mcevoy has advised the band – and others including Ronan Keating, Nicky Byrne and Kian Egan – on their finances.
He is now one of two new directors to 1D Media Ltd and the new accounts show the company recorded revenues of €6.2million last year in spite of the band ending all work in December.
INCOME
According to the directors’ report “current and projected income is from existing residual agreements”.
The directors state “going forward, no new income streams are anticipated”.
The revenues last year follows eye watering cash generated by the firm of €71million in 2015, €83million in 2014, €56million in 2013 and €20million in 2012.
The company made a pre-tax profit of €4.8million last year – down from €45million in 2015.
The stellar profits of 2015 were made on the back of a world tour, which trade industry journal Pollstar said achieved box office takings of €136million.
After the €79million payout the company’s shareholder funds plunged from €83million to €4.2million at the end of December last showing that Horan and other ex-band-members are due another pay date from the firm.
Not that Horan needs to rely on any further One Direction income after recently releasing his debut solo album, Flicker to critical and popular acclaim.
The album debuted at No1 in Ireland and the US.
Horan’s popularity endures after his time with One Direction and his first gig announced the 3Arena next March was sold out in seconds in July.
The star – who now has amassed 36 million followers on Twitter – is currently touring in the US.
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