Niall Horan’s music company is enjoying a resurgence after the Covid shutdown

Profits for the music company, which is owned by one of the country’s most successful music artists, Niall Horan, jumped significantly to $530,724 last year.

In a record year for Mr Horan’s Limerick based Neon Haze Music Ltd. after-tax income for the 12 months ended November last year compares to after-tax income of just $15,589 for the prior year.

The company’s cash pile has now increased nearly six-fold from $232,064 to $1.33 million.

Much of the reporting year was impacted by Covid-19, which hit the live music industry worldwide for most of the two years following March 2020.

Last year’s gains meant the company had a cumulative profit of $682,056 at the end of November last year.

The company employs three people and the brisk year that the company has experienced resulted in a significant increase in personnel expenses from $77,369 to $1.05 million.

Directors’ fees for qualifying services totaled $35,166 last year.

Away from the music studio, Horan, 28, has been busy investing in companies like expanding athleisure brand Gym+Coffee.

Mr. Horan is also the founder of Modest! Golf Management, which counts Ireland’s leading female golfer Leona Maguire among the growing list of golfers it represents.

Neon Haze’s other two directors are accountants to Limerick-based stars Alan McEvoy and Barry Downes of Livewire Business Management.

Mr. McEvoy helped oversee One Direction’s finances and is again integral to the management of Mr. Horan’s growing fortune.

The Company’s main activity is the provision of music recording services and related promotional activities.

In 2020, Mr. Horan, who has amassed 41.2 million followers on Twitter, released his second studio album heartbreak weather.

Covid-19 resulted in Mr Horan not proceeding with his Nice to meet you world tour this year.

His debut solo album flickerwas released in October 2017 and debuted at number one on the charts in Ireland, USA, Canada and Mexico and also reached number one on iTunes in over 60 countries.

One Direction is still one of the best-selling boy bands of all time.

https://www.independent.ie/business/irish/niall-horans-music-firm-enjoys-revival-after-covid-closures-41875309.html Niall Horan’s music company is enjoying a resurgence after the Covid shutdown

Fry Electronics Team

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