Queen make a pile of Freddies
Band earned £89m in two years
QUEEN released The Show Must Go On six weeks before the death of Freddie Mercury... and money earned by the band over two years proves it has.
Surviving members Brian May, Roger Taylor and John Deacon raked in £89million in 2021 and 2022, and paid themselves £30m from their company Queen Productions Ltd.
The dividend in 2022 was £12,906,351 and in 2021 it was £17,066,000, split between them as directors.
The latest annual accounts revealed that in 2022 the band made a profit before tax of £22.2m, up from £16.8m in the previous year.
A report attached to the books up to September 30, 2022 stated: “During the year turnover increased by £1,700,486, which led to an increase in profit before tax.
“This can be attributed in part to the success of the We Will
Rock You theatre production UK tour as well as an increase in licence fees on live music touring.”
The net profit margin for the year rose by 11%, as the increase in turnover coincided with a decrease in royalties payable.
And the report revealed the signs are that the money will keep rolling in.
It said: “Given the success of [the film] Bohemian Rhapsody and We Will Rock You in recent years, it is anticipated the company will generate similar income in the year ended September 30, 2023 and in the years thereafter.”
Turnover for 2022 was £49,893,655 and for 2021 it was £39,193,189. Original lead singer Freddie Mercury died aged 45 in 1991 from complications arising from AIDS and it is not clear how much his estate benefits from Queen profits.
In separate accounts Mercury Songs Ltd has pulled in £5m in the past two years and has cash left in its company account of £2m.
Meanwhile, the group could be in for an even bigger payday.
May, Taylor and Deacon are in advanced talks to flog their back catalogue to Disney. Music insiders say the archive is worth £1billion.
Founded in 1970, Queen have six UK No1s, 26 top 10 hits and 10 No1 albums, with hits such as Radio Ga Ga and Under Pressure.