Independent label Beggars Group has published its financial results for 2020 via Companies House in the UK.
The filing, which was first reported on by MBW, reveals that Beggars’ revenues fell slightly from £63.1m in 2019 to £61.7m in 2020, but that its operating profit grew from £3.7m to £6.5m in that period.
The label noted that “significantly reduced marketing and promotional expenditure” during the Covid-19 pandemic, which saw a shift towards digital marketing for the company, was a key factor in the operating profit growth.
Three more notable things from the financials: first, Beggars Group is following through on its commitment to be a carbon-negative company by the end of 2022: figures on its emissions, energy consumption and energy efficiency action are right at the front of its financial filing.
Second, the company has blasted the British authorities for the continued Brexit-driven challenges for UK-based artists touring Europe. “We are profoundly disappointed that our various governments have managed to break so comprehensively something that was working so well.”
Third, Beggars Group has welcomed some aspects of the recent UK streaming music economics inquiry’s report, but criticised others. “We are concerned that the DCMS recommendations could have unintended consequences by undermining parts of the current business model, and the part that we and other independent labels play in breaking new music.”