Dua Lipa rakes in profit for production firm as global popularity soars
Dua Lipa’s increasing popularity across the world saw her production company rake in more than £20m in profit, it has been revealed.
Radical22 Live, formally known as Dua Lipa Live, has posted an operating profit of £21.7m for the year to March 31, 2023, up from £8.9m, according to newly-filed accounts with Companies House.
The results were due to be filed by the end of December 2023 but are almost seven months over the Companies House deadline.
Because of the delay in filing, Companies House issued a first gazette notice to strike off the business from the register in May which was later discontinued.
This is the first financial period that the business has filed full accounts with Companies House after not having been required to in previous years.
Radical22 Live is due to file its accounts for the 12 months to March 31, 2024, by the end of this year.
During the year to March 2023, the firm’s turnover increased from £24.4m to £51.5m.
The company generated a turnover of £46.5m from performance fees and promotional support, up from £22.6m.
Merchandise income fell from £1.1m to £742,676 while income from other streams surged from £722,362 to £4.3m.
The business made a turnover of £17.8m in Europe, up from £369,116, and £7.2m in South America, a rise from £300,000.
However, its turnover in North American dipped from £23.2m to £18.4m.
In Oceania, the firm’s turnover totalled £6.4m, up from nothing in the year before, while its turnover in the rest of the world increased from £826,830 to £1.4m.
In May this year, Dua Lipa was named among a number of celebrities in the first edition of The Sunday Times 40 Under 40 Rich List.