Harry Styles’ record label suffers dramatic decline after album and touring success
Harry Styles’ record label suffered a dramatic fall in its sales and profit in the year after the release of his third solo album.
The former One Direction star released the Harry’s House album in May 2022 through his studio, Erskine Records, and Columbia Records.
Its success resulted in Erskine Records achieving a turnover of £68.2m and a pre-tax profit of £41.5m for 2022.
However, the firm’s turnover fell to £19.2m and its pre-tax profit declined to £2.5m in the following year, new accounts filed with Companies House have revealed for the first time.
New accounts for Erskine Touring Company, which deals with Harry Styles’ live performances, show it achieved a turnover of £86m in the year to 31 March, 2024, after posting a turnover of £102.5m in the prior 12 months.
Its pre-tax profit went from £67.8m to £52.3m over the same period.
Erskine Records is the record label founded by Harry Styles before he made his solo debut after One Direction split up.
Through the company, and Columbia Records which distributes the albums, the singer has also released his self-titled album in 2017 and Fine Line in 2019.
American songwriter Mitch Rowland also released Come June in 2023 through Erskine Records.
The company said the fall in its turnover and profit was “largely attributable to the fact the prior year saw the release of the Harry’s House album”.
However, it added that the reduction was partially offset by the continued turnover generated from the sale of clothes and beauty products.
It also said the results were “in line with the directors’ expectations”.
The results come after Harry Styles was listed at number 22 in the latest Sunday Times Rich List with a fortune of £225m.
Mixd results for Harry Styles’ firms
HSA Publishing was set up in 2014 by Harry Styles and Irish accountant Alan McEvoy.
McEvoy has previously set up 1D Media Limited with Niall Horan, Zayn Malik, Liam Payne, Louis Tomlinson and Style all as directors.
According to its accounts for 2023, the firm’s net current assets increased from £16.4m to £19.2m.
Harry Styles set up Pleased As Holdings as he launched a beauty brand in 2021.
For 2023, its results showed its net assets declined from £2.1m to £1m.
The accounts have been filed eight months after the Companies House deadline and 17 months after the end of the financial year in question.
Accounts for all three businesses for 2024 are due to be filed with Companies House by the end of September this year.
The delay in filing the three sets of accounts saw the businesses served with first gazette notices for the compulsory strike off by Companies House in February. The action was later discontinued.