BEGGARS REVENUE UP 30% IN 2021

Revenue for U.K. indie giant Beggars Group jumped by nearly 30% last year, thanks in part to Adele.

According to its 2021 financial results, filed this week, Beggars' revenue grew by 29.7% to £79.9m. Total operating profit was up 54.5% to £10.02m. The impressive hike is substantially due to the U.S. recording rights to Adele's first three albums, which reverted to Beggars' XL Recordings last year, according to Music Business Worldwide.

This year, however, the figures may not be so positive. Due to Brexit, supply routes into Europe have become “more difficult, lengthy and costly, which will have an impact on margins,” the company said. Moreover, Beggars expects a “poor economic outlook and galloping inflation” to put pressure on production and promotional costs, as well as overhead in general, and noted that the outlook for a weakening pound will make supply pressures worse.

That said, Beggars hopes that its international customer base and the borderless streaming market will act as a “limited hedge” against these factors.

Last year, Beggars—home to, in addition to XL, 4AD, Rough Trade Records, Matador Records and Young Recordings—delivered 33 new releases.