Dua Lipa's production company, Radical22 Live, formerly known as Dua Lipa Live, has reported a significant increase in profits due to the singer's growing global popularity. The company posted an operating profit of £21.7m for the year ending March 31, 2023, a substantial rise from the previous year's £8.9m, according to recently filed accounts at Companies House.
The company's turnover rose from £24.4m to £51.5m. Performance fees and promotional support generated a turnover of £46.5m, up from £22.6m.
However, merchandise income fell from £1.1m to £742,676, while income from other streams increased from £722,362 to £4.3m, City AM reports.
Geographically, the company saw a turnover of £17.8m in Europe, a significant increase from the previous £369,116, and £7.2m in South America, up from £300,000. However, turnover in North America decreased from £23.2m to £18.4m.
In Oceania, the company's turnover reached £6.4m, a significant increase from zero in the previous year. Meanwhile, its global turnover rose from £826,830 to £1.4m.
Earlier this year, in May, Dua Lipa was listed among several celebrities in the inaugural edition of The Sunday Times 40 Under 40 Rich List.
The financial results were expected to be submitted by December 2023 but were delayed by almost seven months past the Companies House deadline. As a result of this delay, a first gazette notice was issued in May to strike off the business from the register, which was later discontinued.
This marks the first time that the company has filed full accounts with Companies House, having not been required to do so in previous years. Radical22 Live is expected to file its accounts for the year ending March 31, 2024, by the end of this year.
